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Amgen: Amgen's 2025 Earnings: A Strong Foundation for Future Growth

Amgen Inc. delivered a robust financial performance in 2025, with revenues and earnings per share (EPS) experiencing double-digit growth. The company's EPS came in at $5.29, beating analyst estimates of $4.73. The broad portfolio achieved record results, with 14 products reaching blockbuster status and 18 products achieving record results. Revenues were bolstered by strong sales across various products, including Repatha, Evenity, and Tezspire, which grew by more than 30% year over year. The biosimilar portfolio also delivered $3 billion in sales, a 37% increase, with PAV Blue, a biosimilar to EYLEA, reaching $700 million in sales.

AMGN

USD 366.2

8.15%

A-Score: 6.3/10

Publication date: February 3, 2026

Full Report

Author: Analystock.ai

📋 Highlights
  • Revenue & Earnings Growth: Amgen achieved double-digit revenue and earnings per share growth in 2025, with total sales expected to reach $37–38.4 billion in 2026.
  • Biosimilar Success: Generated $3 billion in biosimilar sales in 2025 (up 37%), with cumulative sales of $13 billion since 2018.
  • Blockbuster Portfolio: 14 products reached blockbuster status, 13 delivered double-digit sales growth, and 18 achieved record results in 2025.
  • Repatha Surge: Repatha sales grew 36% to $3 billion in 2025, driven by demand for secondary/primary prevention of cardiovascular disease.
  • Rare Disease Expansion: Rare disease portfolio grew 14% to $5.2 billion, led by Eplisna ($655 million in sales) and Tavneos ($459 million, +62%).

Segment Performance

The company's rare disease portfolio grew 14% year over year to nearly $5.2 billion, led by Eplisna, which achieved $655 million in sales. The innovative oncology portfolio grew 11% year over year, driven by Imdeltra, which has become the standard of care in patients with second-line or later small cell lung cancer. The oncology portfolio, including Blincyto, Imlygic, Lumicraz, Vectibix, Kyprolis, and Xgeva, grew 11% to $8.7 billion. Imdelltro delivered $627 million in sales, fueled by strong clinical conviction and rapid adoption.

Guidance and Valuation

For 2026, Amgen expects total revenues in the range of $37 billion to $38.4 billion and non-GAAP earnings per share between $21.6 and $23. With a current P/E Ratio of 23.67, the market is pricing in a certain level of growth. The EV/EBITDA ratio stands at 13.95, indicating a reasonable valuation. The company's ROE is exceptionally high at 96.65%, suggesting efficient use of shareholder capital. As Amgen continues to invest in its products and pipeline, investors will be watching to see if the company can maintain its leadership position in the market.

Pipeline Updates

Amgen's R&D efforts are focused on disciplined data generation, with multiple late-stage programs and a robust pipeline. The company is advancing Miratide, a potential best-in-class treatment for obesity, type two diabetes, and related conditions. The Maritime Phase III program for Miratide is rapidly advancing, with strong enthusiasm from investigators and participants. The company's pipeline also includes opaziran, which targets elevated Lp(a), a heritable risk factor for cardiovascular disease.

Amgen's A-Score