Amgen Reports Strong Q4 Results Exceeding Expectations
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 03 2026
0mins
Should l Buy AMGN?
Source: Newsfilter
Amgen's stock rose 3.00% as it reached a 52-week high, reflecting strong investor confidence following its recent earnings report.
The company's Q4 total revenue increased by 9% year-over-year to $9.9 billion, surpassing analyst expectations of $9.5 billion, driven by a 7% rise in drug sales. Adjusted earnings per share remained stable at $5.29, slightly above the expected $4.73, and Amgen's 2026 outlook projects adjusted EPS between $21.60 and $23.00, indicating robust future growth potential.
These results highlight Amgen's competitive position in the market, particularly with strong sales of its cholesterol drug Repatha, which surged by 44% to $870 million, despite a slight decline in sales for Tepezza. Overall, the earnings report has bolstered market confidence in Amgen's growth trajectory.
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Analyst Views on AMGN
Wall Street analysts forecast AMGN stock price to rise
24 Analyst Rating
14 Buy
9 Hold
1 Sell
Moderate Buy
Current: 349.390
Low
280.00
Averages
363.10
High
425.00
Current: 349.390
Low
280.00
Averages
363.10
High
425.00
About AMGN
Amgen Inc. is a biotechnology company. It discovers, develops, manufactures and delivers medicines for the toughest diseases. It focuses on areas of high unmet medical need and leverages its expertise to strive for solutions that improve people’s lives. It operates in the human therapeutics segment. Its marketed products portfolio includes EPOGEN (epoetin alfa); Aranesp (darbepoetin alfa); Parsabiv (etelcalcetide); Neulasta (pegfilgrastim); KANJINTI (trastuzumab-anns); Otezla; BLINCYTO (blinatumomab); ACTIMMUNE (interferon gamma-1b); Neulasta (pegfilgrastim); Sensipar/Mimpara (cinacalcet); Prolia (denosumab); ENBREL; QUINSAIR (levofloxacin); Repatha (evolocumab) and others. It markets ENBREL, a tumor necrosis factor blocker, in the United States and Canada. It markets Otezla, a small molecule that inhibits phosphodiesterase 4, in many countries around the world. It markets Repatha, a proprotein convertase subtilisin/kexin type 9 (PCSK9) inhibitor, in many countries around the world.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Revenue Expectations: The consensus estimate forecasts Amgen's revenue to reach $8.5 billion, reflecting a 4.3% year-over-year growth, indicating some resilience in revenue growth despite profit pressures.
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- Earnings Forecast: The company is expected to report an EPS of $4.76 in its earnings release on April 30, 2026, representing a 2.86% decline from the same quarter last year, which may impact investor confidence.
- Revenue Expectations: The consensus estimate forecasts Amgen's revenue to reach $8.5 billion, reflecting a 4.3% year-over-year growth, indicating some resilience in revenue growth despite profit pressures.
- Valuation Analysis: Amgen's forward P/E ratio stands at 15.75, below the industry average of 20.76, suggesting that its stock may be undervalued and attracting value investors, while a PEG ratio of 3.65 reflects expectations for future earnings growth.
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- Dual-Targeting Strategy: The study will combine Zai Lab's zocilurtatug pelitecan with Amgen's IMDELLTRA, aiming to enhance clinical responses and address potential resistance pathways through complementary mechanisms, thereby improving survival chances for patients.
- Clinical Trial Progress: Zocilurtatug pelitecan has demonstrated a high response rate and a tolerable safety profile in heavily pretreated SCLC patients, indicating its therapeutic potential, especially with FDA orphan drug and fast track designations.
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- Specialty Drug Sales Surge: Teva's Austedo generated $2.26 billion in sales in 2025, marking a 34% year-over-year increase, with expectations to reach between $2.4 billion and $2.55 billion in 2026, showcasing strong momentum in the specialty drug sector.
- Biosimilar Market Expansion: Teva plans to launch six new biosimilars in 2026 and 2027, potentially competing with Amgen and Johnson & Johnson, which will further solidify its position as the second-largest player in the biosimilar market.
- Investor Confidence Boost: Analysts are optimistic about Teva's future, with 12 out of 15 analysts rating the stock as a
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- FDA Approval Catalyst: Teva's long-acting olanzapine injectable suspension NDA has been accepted by the FDA, with a decision expected later this year; approval could significantly enhance patient adherence, with combined annual sales with Uzedy projected to exceed $2 billion.
- Specialty Drug Sales Surge: Teva's specialty drug Austedo generated $2.26 billion in sales in 2025, a 34% year-over-year increase, with expectations for 2026 sales to rise between $2.4 billion and $2.55 billion, reflecting strong market demand and competitive positioning in the specialty drug sector.
- Biosimilar Expansion: Teva plans to launch six new biosimilars in 2026 and 2027, further solidifying its position as the second-largest player in the biosimilar market, with anticipated competition against giants like Amgen and Johnson & Johnson, driving future revenue growth.
- Market Risk Factors: Despite several catalysts propelling stock price growth, a market crash or significant pipeline issues could derail Teva's momentum; however, the company's pipeline is relatively de-risked, and with a forward P/E of only 11.7, it presents a compelling value investment opportunity.
See More
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- Drug Approval: BeOne Medicines announced that its bispecific T-cell engager tarlatamab, developed in partnership with Amgen, received conditional approval in China as a second-line treatment for extensive-stage small cell lung cancer, marking a significant milestone for the company in the Chinese market.
- Market Potential: Approximately 160,000 patients are diagnosed with small cell lung cancer in China each year, accounting for nearly 15% of global lung cancer cases, providing a substantial market opportunity for tarlatamab, especially given the limited efficacy of existing treatments.
- Treatment Need: Despite platinum-based chemotherapy being the main first-line therapy, the majority of small cell lung cancer patients experience disease progression within six months, thus the approval of tarlatamab offers a new treatment option that could potentially improve survival rates and quality of life for these patients.
- Collaboration Background: BeOne Medicines has been developing tarlatamab in Mainland China under a licensing agreement with Amgen since 2019, and this approval not only strengthens the partnership between the two companies but also lays a foundation for BeOne's further development in the biopharmaceutical sector.
See More
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- Technical Analysis Tool: Comparing the latest share price to the 200-day moving average provides investors with valuable insights for technical analysis, aiding in the assessment of market trends and potential buy or sell opportunities.
- ETF Unit Trading Mechanism: ETFs trade like stocks, where investors buy and sell 'units' that can be created or destroyed based on investor demand, impacting the liquidity and market performance of the ETF.
- Inflows and Outflows Monitoring: Weekly monitoring of changes in shares outstanding helps identify ETFs experiencing notable inflows (new units created) or outflows (old units destroyed), assessing their impact on underlying assets and overall market dynamics.
See More
