Amgen Inc. (NASDAQ: AMGN) beat expectations. First, the biotech company released its fourth-quarter 2025 results. Shares rose about 2% in early U.S. trading. This extends gains for the year. The stock matches major market benchmarks over the past 52 weeks.
Q4 Results Shine Bright
Amgen reported $9.9 billion in Q4 revenue. That’s a 9% jump from last year. It topped analysts’ $9.46 billion estimates. Product sales grew 7%. Volumes increased 10%. Net prices fell 4%. GAAP earnings per share hit $2.45. This rose from $1.16 a year ago. Higher revenues and fewer investment losses drove it.
Non-GAAP EPS stayed flat at $5.29. Operating margins improved too. GAAP margins reached 29.0%, up 2.5 points. Non-GAAP margins dipped slightly to 42.8%. Free cash flow dropped to $1.0 billion from $4.4 billion. Working capital timing caused most of that.
Full-Year 2025 Delivers Growth
For the whole year, revenues climbed 10% to $36.8 billion. Product sales rose 10% on 13% volume growth. Eighteen products set sales records. Fourteen exceeded $1 billion each. GAAP EPS surged 88% to $14.23. Non-GAAP EPS grew 10% to $21.84. Free cash flow came in at $8.1 billion, down from $10.4 billion in 2024.
Key Products Power Ahead
Repatha sales soared 44% in Q4. EVENITY jumped about 39%. Prolia sales dipped a bit.
2026 Outlook Looks Positive
Amgen guides 2026 revenue at $37 billion to $38.4 billion. Adjusted EPS will range from $21.60 to $23.00. Both beat Wall Street expectations.
Analyst Activity
No major analyst changes appeared yet. The company skipped share repurchases in 2025. It did pay a quarterly dividend in December. Debt sits at $54.6 billion. Cash equals $9.1 billion at year-end.