Analyst Conference Summary

biotechnology

conference date: February 3, 2026 @ 1:30 PM Pacific Time
for quarter ending: December 31, 2025 (fourth quarter, Q4)

Forward-looking statements

Overview: Continued good revenue and earnings growth.

Basic data (GAAP):

Revenue was $9.87 billion, up 3% sequentially from $9.56 billion and up 9% from $9.09 billion in the year-earlier quarter.

Net income was $1.33 billion, down 59% sequentially from $3.22 billion, but up 112% from $627 million year-earlier.

Earnings Per Share (diluted EPS) were $2.45, down 59% sequentially from $5.93 and up 111% from $1.16 year-earlier.

Guidance:

Fro 2026 expects revenue between $37.0 and $38.4 billion. Non-GAAP EPS between $21.60 and $23.00. Non-GAAP tax rate 16% to 17.5%. Cap ex $2.6 billion. But Q1 revenue expected sequentially down.

Conference Highlights:

Robert A. Bradway, CEO said "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." Sees 2026 as a springboard year towards future growth.

For Q1 2025 the dividend will be $2.52 (increased). Pay on March 6, to stockholders of record on February 13, 2026.

In Q4 2025 MariTide, a GLP-1 therapy for weight loss, continued two full enrolled Phase 3 trials, and continued to enroll 2 other Phase 3 trials, for obesity or cardiovascular risk. Phase 2 results were positive. If approved would have compelling advantages over competitors.

In Q4 2025 Uplizna was approved in the EU for immunoglobulin G4-related disease. In December approved by the FDA for generalized myasthenia gravis. Two Phase 3 trials, for autoimmune hepatitis, and chronic inflammatory demyelinating polyneuropathy should start in 2026.

In Q1 2026 a Phase 3 study of xaluritamig, is enrolling patients with metastatic castrate resistant prostate cancer (mCRPC) who have previously been treated with taxane-based chemotherapy. Also a Phase 3 study of xaluritamig in combination with abiraterone versus investigator choice of therapy is enrolling patients with chemotherapy-naive mCRPC.

On January 16, 2026, the FDA requested that ChemoCentryx voluntarily withdraw Tavneos from the U.S. market. But on January 28, 2026, following FDA regulatory process, Amgen informed the Agency that it did not intend to withdraw Tavneos from the market. Amgen is evaluating next steps with the FDA to determine a path forward, while keeping patient safety, needs and support at the forefront.

In Q3 2025 the Repatha Phase 3 trial met its dual endpoints for reduced risk of major cardiovascular events. Full results were presented in November at AHA.

In October 2025 the FDA approved Tezsire for add on maintenance of patients with inadequately controlled chronic rhinosinusitis with nasal polyps. Three other Phase 3 studies are enrolling.

Imdelltra for relapsed ES-SCLC was granted full FDA approval in November 2025.

Rocatinlimab is a first-in-class T-cell rebalancing monoclonal antibody targeting the OX40 receptor to treat atopic dermatitis. Seven of eight Phase 3 studies have completed enrollment. Data readouts from 3 Phase 3 studies were released in March 2025: Eczema, Atopic Dermatitis, and in combination with topical corticosteroids or calcineurin inhibitors. More readouts are expected in 2026.

Many other studies are ongoing.

Non-GAAP numbers: net income was $2.88 billion, down 6% sequentially from $3.06 billion, and flat from $2.88 billion year-earlier. EPS was $5.29, down 6% sequentially from $5.64 and down 0.4% from $5.31 year-earlier.

Product sales were $9.37 billion, up 2.5% sequentially from $9.14 billion, and up 7% y/y from $8.72 billion. Non-product revenue was $499 million, up 19% sequentially from $420 million, and up 35% from $370 million year-earlier.

Cash and equivalents balance ended at $9.1 billion, down sequentially from $9.45 billion. Operating cash flow $1.6 billion. Capital expenditures $0.6 billion. Free cash flow was $1.0 billion. Long-term debt was $50 billion. $0 billion in shares were repurchased in the quarter. Dividend payments were $1.3 billion. For the full year 2025 $6 billion in debt was retired.

See also the Amgen pipeline.

GAAP cost of sales was $2.98 billion. Research and development expense was $2.14 billion; selling general and administrative expense $1.95 billion; and other operating expense 76 million, for total operating expenses of $7.15 billion. Operating income was $2.72 billion. Interest expense was $653 million, other expense $553 billion, income taxes $181 million.

Full year 2025 revenue was up 10% to $36.8 billion. GAAP EPS was up 88% to $14.12. Non-GAAP EPS increased 10% to $21.84. $8.1 billion free-cash flow.

Q&A selective summary:

MariTide v. competition, portfolio? We have many opportunities for MariTide, plus AMG513 in Phase 1 and several preclinical programs. We expect to compete broadly in the field.

Dazodalibep data timing? CD40 ligand targeting for Sjogren's. It is a challenging disease. Expect Phase 2 trials to complete in 2026.

Uplizna target population size? There is not full data, having a working therapy may reveal a higher rate of disease with improved testing. Currently diagnaosed population is 35,000. We are very bullish about the potential of Uplizna.

Repatha? Landmark data for high cardiovascular risk population was unveiled in November. Cardiologists and primary care physicians are impressed with the data. Another presentation will be made in March.

Tepezza future competition? We have a strong evidence base. A Phase 3 study of the subq version should complete in 2026. Japan launch is going extremely well, launching around the world.

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