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It has been about a month since the last earnings report for Amgen (AMGN). Shares have added about 3.6% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Amgen due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.
Amgen 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 $9.87 billion beat the Zacks Consensus Estimate of $9.47 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 continued price declines. 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.
Thirteen products, including Repatha, Tezspire, Uplizna, Tavneos and Evenity, achieved double-digit sales growth in the quarter, more than offsetting declining revenues from oncology biosimilars and mature products such as Enbrel. New biosimilar products are also contributing to sales growth. Revenues in the quarter also benefited from approximately $250 million in inventory build across the portfolio.
General Medicine
Prolia revenues came in at $1.05 billion, down 10% from the year-ago quarter due to lower price and volume. Prolia sales, however, beat the Zacks Consensus Estimate of $975 million.
Evenity recorded sales of $599 million in the quarter, up 39% year over year, driven by solid volume growth from both established and newly activated prescribers 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.
Hematology-Oncology
In oncology, the key revenue driver was Blincyto, which generated $413 million in sales, rising 8% from the year-ago period, driven by higher inventory levels and broad prescribing across both academic and community segments. Blincyto sales missed the Zacks Consensus Estimate of $435 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.
In 2026, Amgen expects accelerated erosion in sales of Prolia and Xgeva as several biosimilars have been launched globally.
Kyprolis recorded sales of $351 million, down 6% year over year, as competitive pressure hurt volume growth.
Vectibix revenues came in at $319.0 million, up 30% year over year. Nplate sales rose 14% year over year to $385 million. Lumakras/Lumykras recorded sales of $92 million in the quarter, up 8% from the year-ago period.
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.
In oncology biosimilars, sales of Mvasi were $188.0 million in the quarter, up 9% year over year, driven by favorable changes to estimated sales deductions and higher price and inventory levels.
Inflammation
In its inflammation portfolio, sales of Otezla were $625 million in the quarter, flat year over year. Otezla sales beat the Zacks Consensus Estimate of $621 million.
In 2026, Amgen expects Otezla sales to be hurt by lower pricing in the United States and generic erosion in the EU.
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 launched a biosimilar version of J&J’s Stelara, called Wezlana, in 2025 and Regeneron’s Eylea, called Pavblu, in 2024
As expected, Amgen did not record any sales from Wezlana in the United States in the fourth quarter following a large first-quarter order. Total Wezlana sales were $44 million, same as in the previous quarter, entirely from ex-U.S. markets.
Pavblu generated sales of $258 million in the fourth quarter, up 21% sequentially, driven by volume growth.
Amjevita/Amgevita sales were $174 million in the quarter, down 41% year over year.
Rare Disease
Tepezza sales fell 1% year over year to $457 million due to lower inventory levels and unfavorable changes to estimated sales deductions, partially offset by higher volumes and price. On the call, the company mentioned that the launch progress in Japan was encouraging, while the company expects to launch Tepezza in additional markets in 2026.
Krystexxa sales rose 26% year over year to $435.0 million, driven by volume growth and higher pricing, and higher inventory levels.
Uplizna sales surged 131% year over year to $233 million, driven by growing patient demand across all three approved indications. On the conference call, Amgen said that early uptake of Uplizna in IgG4-related is encouraging while early physician response for Uplizna in generalized myasthenia gravis or gMG (approval in December 2025) has been strong.
Ultra-rare products generated revenues of $157.0 million in the quarter, down 27% year over year.
Another rare disease drug, Tavneos, generated $152 million in sales in the quarter, up 88% year over year, driven by new patient volume growth and higher inventory levels.
Amgen announced that ChemoCentryx voluntarily withdrew Tavneos from the U.S. market at the FDA’s request after the agency raised concerns about how primary endpoint data for nine patients were re-adjudicated in its pivotal study. The FDA also cited hepatotoxicity risk in reassessing the drug’s overall benefit-risk profile.
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.
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 and costs related to business development transactions. SG&A rose 6% to $1.94 billion due to higher commercial product-related expenses.
The adjusted tax rate was 16.4% in the quarter, a 1.6-point increase from the year-ago quarter.
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.
Amgen issued fresh guidance for 2026. Total revenues are expected in the range of $37.0 billion to $38.4 billion, representing growth of 2.3% at the mid-point.
Amgen expects key drugs like Repatha, Evenity, Tezspire and oncology and rare disease drugs, as well as biosimilars, to drive top-line growth, partially offsetting biosimilar erosion of Prolia/Xgeva, price declines for some products and increases in 340B program utilization.
Other revenues are expected to be in the range of $1.6 billion to $1.8 billion in 2026.
Adjusted earnings are expected in the range of $21.60 to $23.00 per share, representing growth of 2.1% at the mid-point.
Adjusted operating margin is expected to be roughly 45% to 46% for 2026, which represents a slight decline from the 2025 margin of 46.1%.
R&D costs are expected to increase year over year in low single digits in 2026 (excluding $300 million business development costs in 2025). 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.
Share repurchases are expected to be around $3 billion in 2026.
In the first quarter, total revenues are expected to increase in a mid-single-digit range, which will be lower than 9% growth in the fourth quarter of 2025. The impact of $250 million of inventory build in the fourth quarter of 2025 is expected to reverse in the first quarter of 2026.
Sales of Otezla and Enbrel, and to a lesser extent Krystexxa, Tezspire and Repatha, are projected to be softer in the first quarter of 2026 relative to the other quarters, in line with historical seasonality. This is due to the impact of benefit plan resets, insurance re-verification processes and higher patient co-pay obligations.
Adjusted operating margin is expected to be the lowest in the year and similar to the fourth quarter number of 42.8%.
Amgen announced its plans to end its rocatinlimab development and commercialization partnership with Kyowa Kirin, as part of its portfolio prioritization efforts. Kyowa Kirin will take full ownership and responsibility for the program, while the company will provide transition support services.
Amgen announced that it will not seek regulatory approval for bemarituzumab in first-line gastric cancer following results from the phase III FORTITUDE-101 and FORTITUDE-102 studies. The phase Ib/II FORTITUDE-103 study in first-line gastric cancer was discontinued, while the phase Ib/II FORTITUDE-301 basket study in FGFR2b-overexpressing solid tumors has been completed.
It turns out, estimates review flatlined during the past month.
Currently, Amgen has a average Growth Score of C, however its Momentum Score is doing a bit better with a B. Charting a somewhat similar path, the stock was allocated a grade of C on the value side, putting it in the middle 20% for value investors.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Amgen has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Amgen is part of the Zacks Medical - Biomedical and Genetics industry. Over the past month, Regeneron (REGN), a stock from the same industry, has gained 1.6%. The company reported its results for the quarter ended December 2025 more than a month ago.
Regeneron reported revenues of $3.88 billion in the last reported quarter, representing a year-over-year change of +2.5%. EPS of $11.44 for the same period compares with $12.07 a year ago.
For the current quarter, Regeneron is expected to post earnings of $8.08 per share, indicating a change of -1.7% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.
Regeneron has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.
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This article originally published on Zacks Investment Research (zacks.com).
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