Amgen (AMGN) Q4 2025 earnings summary

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.