Amgen Q4 2025 Earnings Call Highlights
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Should l Buy AMGN?
Source: seekingalpha
- Sales Growth: Amgen reported that 14 of its products achieved blockbuster status with over $1 billion in sales, while 13 products delivered double-digit sales growth, resulting in double-digit increases in both revenue and earnings per share, showcasing the strength of its portfolio and sustained market demand.
- Increased R&D Investment: In 2025, Amgen's non-GAAP R&D spending rose by 22% year-over-year to $7.2 billion, reflecting the company's ongoing commitment to innovation, which is expected to drive future product launches and enhance market competitiveness.
- Optimistic Outlook: Amgen projects total revenues for 2026 to be between $37 billion and $38.4 billion, with non-GAAP earnings per share expected to range from $21.60 to $23, indicating strong confidence in future growth despite anticipated biosimilar competition and pricing pressures.
- Strong Cash Flow: Amgen generated $8.1 billion in free cash flow for 2025, demonstrating effective operational management and capital allocation, while providing a solid foundation for future investments and shareholder returns.
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Analyst Views on AMGN
Wall Street analysts forecast AMGN stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for AMGN is 345.87 USD with a low forecast of 272.00 USD and a high forecast of 425.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
19 Analyst Rating
11 Buy
7 Hold
1 Sell
Moderate Buy
Current: 344.680
Low
272.00
Averages
345.87
High
425.00
Current: 344.680
Low
272.00
Averages
345.87
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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- Increased R&D Investment: In 2025, Amgen's non-GAAP R&D spending rose by 22% year-over-year to $7.2 billion, reflecting the company's ongoing commitment to innovation, which is expected to drive future product launches and enhance market competitiveness.
- Optimistic Outlook: Amgen projects total revenues for 2026 to be between $37 billion and $38.4 billion, with non-GAAP earnings per share expected to range from $21.60 to $23, indicating strong confidence in future growth despite anticipated biosimilar competition and pricing pressures.
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- Market Outlook: With rising global obesity rates, the successful development of MariTide could not only improve patient health but also open new market opportunities for Amgen, thereby enhancing its competitiveness in the biopharmaceutical industry.
- Investor Focus: Amgen's Q4 preview indicates that investors will closely monitor MariTide's progress, especially during the upcoming earnings release, where successful clinical trial results could significantly boost the company's stock price.
- Industry Impact: Amgen's performance at the conference may influence investment trends across the biopharmaceutical sector, particularly in the obesity and metabolic disease fields, further driving R&D investments and market competition among related companies.
See More
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- Sales Growth: Amgen reported that 14 of its products achieved blockbuster status with over $1 billion in sales, while 13 products delivered double-digit sales growth, resulting in double-digit increases in both revenue and earnings per share, showcasing the strength of its portfolio and sustained market demand.
- Increased R&D Investment: In 2025, Amgen's non-GAAP R&D spending rose by 22% year-over-year to $7.2 billion, reflecting the company's ongoing commitment to innovation, which is expected to drive future product launches and enhance market competitiveness.
- Optimistic Outlook: Amgen projects total revenues for 2026 to be between $37 billion and $38.4 billion, with non-GAAP earnings per share expected to range from $21.60 to $23, indicating strong confidence in future growth despite anticipated biosimilar competition and pricing pressures.
- Strong Cash Flow: Amgen generated $8.1 billion in free cash flow for 2025, demonstrating effective operational management and capital allocation, while providing a solid foundation for future investments and shareholder returns.
See More
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- Consumer Staples Resilience: In stark contrast to tech stocks, the consumer staples sector showed strong performance, indicating a market preference for stable earnings, which may attract more capital into this area to mitigate risk.
- Regional Banks' Steady Growth: Regional banks demonstrated resilience amid market volatility, drawing investor attention and suggesting that traditional financial institutions remain attractive in uncertain economic conditions, potentially driving their stock prices higher.
- Precious Metals and Industrials Recovery: The strong performance of precious metals and industrials indicates an increased demand for safe-haven assets, reflecting investor concerns about potential economic slowdowns, which could influence investment strategies in related sectors.
See More
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- Financial Performance Beat: Amgen's Q4 2025 non-GAAP EPS of $5.29 slightly fell short of last year's $5.31 but exceeded market expectations, demonstrating the company's resilience in a competitive biotech landscape.
- 2026 Financial Guidance: The company anticipates 2026 revenue between $37B and $38.4B, aligning with the consensus of $37.02B, while projecting non-GAAP EPS of $21.60 to $23.00, reinforcing investor confidence in future growth.
- Key Product Sales Trends: Although Amgen's osteoporosis drug Prolia generated $1.05B in sales, a 10% year-over-year decline, the cholesterol-lowering drug Repatha saw a 44% increase to $870M, showcasing the diversity and adaptability of its product portfolio.
- Cash Flow Position: By the end of 2025, Amgen's cash and cash equivalents stood at approximately $9.1B, down from $12B at the end of 2024, reflecting ongoing investment needs in R&D and market competition.
See More
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See More
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- Adjusted EPS Stability: The adjusted earnings per share remained stable at $5.29, slightly above analysts' expectations of $4.73, reflecting the company's robust profitability and increased market confidence.
- 2026 Outlook: Amgen forecasts adjusted EPS between $21.60 and $23.00 for 2026, with projected annual revenue of $37 billion to $38.4 billion, both exceeding market estimates, showcasing the company's confidence in future growth.
- Product Sales Dynamics: While sales of eye disease drug Tepezza fell 1% to $457 million, missing expectations, cholesterol drug Repatha saw a 44% surge to $870 million, highlighting strong performance in specific therapeutic areas.
See More
