Amgen Inc (NASDAQ:AMGN) stock fell 4.86% (As on August 6, 11:24:38 AM UTC-4, Source: Google Finance) though the company posted quarterly financial results that beat Wall Street expectations as a 9% increase in product sales offset higher operating expenses due in part to development of experimental weight-loss drug MariTide. Sales of cholesterol-lowering medication Repatha rose 31% to $696 million. Sales of bone drug Prolia fell 4% to $1.1 billion and the company said it expects further erosion this year due to new competition from biosimilars. Adjusted operating expenses rose 8% from a year earlier, while research and development costs rose 18%. The company said it expects to have data in the fourth quarter from two key mid-stage MariTide studies. One is testing the drug in obese or overweight adults with or without type 2 diabetes, while the second is looking at MariTide as a treatment for type 2 diabetes. MariTide is an antibody linked to a pair of peptides that activate receptors for the appetite- and blood sugar-reducing hormone GLP-1 while simultaneously blocking a second gut hormone called GIP.

Meanwhile, Fifteen products delivered at least double-digit sales growth in the second quarter, including Repatha (evolocumab), EVENITY (romosozumab-aqqg), IMDELLTRA (tarlatamab-dlle)/IMDYLLTRA (tarlatamab), BLINCYTO (blinatumomab), TEZSPIRE (tezepelumab-ekko), UPLIZNA (inebilizumab-cdon) and TAVNEOS (avacopan). The Company generated $1.9 billion of free cash flow in the second quarter of 2025 versus $2.2 billion in the second quarter of 2024.

AMGN in the second quarter of FY25 has reported the adjusted earnings per share of $6.02, beating the analysts’ estimates for the adjusted earnings per share of $5.29. The company had reported the adjusted revenue growth of 9 percent to $9.2 billion in the second quarter of FY25, beating the analysts’ estimates for revenue of $8.94 billion, according to LSEG data. Non-GAAP operating income increased from $3.9 billion to $4.3 billion, and non-GAAP operating margin increased 0.7 percentage points to 48.9%.

For the full year, Amgen slightly raised its financial outlook to adjusted earnings per share of $20.20 to $21.30 on revenue of $35 billion to $36 billion. It had previously forecast earnings of $20.00 to $21.20 per share on revenue of $34.3 billion to $35.7 billion. Analysts, on average, have estimated 2025 earnings of $20.91 per share on revenue of $35.4 billion. The company said its 2025 outlook includes the impact of implemented tariffs, but does not account for any future levies, including potential sector-specific tariffs, or pricing actions that could be implemented in the future.