Amgen’s Q2 revenues rose 9% Y/Y to $9.2B, driven by strong volume growth across key drug portfolios. Repatha, Evenity, Blincyto, and rare disease drugs led gains, while biosimilars surged 40% Y/Y to $661M. Repatha sales beat estimates at $696M, Evenity recorded $518M in sales, and Prolia brought in $1.12B. Rare disease drug sales improved, with Tepezza, Krystexxa, Uplizna, and Tavneos showing growth. Oncology portfolio remained strong, with Blincyto, Xgeva, Kyprolis, Nplate, and Vectibix leading the way. New cancer drug Imdelltra also performed well with sales of $134M. Amgen’s biosimilar portfolio sales grew 40% year over year to $661 million in the second quarter, contributing to top-line growth and generating cash flows. New biosimilar products have started to contribute to growth, offsetting the sales erosion of older biosimilars. Amgen launched biosimilar versions of J&J’s Stelara and Regeneron’s Eylea, with fluctuating sales expected. Inflammation drugs like Otezla and Tezspire saw sales growth, while established products sales decreased. Amgen raised its revenue and earnings outlook for 2025, expecting key drugs and biosimilars to drive growth, despite expected erosion of best-selling drugs due to biosimilar competition. Amgen currently holds a Zacks Rank #3 (Hold).
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