AMGEN Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −1.15%.
Did AMGN Beat Earnings? Q4 2025 Results
Amgen closed out 2025 on a high note, delivering a fourth-quarter earnings beat that reflected both the breadth of its commercial portfolio and the strength of its newer growth franchises. Non-GAAP EPS of $5.29 cleared the $4.72 consensus by 12.08%, while revenue of $9.87 billion topped analyst expectations by 4.25% and grew 8.6% year over year, fueled by volume-driven product sales gains even as net selling prices slipped 4%. The standout performers were Repatha, up 44%, TEZSPIRE, up 60%, and UPLIZNA, which surged 131%, with IMDELLTRA, Amgen's BiTE therapy for small cell lung cancer, generating $234 million in quarterly sales with 31% sequential growth. Increased R&D investment, particularly behind the obesity candidate MariTide, held non-GAAP EPS essentially flat for the quarter despite the revenue tailwind. Institutional investors have taken notice, with ownership collectively representing 76.5% of shares outstanding. Looking to 2026, Amgen guided full-year revenues of $37 billion to $38.4 billion and non-GAAP EPS of $21.60 to $23.00, projecting continued volume growth even as Enbrel and Prolia face mounting headwinds from pricing pressure and biosimilar competition.
- 10% volume growth in Q4 product sales, partially offset by 4% lower net selling price
- Eighteen products achieved record full-year sales
- Fourteen products exceeded $1 billion in annual sales
- Thirteen products delivered double-digit full-year sales growth
- Strong volume-driven growth from Repatha, EVENITY, TEZSPIRE, UPLIZNA, TAVNEOS, and IMDELLTRA
- Lower amortization expense from acquisition-related assets including Horizon-acquired inventory
- Lower manufacturing costs partially offset by higher profit share expense
“Amgen delivered strong performance in 2025, with double-digit growth in revenues and earnings per share. We enter 2026 with momentum across a broad portfolio of medicines and a clear path towards advancing innovative therapies to deliver sustained long-term growth.”
Amgen CEO, on the earnings call
Forward Guidance & Outlook
For full year 2026, Amgen expects total revenues of $37.0 billion to $38.4 billion, GAAP EPS of $15.45 to $16.94, non-GAAP EPS of $21.60 to $23.00, GAAP tax rate of 15.5% to 17.0%, non-GAAP tax rate of 16.0% to 17.5%, capital expenditures of approximately $2.6 billion, and share repurchases not to exceed $3 billion. The company expects Prolia and XGEVA to face accelerated sales erosion from biosimilar competition, Enbrel to continue declining from pricing pressures, and RAVICTI to face generic competition. Seasonal patterns are expected to result in lower Q1 sales for Enbrel, Otezla, KRYSTEXXA, TEZSPIRE, and Repatha.
AMGN YoY Financials
AMGN Revenue by Segment
AMGN Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.