Amgen Inc. reported fourth‑quarter 2025 results on February 3 2026, posting revenue of $9.9 billion—up 9% year‑over‑year—and earnings per share of $5.29, a $0.54 beat over the consensus estimate of $4.75. The company’s top‑line growth was driven by double‑digit volume gains in its flagship products, with Repatha sales rising 44% YoY, Uplizna up 73% for the full year, and TEZSPIRE increasing 60% in the quarter. These gains offset modest price erosion across the portfolio, allowing Amgen to maintain a healthy revenue trajectory despite competitive pressures.
Operating margin expanded to 29.0% of sales, up from 26.5% in Q4 2024, reflecting both cost‑control initiatives in manufacturing and a favorable mix shift toward higher‑margin indications. The company’s cost‑efficiency program, which focused on streamlining supply‑chain operations and optimizing pricing in high‑margin segments, helped preserve profitability even as price erosion from the Inflation Reduction Act impacted Otezla and other legacy products.
For 2026, Amgen raised its revenue outlook to a range of $37.0 billion to $38.4 billion, with a midpoint of $37.7 billion—an increase of 1.7% from the prior year’s guidance. Non‑GAAP earnings per share guidance was lifted to $20.60–$21.40, up 4–5% from the previous range. Management cited continued momentum in its obesity and cardiovascular pipelines, particularly the Phase III studies of MariTide, and highlighted the expected launch of new indications for TEZSPIRE and Uplizna as key drivers of the upside.
Headwinds remain, however. The Inflation Reduction Act’s Medicare price‑setting mechanism led to a $1.2 billion impairment charge for Otezla in 2025, and biosimilar competition is expected to erode sales of Prolia and Xgeva in 2026. Free cash flow for the quarter was $1.0 billion, and full‑year free cash flow fell to $8.1 billion from $10.4 billion in 2024, largely due to higher capital expenditures and working‑capital timing.
Analysts praised Amgen’s execution, noting that the earnings beat and upward guidance signal confidence in the company’s ability to navigate pricing pressures while sustaining growth through its diversified portfolio and pipeline investments. CEO Robert A. Bradway emphasized the company’s “strong performance in 2025” and highlighted the “clear path toward advancing innovative therapies” as a foundation for continued long‑term growth.
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