Filing Flows › Amgen (AMGN) › Q2 2025
Amgen (AMGN) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Amgen (AMGN) reported revenue of $9.2B for the second quarter 2025 (Q2 2025), +9% from a year earlier and +13% from the quarter before. Operating margin was 28.9%, net earnings $1.4B (15.6% of revenue).
Amgen, Q2 2025: revenue $9.2B (+9% year over year), operating margin 28.9%, net earnings $1.4B, operating cash flow $2.3B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.2B | +13% | +9% |
| Operating profit | $2.7B | +125% | +39% |
| Net earnings | $1.4B | -17% | +92% |
| Operating cash flow | $2.3B | +64% | -7% |
| Free cash flow | $1.9B | +95% | -14% |
What changed
Revenue was $9.2B in Q2 2025, up 9% year over year and up 13% from the previous quarter. Product sales was the largest line at 96% of revenue. Product sales added $0.73B year over year (up 9%), 92% of the total change.
Operating profit was $2.7B, a 28.9% margin (up 6.2 points year over year). Of the extra revenue versus a year earlier, 94% reached operating profit, above the 23% margin then. Total costs grew 1% against revenue growth of 9%. The fastest-growing cost line was Research & development (+21%). Net earnings were $1.4B, up 92% year over year. The effective tax rate was 8.7%.
Operating cash flow was $2.3B (down 7% year over year), 159% of net earnings. Non-cash charges added back $1.3B of depreciation and amortization and $0.16B of share-based compensation. Working capital and other items used $0.65B. Capital expenditures of $0.37B left free cash flow of $1.9B.
Questions
What was Amgen's revenue in the second quarter 2025?
Amgen (AMGN) reported revenue of $9.2B for the second quarter 2025 (Q2 2025), +9% from a year earlier and +13% from the quarter before.
Was Amgen profitable in the second quarter 2025?
Operating profit was $2.7B (28.9% of revenue) and net earnings $1.4B.
Source: Amgen 10-Q on SEC EDGAR.