Amgen’s 2025 Results Show Resilient Growth; CEO Bradway Highlights Broad Portfolio Momentum

Amgen Inc.  announced strong financial results for the fourth quarter and full year of 2025, reflecting broad product demand, volume-driven growth and disciplined investment in innovation, the company said in its latest earnings release. Robert A. Bradway, chairman and chief executive officer, highlighted the company’s performance as evidence of sustained commercial strength and a solid foundation for growth in 2026.

“Amgen delivered strong performance in 2025, with double-digit growth in revenues and earnings per share,” Bradway said. “We enter 2026 with momentum across a broad portfolio of medicines and a clear path toward advancing innovative therapies to deliver sustained long-term growth.”

Revenue Growth and Sales Trends

For the fourth quarter of 2025, Amgen reported total revenues of $9.9 billion, an increase of 9 % compared with the fourth quarter of 2024. Product sales for the quarter grew 7 %, driven by 10 % volume growth, partially offset by a 4 % decline in net selling prices.

For the full year 2025, total revenues rose 10 % to $36.8 billion compared with 2024. Product sales expanded 10 % on the strength of 13 % volume growth, even as net selling prices declined by roughly 3 %. Eighteen products achieved record sales for the full year, and fourteen products exceeded $1 billion in annual sales, with thirteen delivering at least double-digit growth in 2025.

Earnings Performance

Amgen’s GAAP earnings per share (EPS) increased 111 % for the fourth quarter, rising from $1.16 in Q4 2024 to $2.45 in Q4 2025, driven by higher revenues and lower net unrealized losses on equity investments, partially offset by higher operating expenses. For the full year, GAAP EPS increased 88 % to $14.23, reflecting stronger revenue performance and net unrealized gains on the company’s BeOne Medicines Ltd. equity investment, though this was partially offset by higher operating costs, including a $1.2 billion impairment charge related to Otezla® under Medicare price setting rules.

On a non-GAAP basis, EPS remained essentially flat in the fourth quarter at $5.29, down slightly from $5.31 in the year-ago quarter, as higher operating expenses offset revenue gains. For the full year, non-GAAP EPS rose 10 % to $21.84.

Operating margins reflected these performance trends. For Q4, GAAP operating income increased to $2.7 billion, lifting GAAP operating margin to 29.0 %, while non-GAAP operating income remained near $4.0 billion with a margin of 42.8 %. For the full year, GAAP operating income rose to $9.1 billion with a margin of 25.8 %, and non-GAAP operating income increased to $16.2 billion with a margin of 46.1 %.

Product Portfolio Highlights

Amgen’s performance in the fourth quarter was propelled by growth across key products:

• Repatha® (evolocumab) saw sales increase 44 % year-over-year to $870 million, driven by strong volume and pricing contributions.

• EVENITY® (romosozumab-aqqg) grew 39 % in Q4 to $599 million, supported by expanding patient uptake.

• Rare disease medicines such as UPLIZNA® and TAVNEOS® registered robust growth of 131 % and 88 %, respectively, in Q4.

• Inflammation and autoimmune therapies like TEZSPIRE® posted solid double-digit increases, while legacy franchises including Enbrel® and AMJEVITA®/AMGEVITA™ experienced notable declines largely due to pricing pressures and changes in plan reimbursement dynamics.

Cash Flow, Capital Allocation, and Balance Sheet

Amgen reported $8.1 billion of free cash flow for the full year 2025, compared to $10.4 billion in 2024, primarily driven by working capital timing and increased capital expenditures. The company generated approximately $1.0 billion of free cash flow in the quarter, down from $4.4 billion in Q4 2024.

The board declared a fourth-quarter dividend of $2.38 per share, paid in December 2025, representing a 6 % increase versus the prior year. During 2025, Amgen retired $6.0 billion of debt, ending the year with $9.1 billion in cash and equivalents and $54.6 billion of total debt, resulting in a leverage ratio of about 3.2 times EBITDA. There were no share repurchases under the company’s buyback program in 2025.

2026 Outlook and Commentary

Looking ahead, Amgen provided guidance for the 2026 fiscal year, projecting total revenues of $37.0 billion to $38.4 billion and non-GAAP EPS in the range of $21.60 to $23.00. This outlook assumes continued demand across core product franchises and disciplined investment in late-stage clinical development. Bradway underscored the company’s strategic priorities, including innovation in areas such as cardiovascular, inflammation and rare disease, as well as the advancement of next-generation therapies.

Analysts have noted that while certain legacy products are facing pricing and competitive pressures, Amgen’s newer growth drivers and diversified portfolio position the company for sustained expansion. The biotech industry’s evolving pricing and reimbursement landscape will likely remain a key area of focus for investors and policymakers alike.

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