Amgen Q4 2025 Earnings Call Highlights
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 04 2026
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
24 Analyst Rating
14 Buy
9 Hold
1 Sell
Moderate Buy
Current: 353.280
Low
280.00
Averages
363.10
High
425.00
Current: 353.280
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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- Ownership and Supply of Drug: Zai Lab will retain full ownership of zocilurtatug pelitecan and supply the experimental therapy for the Amgen-led study, ensuring control over the development process while potentially enhancing its market competitiveness.
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- Efficacy Potential: Zocilurtatug pelitecan has demonstrated a high response rate at the EORTC-NCI-AACR and ASCO meetings, particularly showing significant intracranial activity in heavily pretreated small cell lung cancer patients, potentially offering new treatment options for this challenging disease.
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