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Amgen Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Feb, 2026
Executive summary
Revenues and non-GAAP EPS both increased 10% year-over-year in 2025, with 18 products achieving record sales and 14 products exceeding $1 billion in annual sales.
Achieved double-digit growth in revenues and EPS for 2025, with 13 products delivering double-digit sales growth.
Key growth drivers included Repatha, Evenity, Tezspire, rare disease, innovative oncology, and biosimilars portfolios.
Strong R&D execution with five key regulatory approvals and multiple late-stage programs advanced.
2026 positioned as a springboard year for future growth, with momentum across core brands and pipeline assets.
Financial highlights
FY'25 revenue was $36.8B, up 10% year-over-year; product sales reached $35.1B, also up 10%.
Non-GAAP operating margin was 46.1% for the full year; non-GAAP net income grew 10% to $11.8B.
Non-GAAP R&D spending increased 22% to $7.2B, reflecting pipeline investment.
Free cash flow for FY'25 was $8.1B; cash and equivalents at year-end were $9.1B.
Dividend per share increased 6% to $2.38 in Q4.
Outlook and guidance
2026 revenue guidance: $37.0–$38.4 billion; non-GAAP EPS: $21.60–$23.00.
Growth in 2026 expected to offset declines from biosimilar competition and price pressures.
Projected non-GAAP operating margin: 45–46%; non-GAAP tax rate: 16–17.5%.
Capital expenditures expected at $2.6 billion; share repurchases not to exceed $3 billion.
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Next Amgen earnings date
Q1 202630 Apr, 2026
Amgen
Next Amgen earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
American Biotechnology
Amgen is a biotechnology company from California with operations worldwide. Over the years, it has evolved from a fledgling start-up into a pharmaceutical titan, making a name for itself through its research and innovative drug development. Unlike traditional pharmaceutical companies, Amgen uses living cells to produce its products, a challenging approach that can yield groundbreaking results.
Born from Innovation
Amgen, founded in 1980 by William K. Bowes, Jr., George Rathmann, and Joseph Rubinfeld, set out to unlock the potential of biology for patients. The company's original focus was on tools for molecular biology, but it quickly shifted to human therapeutics. One of the company’s flagship treatments is Epogen, which revolutionized the treatment of anemia in patients with chronic kidney disease. Over the years, Amgen has expanded its portfolio of medications to tackle a variety of serious illnesses through a focus on research and development.
Some publicly traded peers operating in the same field include names such as Pfizer, Eli Lilly, Johnson & Johnson, and other large pharmaceutical companies.
A Therapeutic Pioneer
Amgen's extensive product portfolio caters to several therapeutic areas, from cardiovascular disease to oncology, nephrology, and more. Through a combination of biological and small molecule drugs, Amgen targets conditions where there is a high unmet medical need. Today, the company continues to place a big emphasis on research in medicine, striving for innovative solutions that improve the lives of its patients. The fact that Amgen uses living cells in some of their treatments has been a key part of their growth, but also their marketing over the years.
Serving Patients Worldwide
Amgen has expanded its footprint globally, bringing its products and therapies to patients around the world. The company's broad international presence in over 100 countries is supported by strategic partnerships, robust distribution networks, and a commitment to patient care.
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