Amgen’s third quarter results were well received by the market, reflecting robust volume-driven growth across its diversified portfolio. Management credited rising demand for key medicines—including Repatha, EVENITY, TEZSPIRE, and its rare disease and biosimilar portfolios—as major contributors to the company’s 12% year-over-year revenue increase. CEO Robert Bradway highlighted, “Volume growth reflects the strength of our portfolio and the value our medicines provide to patients and prescribers.” The quarter also benefited from product launches and expanded access initiatives.

Is now the time to buy AMGN? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Amgen’s Q3 Earnings Call

• Salveen Richter (Goldman Sachs) asked about the impact of lower event rates in the Olpasiran trial and the company’s business development approach post-Horizon. Management reiterated confidence in Olpasiran’s potential and said business development focus will remain on early-stage assets.
• Terence Flynn (Morgan Stanley) inquired about margin sustainability and R&D spending into 2026. CFO Peter Griffith said Amgen plans to maintain industry-leading margins while investing heavily in late-stage innovation, with no step change expected in R&D expenses.
• Jay Olson (Oppenheimer) focused on the VESALIUS-CV results for Repatha and their implications for market opportunity. Management highlighted the study’s importance for primary prevention and the potential to expand Repatha’s patient pool.
• Matthew Phipps (William Blair) questioned whether new biosimilar guidance would alter Amgen’s development strategy. Management stated the company remains committed to biosimilars regardless of regulatory shifts, citing strong technical capabilities.
• David Amsellem (Piper Sandler) probed the trajectory for UPLIZNA following label expansion and the competitive landscape in generalized myasthenia gravis. Management cited early adoption in new indications and a differentiated dosing profile as competitive advantages.

Catalysts in Upcoming Quarters

In upcoming quarters, the StockStory team will monitor (1) the market response to new clinical data for MariTide and Repatha, (2) the pace of regulatory approvals and commercial uptake for UPLIZNA in additional indications, and (3) the sustainability of biosimilar portfolio growth amid evolving U.S. and international competition. Execution on manufacturing expansions and the effectiveness of AmgenNow in improving access will also be closely watched.

Amgen currently trades at $324.63, up from $297 just before the earnings. Is the company at an inflection point that warrants a buy or sell? See for yourself in our full research report (it’s free for active Edge members).

High-Quality Stocks for All Market Conditions

Donald Trump’s April 2025 "Liberation Day" tariffs sent markets into a tailspin, but stocks have since rebounded strongly, proving that knee-jerk reactions often create the best buying opportunities.

The smart money is already positioning for the next leg up. Don’t miss out on the recovery - check out our Top 5 Strong Momentum Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025).

Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+782% five-year return). Find your next big winner with StockStory today.

StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here.