Amgen’s fourth-quarter results reflected broad-based sales growth across its diverse portfolio, with management crediting strong volume gains in key products such as Repatha, Evenity, and Tezspire. CEO Robert Bradway highlighted that 13 products delivered double-digit sales growth and 14 surpassed $1 billion in annual sales. The company also reported continued momentum in its rare disease and oncology segments, with notable performances from its biosimilars business. Management noted that sales growth was fueled by increased patient reach, new indication launches, and expanding access programs such as Amgen Now, particularly for Repatha. Murdo Gordon, Executive Vice President of Global Commercial Operations, emphasized expanded prescriber adoption and increased investment in priority brands as drivers of the quarter.
Is now the time to buy AMGN? Find out in our full research report (it’s free for active Edge members).
Amgen (AMGN) Q4 CY2025 Highlights:
- Revenue: $9.87 billion vs analyst estimates of $9.47 billion (8.6% year-on-year growth, 4.1% beat)
- Adjusted EPS: $5.29 vs analyst estimates of $4.73 (11.9% beat)
- Adjusted EBITDA: $4.98 billion vs analyst estimates of $6.96 billion (50.5% margin, 28.4% miss)
- Adjusted EPS guidance for the upcoming financial year 2026 is $22.30 at the midpoint, beating analyst estimates by 0.9%
- Operating Margin: 27.6%, up from 25.4% in the same quarter last year
- Market Capitalization: $202.4 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Amgen’s Q4 Earnings Call
- Michael Yee (UBS Financial) asked about Amgen’s strategy in obesity and the broader cardiometabolic portfolio; James E. Bradner responded that Amgen is advancing Meritide across multiple indications and developing additional assets, both incretin-based and non-incretin-based, for obesity.
- Yaron Werber (TD Cowen) questioned the reliability of Phase II results for dasodilumab in Sjogren’s syndrome; Bradner stated that while the biology is complex, Amgen remains confident given prior improvements in clinical endpoints and expects to report Phase III data later in the year.
- David A. Amsellem (Piper Sandler) inquired about the market size and uptake for Eplisna in rare disease; Bradner and Gordon explained that improved disease awareness and new coding are expanding the diagnosed patient pool, with early uptake strong in both new and switch patients.
- Salveen Richter (Goldman Sachs) asked about confidence in Eplisna’s expansion into CIDP (chronic inflammatory demyelinating polyneuropathy) and Repatha’s positioning against an upcoming oral competitor; Bradner cited the unique mechanism of Eplisna and Gordon emphasized Repatha’s outcomes data and broad access as key differentiators.
- Alex Hammond (Wolfe Research) questioned the sustainability of PavBlue’s momentum as more biosimilars enter the market; Gordon said Amgen’s established relationships and device advantages position it well, though competition is expected to intensify.
Catalysts in Upcoming Quarters
In the coming quarters, the StockStory team will be monitoring (1) the pace of Meritide’s late-stage clinical trial enrollments and regulatory milestones, (2) the impact of biosimilar launches and pricing pressures on legacy product sales, and (3) adoption trends for new indications and geographies in rare disease and oncology franchises. Progress on manufacturing scale-up and execution on pipeline launches will also be key indicators of Amgen’s ability to sustain growth.
Amgen currently trades at $376.15, up from $338.59 just before the earnings. In the wake of this quarter, is it a buy or sell? Find out in our full research report (it’s free).
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