Short answer
Amgen (AMGN) filed its Q3 2025 10-Q quarterly report on Nov 5, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $9.6B (up 12.4% year over year) with net income of $3.2B.
Q3 2025 key financials · XBRL
- Revenue
- $9.6B
- +12.4% YoY · +4.1% QoQ
- Net income
- $3.2B
- +13.6% YoY · +124.6% QoQ
- Operating margin
- 26.4%
- EPS (diluted)
- $5.93
- +13.4% YoY · +124.6% QoQ
Source: XBRL data from the Amgen (AMGN) Q3 2025 10-Q on SEC EDGAR. USD.
Amgen Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $9.56B for Q3 2025, up 12% YoY from $8.15B; driven by volume growth (+14%), offset by net selling price declines (-4%)
- Operating margin 26.4% (Operating income $2.53B from $2.05B), net income margin 33.6% (Net income $3.22B from $2.83B) for Q3 2025
- Best performing product: Repatha sales up 33% Q3 ($2.15B vs $1.62B); worst performing: ENBREL sales down 30% Q3 ($1.69B vs $2.30B)
- Cash $9.4B as Sept 30, 2025 vs $12.0B Dec 31, 2024; Operating cash flow $8.36B YTD vs $6.72B prior year; capital expenditures $1.2B YTD vs $0.7B prior year
- Near-term risks: tariff impacts increasing costs, pricing pressures from U.S. drug pricing reforms, ongoing tax litigation, biosimilar competition expected to erode Prolia and XGEVA sales
Risk Factors
- New risk: July 31, 2025 MFN Executive Order and July MFN Letter impose potential US drug price mandates affecting Medicaid, Medicare, and commercial payers
- Updated regulatory risk: IRA Medicare price setting extended to approx. 100 drugs by 2031, with ENBREL and Otezla prices lowered for 2026 and 2027 respectively
- Legal/compliance risk: Complex US government price reporting errors risk substantial fines and enforcement actions, plus possible additional rebate payments
- Market risk: State-level PDABs impose new Upper Payment Limits, e.g. Colorado’s ENBREL UPL effective 2027, potentially lowering drug pricing and access
- Financial risk: Cash and investments subject to market volatility and insured limits exceeded at financial institutions, risking access delays on uninsured funds
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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