#United States #financial results #revenue growth #Amgen #Thousand Oaks

Amgen Reports Financial Results for 2025

THOUSAND OAKS, California, February 3, 2026 – Amgen (NASDAQ: AMGN) has announced its financial performance for the fourth quarter and the full year of 2025, demonstrating impressive growth compared to 2024. According to Robert A. Bradway, the chairman and CEO of Amgen, "The company achieved strong performance, reporting double-digit growth in both revenues and earnings per share. We are entering 2026 with robust momentum across a wide range of medicines and a clear strategy to advance innovative therapies that will foster sustainable long-term growth."

Key Financial Highlights

In the fourth quarter, Amgen reported total revenues of $9.9 billion, reflecting a 9% increase over the same period in 2024. Product sales rose by 7%, driven primarily by a 10% increase in volume, even with a 4% decrease in net selling prices.
For the full year, total revenues climbed to $36.8 billion, up 10% from 2024, with product sales experiencing a similar rise of 10%, attributed again to a 13% increase in volume offset by a 3% drop in net prices. Notably, eighteen products achieved record sales, and fourteen products surpassed $1 billion in annual sales, while thirteen products recorded double-digit sales growth.

Earnings Snapshot

In terms of earnings per share (EPS), GAAP EPS leaped 111% from $1.16 to $2.45 for the fourth quarter, largely due to elevated revenues and a reduction in unrealized losses on equity investments, despite higher operational costs. For the entire year, the GAAP EPS rose 88% from $7.56 to $14.23.
Operating income for the fourth quarter showed an increase from $2.3 billion to $2.7 billion, with the operating margin rising by 2.5 percentage points to 29.0%. For the year, operating income increased from $7.3 billion to $9.1 billion, leading to a total operating margin improvement of 3.1 percentage points to 25.8%.

Non-GAAP EPS showed a marginal decrease from $5.31 to $5.29 for the fourth quarter as higher operational costs offset the revenue growth. For the year, the non-GAAP EPS increased by 10% to $21.84, indicating sustained financial health.

Cash Flow Generation

The company generated $8.1 billion in free cash flow for 2025, despite a drop from $10.4 billion in 2024, attributed to working capital timing and increased capital expenditures. Amgen declared a dividend of $2.38 per share for Q4 2025, marking a 6% increase from 2024.

Product Sales Performance Overview

A closer look at product performance reveals major success in various therapeutic areas:

General Medicine

• - Repatha saw a 44% increase in quarterly sales to $870 million, fueled by volume growth and higher inventory levels.
• - EVENITY sales were up by 39% with robust demand.
• - However, Prolia faced a 10% drop due to decreased pricing and volume.

Rare Diseases

• - TEPEZZA sales remained steady at $457 million, registering a 1% drop, while KRYSTEXXA sales increased by 26%.
• - UPLIZNA notably surged 131% to reach $233 million in the fourth quarter.

Inflammation

• - TEZSPIRE surged 60%, with quarterly sales hitting $474 million, showcasing significant volume growth driving its success.
• - Otezla revenue remained stable at $625 million, whereas Enbrel sales plummeted by 48%.

Oncology

• - BLINCYTO recorded an 8% increase in sales, and Vectibix sales leapt by 30%, reflecting strong market performance amidst competition.

Looking Ahead

As Amgen moves into 2026, it projects total revenues between $37.0 billion and $38.4 billion. Projections for GAAP EPS are estimated in the range of $15.45 to $16.94, with the company continuing to focus on debt repayment and strategic developments across its product offerings
.

Conclusion

Amgen’s robust performance in 2025 demonstrates its capacity for growth and resilience in the competitive biopharmaceutical landscape. With a strong portfolio and positive market dynamics, the company is well-positioned to continue its momentum into the coming year.