Amgen(US:AMGN)2026-02-03 21:03Financial 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].