Filing Flows › Amgen (AMGN) › Q3 2025
Amgen (AMGN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Amgen (AMGN) reported revenue of $9.6B for the third quarter 2025 (Q3 2025), +12% from a year earlier and +4% from the quarter before. Operating margin was 26.4%, net earnings $3.2B (33.7% of revenue).
Amgen, Q3 2025: revenue $9.6B (+12% year over year), operating margin 26.4%, net earnings $3.2B, operating cash flow $4.7B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.6B | +4% | +12% |
| Operating profit | $2.5B | -5% | +23% |
| Net earnings | $3.2B | +125% | +14% |
| Operating cash flow | $4.7B | +105% | +31% |
| Free cash flow | $4.2B | +122% | +28% |
What changed
Revenue was $9.6B in Q3 2025, up 12% year over year and up 4% from the previous quarter. Product sales was the largest line at 96% of revenue. Product sales added $1.0B year over year (up 12%), 94% of the total change.
Operating profit was $2.5B, a 26.4% margin (up 2.4 points year over year). Of the extra revenue versus a year earlier, 45% reached operating profit, above the 24% margin then. Total costs grew 9% against revenue growth of 12%. The fastest-growing cost line was Other operating costs (+363%). Net earnings were $3.2B, up 14% year over year. The effective tax rate was 18.0%. Non-operating items added $1.4B, 36% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $4.7B (up 31% year over year), 146% of net earnings. Non-cash charges added back $1.3B of depreciation and amortization and $0.13B of share-based compensation. Capital expenditures of $0.44B left free cash flow of $4.2B.
Questions
What was Amgen's revenue in the third quarter 2025?
Amgen (AMGN) reported revenue of $9.6B for the third quarter 2025 (Q3 2025), +12% from a year earlier and +4% from the quarter before.
Was Amgen profitable in the third quarter 2025?
Operating profit was $2.5B (26.4% of revenue) and net earnings $3.2B.
Source: Amgen 10-Q on SEC EDGAR.