Amgen (NASDAQ:AMGN) reported stronger-than-expected fourth-quarter results, posting solid revenue growth and upbeat guidance for 2026, which helped lift its shares slightly in premarket trading on Wednesday.
The biotech group said quarterly revenue rose 9% year over year to $9.9 billion, beating the market consensus of $9.46 billion. Adjusted earnings per share came in at $5.29, well ahead of analysts’ expectations of $4.73. Product sales increased 7%, supported by 10% volume growth, although this was partly offset by a 4% decline in net selling prices.
“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,” CEO Robert Bradway said in a statement.
For the full year, Amgen reported a 10% increase in total revenue to $36.8 billion compared with 2024. The company noted that 18 products achieved record annual sales, with 14 medicines each generating more than $1 billion in revenue over the year.
Several products stood out in the fourth quarter. Repatha posted a 44% year-on-year sales increase to $870 million, while Evenity rose 39% to $599 million. Tezspire recorded a 60% surge in sales to $474 million, and Imdelltra contributed $234 million during the quarter.
Looking ahead, Amgen issued its 2026 outlook, forecasting revenue in the range of $37.0 billion to $38.4 billion, compared with a consensus estimate of $37.1 billion. Adjusted earnings per share are expected to fall between $21.60 and $23.00, versus analysts’ expectations of $22.10.
“2026 revenue guidance was slightly above consensus” despite the rollout of several biosimilars—lower-cost versions of biologic drugs—targeting Amgen’s Prolia osteoporosis treatment, analysts at Leerink Partners said in a note.
Amgen generated $8.1 billion in free cash flow in 2025, down from $10.4 billion in the prior year, which the company attributed mainly to the timing of working capital movements and higher capital spending.