AMGEN INC (AMGN) Earnings History
AMGEN INC - Q4 FY2025 EarningsBeat
EXECUTIVE SUMMARY
Amgen reported strong full-year 2025 results with double-digit growth in revenues and EPS, driven by broad portfolio momentum and volume growth across key products. The company enters 2026 with a positive outlook, supported by pipeline advancements and strategic product performance, despite some pricing pressures and increased operating expenses.
POSITIVE HIGHLIGHTS
- •
Total revenues increased 9% year-over-year to $9.9 billion in Q4 2025, driven by 10% volume growth in product sales.
positive - •
Full-year 2025 total revenues increased 10% to $36.8 billion, with product sales growing 10% driven by 13% volume growth.
positive - •
Eighteen products achieved record sales for the full year 2025, and fourteen products exceeded one billion dollars in annual sales.
positive - •
GAAP EPS increased 111% to $2.45 for Q4 2025 and 88% to $14.23 for the full year 2025.
positive - •
GAAP operating income increased 17% to $2.7 billion in Q4 2025, and operating margin improved by 2.5 percentage points to 29.0%.
positive - •
Repatha® sales increased 44% year-over-year to $870 million in Q4 2025, driven by strong volume growth.
positive - •
TEZSPIRE® sales increased 60% year-over-year to $474 million in Q4 2025, driven by 51% volume growth.
positive - •
UPLIZNA® sales increased 131% year-over-year to $233 million in Q4 2025, primarily driven by volume growth.
positive
CONCERNS & RISKS
- •
Net selling price for product sales decreased by 4% in Q4 2025 and 3% for the full year 2025, partially offsetting volume growth.
attention - •
Non-GAAP operating margin decreased 3.5 percentage points to 42.8% in Q4 2025 and 0.8 percentage points to 46.1% for the full year 2025.
attention - •
Free cash flow for the full year 2025 was $8.1 billion, a decrease from $10.4 billion in 2024, driven by timing of working capital and higher capital expenditures.
attention - •
Prolia® sales decreased 10% year-over-year in Q4 2025 due to lower net selling price and decreased volume, with accelerated sales erosion expected in 2026 due to biosimilar competition.
negative - •
Enbrel® sales decreased 48% year-over-year in Q4 2025, primarily driven by a 35% lower net selling price due to Medicare Part D redesign and increased 340B Program mix.
negative - •
XGEVA® sales decreased 20% year-over-year in Q4 2025, with accelerated sales erosion expected in 2026 due to biosimilar competition.
negative - •
Otezla® intangible asset impairment charges of $1.2 billion recorded in 2025 following selection for Medicare price setting.
negative - •
TAVNEOS® is facing FDA concerns regarding primary endpoint results re-adjudication and hepatotoxicity, with Amgen contesting the FDA's request for voluntary withdrawal.
attention
FINANCIAL METRICS
MARGIN ANALYSIS
Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
REVENUE BY SEGMENT — Q4 FY2025 2025
VISUAL OVERVIEW
DETAILED BREAKDOWN
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
General Medicine | N/A | — | — | — |
Rare Disease | N/A | — | — | — |
Inflammation | N/A | — | — | — |
Oncology | N/A | — | — | — |
Established Products | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
MANAGEMENT GUIDANCE
FY2026
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
SPECIAL ITEMS & ADJUSTMENTS
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
MANAGEMENT COMMENTARY
Amgen delivered strong performance in 2025, with double-digit growth in revenues and earnings per share.
We enter 2026 with momentum across a broad portfolio of medicines and a clear path towards advancing innovative therapies to deliver sustained long-term growth.
Eighteen products achieved record sales for the full year.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.