Double-Digit 2025 Revenue Growth Secures 2026 Profitability Base (AMGN Q4 2025 Earnings Call)
Export as clean Markdown. Drag & drop into ChatGPT, Claude, or Gemini.
Amgen capped off 2025 with strong operational execution, delivering double-digit revenue and earnings per share growth across a diverse portfolio. As the company transitions into a critical launch phase for its obesity pipeline, management outlined robust financial expectations that balance near-term competitive pressures with aggressive investments in a potential blockbuster cardiometabolic franchise.
Double-Digit Revenue Growth Driven by Cardiometabolic and Rare Disease Franchises
Amgen reported a 10% sales growth in the fourth quarter, contributing to full-year double-digit increases in both revenues and earnings per share. Executive Vice President Murdo Gordon highlighted that 14 products surpassed $1 billion in annual sales, spearheaded by the cardiometabolic portfolio. Repatha sales surged 36% year-over-year to exceed $3 billion, while Evenity revenue increased 34% to reach $2.1 billion. The rare disease portfolio contributed $5.2 billion for the year, representing a 14% year-over-year growth that was further accented by a 19% expansion during the fourth quarter.
Strong 2026 Guidance Balances Growth With Approaching Headwinds
Chief Financial Officer Peter Griffith projected 2026 total revenues between $37.0 billion and $38.4 billion, alongside non-GAAP earnings per share of $21.60 to $23.00. Management expects an operating margin of roughly 45% to 46% for the full year. Griffith cautioned investors to expect lower mid-single-digit revenue growth in the first quarter of 2026, citing an estimated $250 million inventory build in late 2025 and the historical seasonality of Enbrel and Otezla. The core growth drivers are expected to more than offset accelerated sales erosion from Prolia, which now faces multiple biosimilar launches globally.
MariTide Phase III Advances as Repatha Delivers Landmark Cardiovascular Data
Research and Development Head Jay Bradner confirmed that six global Phase III studies for MariTide are currently underway, addressing obesity, cardiovascular outcomes, and sleep apnea. Bradner underscored that MariTide could disrupt the treatment paradigm by offering monthly, bi-monthly, or even quarterly dosing schedules. Meanwhile, the general medicine segment achieved a major milestone with the Vesalius CV trial, which demonstrated that Repatha reduces the relative risk of a first major cardiovascular event by 25% in high-risk patients, significantly expanding its addressable primary prevention market.
Q&A Focuses on Obesity Competition and Unexpected Tavneos Withdrawal Request
During the question and answer session, analysts probed the competitive landscape for weight loss therapeutics and an unexpected regulatory hurdle. When asked if less frequent dosing for MariTide would require a clinical trade-off, Bradner explicitly rejected the premise, noting that the capacity to avoid weight regain is driven by a reset of body weight rather than strict dosing frequency. Addressing the sudden January 16 FDA request to voluntarily withdraw the vasculitis treatment Tavneos, Bradner clarified that the agency harbored concerns about an endpoint readjudication process previously conducted by ChemoCentryx for nine patients, and stated that Amgen is in active discussions with regulators to navigate the concern.