AMGN's Q4 Earnings & Sales Beat Estimates, Obesity Candidate in Focus

Amgen AMGN reported fourth-quarter 2025 adjusted earnings of $5.29 per share, which beat the Zacks Consensus Estimate of $4.76 per share. Earnings were relatively flat year over year as higher revenues were partially offset by higher operating costs.

Total revenues of $9.9 billion beat the Zacks Consensus Estimate of $9.5 billion. Total revenues rose 9% year over year.

Total product revenues increased 7% from the year-ago quarter to $9.37 billion as volume growth was partially offset by a lower net selling price. Volumes rose 10% in the quarter, backed by strong demand trends for Amgen’s drugs globally. Volume growth was partially offset by a 4% negative impact of pricing.

Other revenues were $499 million in the quarter, up around 35% year over year.

In the past six months, shares of Amgen have risen 13.6% compared with the industry’s rise of 9.9%,

Performance of AMGN’s Key Drugs in Q4

Evenity recorded sales of $599 million in the quarter, up 39% year over year, driven by solid volume growth in the United States. Evenity sales beat the Zacks Consensus Estimate of $565 million.

Repatha generated revenues of $870 million, up 44% year over year, driven by higher volume growth, higher selling price and higher inventory levels. Repatha sales beat the Zacks Consensus Estimate of $812 million.

Prolia revenues came in at $1.05 billion, down 10% from the year-ago quarter due to lower pricing and decreased volume. Prolia sales, however, beat the Zacks Consensus Estimate of $975 million.

Xgeva delivered revenues of $447 million, down 20% year over year, primarily due to lower volume. Xgeva sales missed the Zacks Consensus Estimate of $454 million.

Patents for Prolia and Xgeva expired in February 2025 in the United States and in some European countries in November 2025. Sales of these best-selling drugs are expected to erode significantly in 2026 as several biosimilars have been launched globally.

In oncology, Blincyto generated $413 million in sales, rising 8% from the year-ago period, driven by higher inventory levels and net selling price. Blincyto sales missed the Zacks Consensus Estimate of $435 million.

Sales of Otezla were $625 million in the quarter, flat year over year. Otezla sales beat the Zacks Consensus Estimate of $621 million.

Enbrel revenues of $532 million declined 48% year over year due to lower selling prices (including the impact from increased 340B program mix and Medicare Part D redesign) as well as unfavorable changes to estimated sales deductions. Enbrel sales missed the Zacks Consensus Estimate of $636 million.

Asthma drug Tezspire (tezepelumab) recorded sales of $474 million in the quarter, up 60% year over year, primarily driven by volume growth. Tezspire sales beat the Zacks Consensus Estimate of $421 million.

Amgen has a partnership with AstraZeneca AZN for Tezspire. Amgen and AstraZeneca share costs and profits equally after AstraZeneca pays a mid-single-digit inventor royalty to Amgen.

While AstraZeneca leads development, Amgen leads manufacturing.

In rare disease, Tepezza sales fell 1% year over year to $457 million due to lower inventory levels and unfavorable changes to estimated sales deductions. Uplizna sales surged 131% year over year to $233 million, driven by volume growth.

New cancer drug Imdelltra (tarlatamab) recorded sales of $234 million in the quarter compared with $178 million in the previous quarter. The drug’s 31% sequential growth was driven by volume growth.

AMGN’s Established Products

Total sales of established products, which include Aranesp, Parsabiv and Neulasta, increased 15% year over year in the fourth quarter to $554 million.

AMGN’s Cost and Margin Discussion

Adjusted operating margin declined 3.5 percentage points to 42.8% in the fourth quarter.

Adjusted operating expenses increased 16% to $5.86 billion. R&D expenses rose 26% year over year to $2.13 billion, reflecting continued investment in the late-stage pipeline, most notably MariTide. SG&A rose 6% to $1.94 billion due to higher commercial product-related expenses.

AMGN's 2025 Results

Full-year 2025 sales rose 10% to $36.8 billion, which beat the Zacks Consensus Estimate of $36.4 billion. Sales came in ahead of the guided range of $35.8 billion to $36.6 billion, which the company provided in November 2025.

Adjusted earnings for 2025 were $21.84 per share, up 10% year over year. Earnings beat the Zacks Consensus Estimate of $21.29 per share and came in ahead of the guided range of $20.60 to $21.40.

AMGN’s 2026 Guidance

Amgen issued fresh guidance for 2026. Total revenues are expected in the range of $37.0 billion to $38.4 billion. The Zacks Consensus Estimate stands at $36.92 billion.

Adjusted earnings are expected in the range of $21.60 to $23.00 per share. The Zacks Consensus Estimate is pegged at $21.85 per share.

Adjusted operating margin is expected to be roughly 45% to 46% for 2026.

R&D costs are expected to increase year over year in low single digits in 2026. Adjusted other income and expenses are expected to be around $2.3 billion to $2.4 billion in 2026. The adjusted tax rate is expected to be in the range of 16% to 17.5%. Capital expenditures are expected to be approximately $2.6 billion.

Update on AMGN’s Diabetes/Obesity Pipeline

Amgen is developing MariTide, a GIPR/GLP-1 receptor, as part of its comprehensive MARITIME phase III program in obesity. The candidate is being developed as a single dose in a convenient autoinjector device with a monthly and maybe less frequent dosing. This key feature differentiates it from Eli Lilly LLY and Novo Nordisk’s NVO popular GLP-1-based obesity drugs, Zepbound and Wegovy, which are weekly injections.

With MariTide, Amgen intends to take on LLY and NVO, which currently dominate this space with their respective injectable GLP-1 therapies.

Amgen is evaluating MariTide across a broad range of cardiometabolic indications, with obesity at the center of its development strategy. Six global phase III studies are underway for MariTide.

Enrollment has been completed in two pivotal late-stage studies — MARITIME-1 and MARITIME-2 — which are evaluating the drug in patients with obesity, with and without type II diabetes, respectively.

Enrollment is ongoing in two other phase III studies, MARITIME-CV and MARITIME-HF, for the study of atherosclerotic cardiovascular disease and heart failure, respectively. Amgen also recently initiated two other phase III studies evaluating MariTide in obstructive sleep apnea.

The company also plans to initiate phase III studies on MariTide in people living with type II diabetes later in 2026.

Amgen is also advancing its early-stage portfolio for obesity and obesity-related conditions. This includes AMG 513, which is currently in phase I development.

Amgen Inc. Price, Consensus and EPS Surprise

Amgen Inc. price-consensus-eps-surprise-chart | Amgen Inc. Quote

AMGN’s Zacks Rank

Amgen currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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