Amgen Inc. (NASDAQ:AMGN) shares are trading lower on Wednesday, despite the company reporting second-quarter results that surpassed analyst expectations after markets closed on Tuesday.
The US drug maker reported adjusted earnings of $6.02 per share, up 21% year over year, beating the consensus of $5.24.
Amgen reported quarterly sales of $9.18 billion, up 9%, beating the Wall Street estimate of $8.87 billion.
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Product sales grew 9%, driven by 13% volume growth, partially offset by 3% lower net selling price.
Fifteen products delivered at least double-digit sales growth in the second quarter.
Following the strong quarterly performance, Amgen raised fiscal year 2025 adjusted earnings guidance from $20.00-$21.20 per share to $20.20-$21.30 versus the consensus of $20.89.
The company raised sales outlook from $34.30 billion-$35.70 billion to $35 billion-$36 billion versus the consensus of $35.29 billion.
Despite the positive financial results, investor focus remains squarely on the company’s experimental weight-loss drug, MariTide. A William Blair analyst noted that investors are “hyper-focused” on the drug’s progress.
Part 2 of the Phase 2 chronic weight management study is ongoing in obese patients, with or without type 2 diabetes. Data readout is anticipated in the fourth quarter of 2025.
A Phase 2 study investigating MariTide for type 2 diabetes is ongoing in adults with and without obesity. Data readout is anticipated in the fourth quarter of 2025.
Analyst Matt Phipps of William Blair said, “Given the trial is solely focused on the maintenance setting, we do not believe it will address the key question of tolerability that investors continue to debate.”
Analyst Phipps says Amgen shares are up 15% year-to-date, although it remains volatile as investors debate clinical updates with MariTide given the significant market opportunity and competitive landscape.
“We believe Amgen has had meaningful clinical and commercial success with assets including Repatha, Evenity, Blincyto, Tezspire, Imdelltra, and Uplizna that support continued upside on top of the potentially differentiated profile of MariTide, and therefore reiterate our Outperform rating.”
Amgen has some near-term headwinds from legacy products, including the recent launch of a biosimilar to Prolia and Xgeva at the end of May 2025 (recent settlement with Sandoz), and the difficulties in gaining more market share with the biosimilar franchises, but the analyst believes clinical catalysts over the next 6 to 12 months will provide meaningful reasons for investor excitement about the long-term growth prospects of the company.
Read More: Amgen Stock Sinks As Market Eyes MariTide’s Next Move
