Financial Performance - For Q4 2025, total revenues increased 9% to $9.9 billion compared to Q4 2024, with product sales growing 7% driven by 10% volume growth [3]. - For the full year 2025, total revenues increased 10% to $36.8 billion, with product sales also growing 10% due to 13% volume growth [3]. - GAAP EPS for Q4 2025 increased 111% to $2.45, while for the full year, it increased 88% to $14.23, driven by higher revenues and net unrealized gains [3]. - Non-GAAP EPS for the full year increased 10% to $21.84, despite higher operating expenses [8]. - Total product sales for Q4 2025 reached $9,367 million, a 7% increase from $8,716 million in Q4 2024 [17]. - Total product sales for FY 2025 were $35,148 million, a 10% increase from $32,026 million in FY 2024 [18]. - Net income for Q4 2025 was $1,333 million, compared to $627 million in Q4 2024, representing a 112.5% increase [67]. - Basic earnings per share for the full year 2025 were $14.33, compared to $7.62 in 2024, reflecting an increase of 88.5% [67]. - GAAP net income for Q4 2025 was $1,333 million, compared to $627 million in Q4 2024, representing a 112.5% increase [70]. - Non-GAAP net income for Q4 2025 was $2,875 million, slightly down from $2,879 million in Q4 2024, indicating a marginal decrease of 0.1% [71]. Cash Flow and Expenses - Free cash flow for 2025 was $8.1 billion, down from $10.4 billion in 2024, influenced by working capital timing and higher capital expenditures [8]. - In Q4 2025, the company reported total revenues of $1.0 billion in free cash flow, a decrease from $4.4 billion in Q4 2024, primarily due to working capital timing and higher capital expenditures [22]. - Total operating expenses for FY 2025 were $27.671 billion, a 6% increase from $26.166 billion in FY 2024 [24]. - Cash and cash equivalents decreased to $9,129 million as of December 31, 2025, down from $11,973 million in 2024 [68]. - Long-term debt decreased to $50,005 million in 2025 from $56,549 million in 2024 [68]. - The company generated $1,603 million in net cash from operating activities for Q4 2025, compared to $4,771 million for Q4 2024 [72]. - Free cash flow for the year ended December 31, 2025, was $8,100 million, down from $10,394 million in 2024 [72]. - Capital expenditures for the year ended December 31, 2025, were $1,858 million, compared to $1,096 million in 2024 [72]. Sales Performance by Product - Repatha sales increased 44% year-over-year to $870 million in Q4 2025, with a projected mid single-digit decline in net selling price for 2026 [9]. - UPLIZNA sales surged 131% year-over-year to $233 million in Q4 2025, primarily driven by volume growth [13]. - Enbrel sales decreased 48% year-over-year to $532 million in Q4 2025, impacted by lower net selling price and unfavorable changes to estimated sales deductions [13]. - Nplate sales increased 14% year-over-year to $385 million in Q4 2025, with U.S. government orders at $90 million compared to $128 million in 2024 [16]. - UPLIZNA sales surged by 73% year-over-year to $655 million in FY 2025, compared to $379 million in FY 2024 [18]. - TEZSPIRE sales increased by 52% year-over-year to $1,478 million in FY 2025, compared to $972 million in FY 2024 [18]. Research and Development - R&D expenses rose by 24% in Q4 2025, primarily due to increased spending on later-stage clinical programs, including MariTide [19]. - The company is conducting multiple Phase 3 studies for its product MariTide, targeting chronic weight management and Type 2 diabetes [27]. - The company plans to initiate Phase 3 studies of UPLIZNA in patients with autoimmune hepatitis and chronic inflammatory demyelinating polyneuropathy in 2026 [35]. - Dazodalibep and Daxdilimab are undergoing Phase 3 studies, with completion expected in H2 2026, targeting Sjögren's disease and primary discoid lupus erythematosus respectively [38]. - A Phase 3 study of TEZSPIRE is enrolling adults with moderate to very severe chronic obstructive pulmonary disease (COPD), with a baseline eosinophil count (BEC) of ≥ 150 cells/µl [41]. - IMDELLTRA received full FDA approval for treating extensive stage small cell lung cancer (ES-SCLC) and is involved in multiple ongoing Phase 1b and Phase 3 studies [44]. - Xaluritamig is in Phase 3 studies for metastatic castrate resistant prostate cancer (mCRPC), with various combinations and treatment settings being explored [48]. - A Phase 3 study of LUMAKRAS is enrolling patients with first-line KRAS G12C–mutated metastatic colorectal cancer, demonstrating ongoing commitment to oncology [55]. - The company is advancing a comprehensive clinical development program across various cancer treatments, reflecting its commitment to oncology innovation [44]. Future Projections - The company expects total revenues for 2026 to be in the range of $37.0 billion to $38.4 billion [27]. - For FY 2026, the company projects GAAP EPS in the range of $15.45 to $16.94 and non-GAAP EPS in the range of $21.60 to $23.00 [27]. - Capital expenditures for 2026 are expected to be approximately $2.6 billion [27]. - The company’s tax rate guidance for 2026 is projected to be between 15.5% and 17.5% [76]. - The GAAP diluted EPS guidance for the year ending December 31, 2026, is projected to be between $15.45 and $16.94 [74]. - Non-GAAP diluted EPS guidance for 2026 is estimated to be between $21.60 and $23.00, reflecting known adjustments of approximately $6.06 to $6.15 per share [74]. Debt and Equity - The company retired $6.0 billion of debt in FY 2025, reducing total debt outstanding to $54.6 billion as of December 31, 2025 [26]. - Amgen's total GAAP debt as of December 31, 2025, was $54,604 million, resulting in a debt leverage ratio of 3.2 [73]. - Total stockholders' equity increased to $8,658 million in 2025, up from $5,877 million in 2024 [68].

Core Insights - Amgen reported strong financial performance in 2025, with double-digit growth in revenues and earnings per share, entering 2026 with momentum across its portfolio of medicines [2][5]. Financial Performance - For Q4 2025, total revenues increased by 9% to $9.9 billion compared to Q4 2024, with product sales growing by 7% driven by 10% volume growth, partially offset by a 4% decrease in net selling price [5]. - For the full year 2025, total revenues rose by 10% to $36.8 billion compared to 2024, with product sales increasing by 10% due to 13% volume growth, offset by a 3% decline in net selling price [5]. - GAAP earnings per share (EPS) for Q4 increased by 111% from $1.16 to $2.45, and for the full year, GAAP EPS rose by 88% from $7.56 to $14.23 [5]. - Non-GAAP EPS for Q4 remained relatively unchanged at $5.29, while for the full year, it increased by 10% from $19.84 to $21.84 [5]. Product Sales Performance - Eighteen products achieved record sales for the full year, with fourteen products exceeding $1 billion in annual sales and thirteen products delivering at least double-digit sales growth [5]. - Repatha sales increased by 44% year-over-year to $870 million in Q4, driven by 31% volume growth [6]. - EVENITY sales rose by 39% year-over-year to $599 million in Q4, primarily due to volume growth [6]. - Prolia sales decreased by 10% year-over-year to $1.1 billion in Q4, impacted by lower net selling price and decreased volume [6]. Operating Expenses and Margins - Total operating expenses increased by 5% year-over-year for Q4 and by 6% for the full year [18]. - GAAP operating income for Q4 increased from $2.3 billion to $2.7 billion, with GAAP operating margin rising by 2.5 percentage points to 29.0% [5]. - Non-GAAP operating income for the full year increased from $15.0 billion to $16.2 billion, with non-GAAP operating margin decreasing by 0.8 percentage points to 46.1% [5]. Cash Flow and Balance Sheet - The company generated $8.1 billion of free cash flow for the full year 2025, down from $10.4 billion in 2024, primarily due to timing of working capital and higher capital expenditures [23]. - As of December 31, 2025, cash and cash equivalents totaled $9.1 billion, and debt outstanding was $54.6 billion, with a debt leverage ratio of approximately 3.2 times EBITDA [23]. 2026 Guidance - For 2026, the company expects total revenues in the range of $37.0 billion to $38.4 billion, with GAAP EPS projected between $15.45 and $16.94 [27].

安进赌输了。 在炎症微环境中，APC表面OX40L表达上调，进一步放大抗原特异性T细胞反应及促炎细胞因子分泌。 在多种炎症性和自身免疫性疾病中，OX40L和OX40存在表达升高的现象，如特应性皮炎、哮喘、多发性硬化症、类风 湿性关节炎、炎症性肠病、克罗恩病和系统性红斑狼疮。鉴于其在T细胞激活中的上游调控地位，阻断该相互作用可 有效抑制T细胞相关病理性免疫应答，由此催生了OX40/OX40L靶向疗法的研发热潮。 而rocatinlimab则是该领域的领跑者之一，且早期结果惊艳。2022年12月，安进公布的rocatinlimab在特应性皮炎中的二 期数据显示，接受4种不同剂量rocatinlimab治疗的患者组的EASI评分与安慰剂组相比，均获得统计学显著改善。 600mg每两周（Q2W）组EASI降低57.4%，300mgQ2W组降低61.1%，安慰剂组降低15%（所有剂量组与安慰剂相比， P<0.001）。 2021年6月，安进以4亿美元首付款、高至8.5亿美元的潜在里程碑付款以及未来销售分成，从日本制药企业协和麒麟获 得OX40单抗rocatinlimab在日本外的全球权益。 引进之后，安进火力全开，推进 ...

Group 1 - Amgen Inc. is highlighted as a stock with strong potential due to positive feedback received at the JPMorgan Healthcare Conference, emphasizing its robust pipeline and good earnings [1] - The company is recognized for delivering human therapeutics for various conditions, including cancer and cardiovascular diseases, with a notable mention of its cholesterol drug, Repatha, which helps prevent heart attacks [2] - The investment community acknowledges Amgen's potential but suggests that certain AI stocks may offer greater upside potential and lower downside risk [2]

Amgen Inc. (AMGN) is a leading biotechnology company headquartered in Thousand Oaks, California. It specializes in the discovery, development, manufacturing, and delivery of innovative human therapeutics, particularly biologics that target serious illnesses such as cancer, cardiovascular disease, inflammation, and bone disorders. Amgen pioneered recombinant DNA technology to advance patient care globally. The company has a market capitalization of $184.10 billion. The stock has been facing solid investor ...

Core Viewpoint - Amgen Inc. has seen significant changes in institutional ownership, with various investors adjusting their stakes, and the company recently reported strong quarterly earnings that exceeded analyst expectations [2][3][6]. Institutional Holdings - Atle Fund Management AB reduced its holdings in Amgen by 42.2%, owning 13,806 shares valued at $3,896,000, making it the 26th largest holding for the firm [2]. - Sequoia Financial Advisors LLC increased its stake by 2.3%, now holding 160,646 shares valued at $45,334,000 after acquiring an additional 3,619 shares [3]. - OLD National Bancorp IN raised its holdings by 296.2%, owning 18,004 shares valued at $5,027,000 after acquiring 13,460 shares [3]. - Atlantic Union Bankshares Corp increased its position by 165.0%, now owning 10,643 shares worth $2,972,000 [3]. - D.A. Davidson & CO. grew its position by 2.6%, owning 243,054 shares valued at $68,590,000 after purchasing 6,222 shares [3]. - Hedge funds and institutional investors collectively own 76.50% of Amgen's stock [3]. Analyst Ratings - Daiwa Capital Markets raised its target price for Amgen from $310.00 to $370.00, rating it "outperform" [4]. - Piper Sandler increased its price objective from $342.00 to $381.00, also rating it "overweight" [4]. - Oppenheimer set a price target of $400.00 with an "outperform" rating [4]. - Royal Bank Of Canada raised its target from $330.00 to $335.00, maintaining an "outperform" rating [4]. - Guggenheim increased its price target from $288.00 to $305.00, giving a "neutral" rating [4]. - The consensus rating for Amgen is "Moderate Buy" with an average price target of $342.45 [4]. Financial Performance - Amgen reported an EPS of $5.64 for the last quarter, surpassing the consensus estimate of $5.01 by $0.63 [6]. - The company generated revenue of $9.56 billion, exceeding expectations of $8.98 billion, with a year-over-year revenue increase of 12.4% [6]. - Amgen's return on equity was 162.59% and net margin was 19.47% [6]. - The company has set its FY 2025 guidance at an EPS range of 20.600-21.400 [6]. Dividend Information - Amgen declared a quarterly dividend of $2.52 per share, representing an annualized dividend of $10.08 and a yield of 2.9% [7]. - This is an increase from the previous quarterly dividend of $2.38, with a payout ratio of 73.57% [7]. Insider Transactions - SVP Rachna Khosla sold 890 shares at an average price of $336.24, totaling $299,253.60, reducing ownership by 11.16% [9]. - EVP Murdo Gordon sold 6,879 shares at an average price of $336.83, totaling $2,317,053.57, reducing ownership by 14.10% [9]. - Insiders sold a total of 10,908 shares worth $3,674,966 in the last quarter, with insiders owning 0.76% of the company's stock [9]. Company Overview - Amgen Inc. is a global biotechnology company focused on developing human therapeutics for serious illnesses, emphasizing biologic medicines derived from cellular and molecular biology [10]. - The company's commercial portfolio includes biologics used in oncology, supportive care, nephrology, bone health, and cardiovascular disease [11]. Stock Performance - Amgen's stock opened at $341.88, with a market capitalization of $184.10 billion and a price-to-earnings ratio of 26.42 [5]. - The stock has a 1-year low of $261.43 and a high of $353.25, with a debt-to-equity ratio of 5.45 [5]. - The fifty-day moving average price is $332.60, and the 200-day moving average price is $309.34 [5].

Core Insights - Kyowa Kirin Co., Ltd. and Amgen Inc. have terminated their collaboration on the development and commercialization of rocatinlimab, with Kyowa Kirin regaining control over the global program [1][2] Group 1: Collaboration Details - The collaboration was initiated in June 2021, focusing on KHK4083, a Phase 3-ready anti-OX40 monoclonal antibody for atopic dermatitis and other autoimmune diseases [2] - Amgen made an upfront payment of $400 million and Kyowa Kirin was eligible for milestone payments up to $850 million [3] Group 2: Clinical Trial Insights - Preliminary topline results from the ASCEND study, evaluating rocatinlimab in adults and adolescents with moderate to severe atopic dermatitis, were released in September 2025 [3] - The incidence of gastrointestinal ulceration events with rocatinlimab is reported to be less than 1 per 100 patient-years across the Phase 3 ROCKET program [4] Group 3: Analyst Commentary - The decision to terminate the agreement was unexpected, occurring after a broad Phase 3 program and just before a planned regulatory submission [5] - Recent updates in the OX40 development landscape have diminished enthusiasm for the target, with Phase 3 efficacy falling short of Phase II benchmarks [5] - Concerns regarding rocatinlimab's toxicity profile, including high rates of pyrexia and chills, may pose commercial challenges [6] Group 4: Investor Sentiment - The discontinuation of rocatinlimab is not expected to impact the investment thesis for Amgen, given low investor expectations for therapies targeting the OX40 pathway [7] - Amgen's CEO shared findings from part 2 of the Phase 2 study of MariTide, an investigational obesity treatment, at a J.P. Morgan Healthcare Conference [7] - Amgen acquired Dark Blue Therapeutics for up to $840 million, focusing on precision oncology medicines [7] Group 5: Stock Performance - As of the publication date, Amgen's stock was down 0.81% at $340.17 [8]

Core Viewpoint - Biotech stocks are outperforming in the current stock market rally, with key players like Amgen, Gilead Sciences, Vertex Pharmaceuticals, Regeneron Pharmaceuticals, and Argenx trading in or near buy zones as the fourth-quarter earnings season approaches [1] Group 1: Company Performance - Amgen (AMGN) is highlighted as a leading Dow Jones index component and industry giant, indicating strong market positioning [1] - Gilead Sciences (GILD) is noted for generating improved relative strength, suggesting positive market sentiment and potential for growth [1] - Regeneron Pharmaceuticals (REGN) is experiencing stock volatility but shows potential for business development deals following a solid fourth-quarter report [1] Group 2: Market Trends - The fourth-quarter earnings season is expected to reveal stock market leadership dynamics, indicating a critical period for investors [1] - The overall stock market is responding positively to recent developments, with the Nasdaq, Dow, and S&P 500 finding buyers at key levels [1] - Stocks like Gilead Sciences are showing renewed technical strength, which may attract further investment [1]

Core Insights - Amgen Inc. is recognized as one of the 12 Best Dow Jones Dividend Stocks to buy according to hedge funds [1] - UBS has raised Amgen's price target from $380 to $390, maintaining a Buy rating, reflecting a positive outlook on the US pharma and biotech sectors [2] Group 1: Company Developments - Amgen's CEO Bob Bradway expressed optimism regarding the company's obesity drug, emphasizing the challenge of long-term weight management [3] - The trial results for Amgen's experimental GLP-1 drug, MariTide, indicated that patients could maintain weight loss for up to two years with a monthly injection, which is a notable improvement over existing weekly options [4] - Bradway mentioned that MariTide could potentially be administered monthly or even quarterly, highlighting the importance of patient adherence to therapy [5] - The acquisition of Horizon Therapeutics is reported to be progressing well, aligning with Amgen's strengths in biologics and autoimmune diseases [6] Group 2: Market Context - The broader US pharma and biotech market is expected to perform well this year, with appealing valuations and light investor positioning, alongside easing pressures around drug pricing [2]

Company Overview - Amgen is one of the largest biotech companies globally, focusing on oncology/hematology, cardiovascular disease, inflammation, bone health, and rare diseases markets [11] - The company has developed significant drugs such as Epogen and Neupogen, and launched next-generation products like Aranesp and Neulasta [11] - Amgen's acquisition of Immunex Corporation provided access to the blockbuster drug Enbrel, although older drugs are facing declining sales due to competition [11] Financial Performance - Amgen has a Zacks Rank of 3 (Hold) and a VGM Score of B, indicating a solid position in the market [12] - The company has a Value Style Score of B, supported by a forward P/E ratio of 15.68, which is attractive for value investors [12] - For fiscal 2025, three analysts have revised their earnings estimates upwards, with the Zacks Consensus Estimate increasing to $21.28 per share [12] - Amgen has an average earnings surprise of +12.7%, suggesting a positive trend in earnings performance [12] Investment Considerations - With a strong Zacks Rank and favorable Value and VGM Style Scores, Amgen is recommended for investors' consideration [13]