Amgen's Better Than Expected Q1 Earnings Take Backseat As Eyes Are On MariTide Obesity Data

Amgen Inc. AMGN reported first-quarter sales of $8.15 billion on Thursday, up 9% year over year and beating the consensus of $8.06 billion.

Product sales grew 11%, primarily driven by 14% volume growth, partially offset by 6% lower net selling price. U.S. sales rose 14%.
Fourteen products delivered at least double-digit sales growth in the first quarter.
The launch of Imdelltra (tarlatamab-dlle) in April 2025 in Japan generated $81 million in sales in the quarter. The Phase 3 confirmatory study demonstrated improved overall survival compared to chemotherapy.

Amgen reported adjusted EPS of $4.90, up 24%, beating the consensus of $4.30.

The company also announced a Phase 1 study of AMG 513, which is enrolling people living with obesity following the removal of the clinical hold by the U.S. Food and Drug Administration.

Guidance: Amgen reaffirms fiscal year 2025 revenue of $34.3 billion—$35.7 billion versus a consensus of $35.08 billion. The company expects adjusted EPS of $20-$21.20, compared to a consensus of $20.64.

The company says the guidance includes the estimated impact of implemented tariffs but does not account for any tariffs that could be implemented in the future, including potential sector-specific tariffs.

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Last Friday, Amgen announced a $900 million expansion of its Ohio manufacturing facility, bringing the total number of jobs created to 750 and the total investment in Central Ohio to over $1.4 billion.

Since the passage of the Tax Cuts and Jobs Act of 2017, Amgen has invested almost $5 billion in direct capital expenditures in the U.S., generating an additional downstream output to the U.S. economy of approximately $12 billion.

RBC Capital notes that macro and policy topics were absent from the call, likely reflecting the completion of initial concerns. However, obesity was still a key focus.

“We view the path to the potential value-inflection update of MariTide in 2H25 as relatively steady with few polarizing events and the June update at ADA likely incremental,” analyst Gregory Renza writes.
On Thursday, RBC adjusted the model to reflect the quarterly and fiscal 2025 guidance, lowering the price target from $324 to $320 while maintaining the Outperform rating.

Cantor analyst Carter Gould writes, “Indeed, we expect the near-term clinical catalyst path to be more compelling, with bemarituzumab read-outs on the horizon, Imdelltra data at ASCO in early June, and the MariTide update at ADA in mid-June.”

Cantor notes that Bemarituzumab isn't a major focus for investors right now, but positive data could still give the stock a small boost.
The analyst maintains a Neutral rating and a price target of $305.

Goldman Sachs says investors are worried that in a larger Phase 3 trial, which will start patients on lower doses and gradually increase them, MariTide's effectiveness might drop to around 15%–17%—similar to Novo Nordisk A/S‘ NVO Wegovy.

“Overall, we view the report as fairly uneventful, and, while we acknowledge the broader policy overhangs for the sector, we view AMGN as relatively well-positioned and remain constructive as the company continues to execute,” analyst Salveen Richter writes.
The analyst maintains the Buy rating with a price target of $400.

William Blair writes, “The biggest focus for investors regarding Amgen continues to be the upcoming MariTide results to be presented at the American Diabetes Association (ADA) meeting.”

Analyst Matt Phipps says, “Overall, we believe there remains a meaningful opportunity for MariTide given the less frequently administered doses, and see the biggest differentiation for the program as a maintenance regimen given every one to three months.”

Price Action: AMGN stock is down 2.27% at $277.34 at the last check on Friday.

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