Amgen Q1 Profit Jumps 24% as Product Sales Climb, Focus Turns to Tax Over Tariffs

Amgen (NASDAQ:AMGN) reported a 24% rise in first-quarter profit, fueled by strong product sales, while reaffirming full-year guidance despite uncertainty around U.S. tariffs. The biotech giant posted adjusted earnings per share of $4.90, beating analyst estimates of $4.30. Revenue climbed 9% year-over-year to $8.1 billion, aligning with Wall Street expectations.

CFO Peter Griffith addressed the ongoing debate over U.S. trade policy, stating tariffs are not the optimal solution to boosting domestic pharmaceutical manufacturing. “The most effective answer is not tariffs, but tax policy,” Griffith said, echoing similar remarks made by Johnson & Johnson (NYSE:JNJ) CEO Joaquin Duato. Both argue tax incentives are more effective than tariffs, which risk disrupting supply chains.

Amgen, which has historically moved production to lower-tax countries like Ireland, recently committed $900 million to expand its Ohio biotech facility. Other pharmaceutical leaders such as Eli Lilly (NYSE:LLY), Merck, and J&J are also increasing U.S. capacity.

Key product highlights include a 10% increase in bone drug Prolia sales to $1.1 billion, a 27% rise in cholesterol-lowering drug Repatha to $656 million, and a 10% decline in arthritis drug Enbrel to $567 million. In rare diseases, Tepezza sales fell 10% to $381 million, while Uplinza rose 14% to $91 million. The FDA is reviewing Uplinza for treating myasthenia gravis, with a decision expected by December 14.

Amgen’s 2025 outlook includes the impact of current tariffs but excludes future potential levies. The company is also advancing its obesity drug MariTide, with key trial results expected next month, and the FDA has lifted a clinical hold on another weight-loss candidate, AMG 513. Shares rose 1% after hours to $286.