Financial Data and Key Metrics Changes - Consolidated revenue increased by 26% to $83.9 million, driven by double-digit growth in both distribution and service segments [5][10] - Consolidated gross profit grew by 28%, with gross margins expanding by 60 basis points [5][10] - Adjusted EBITDA rose by $2.2 million or 27.2% to $10.1 million, with a slight margin expansion [5][13] - Net loss decreased to $1.1 million, influenced by higher amortization and interest expenses [11] Business Line Data and Key Metrics Changes - Service revenue grew by 29%, with organic growth of 7%, supported by acquisitions [10] - Distribution revenue increased by 20%, driven by strong demand in rentals and product sales, with gross margin expanding by 330 basis points [9][10] Market Data and Key Metrics Changes - Strong demand observed in regulated end markets such as life sciences, aerospace and defense, and energy [5][6] - The service segment continues to show substantial growth potential, both organically and through acquisitions [9] Company Strategy and Development Direction - The company aims to leverage its acquisitions to expand geographic footprint and technical capabilities, focusing on capturing sales and cost synergies [6][16] - Investments in leadership, technology, and process improvement are expected to enhance competitive differentiation [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining high single-digit organic service revenue growth expectations for the fourth quarter [15] - The company is well-positioned for future growth, with a strong acquisition pipeline and a focus on recurring revenue streams [16][50] Other Important Information - The CEO succession plan is nearing completion, with a search committee evaluating candidates [11][58] - Additional one-time expenses related to the CEO search are expected in the fourth quarter [60] Q&A Session Summary Question: Drivers of service segment growth - Management highlighted the ramp-up of delayed service orders and strong performance in regulated markets as key drivers [19][24] Question: Impact of startup costs on margins - Management indicated that startup costs are not significant but affect margins temporarily as new customers are onboarded [21][22] Question: Distribution segment performance and AI opportunities - Management noted strong execution in distribution, particularly in power generation markets, and emphasized the potential for recurring calibration opportunities [25][26] Question: Expectations for Q4 service growth - Management reaffirmed guidance for high single-digit growth in Q4, with a strong pipeline for new business [32] Question: M&A strategy and geographic expansion - Management discussed gaps in geographic presence, particularly in Northern California, Dallas, Atlanta, and the Mid-Atlantic region, and highlighted recent expansion in Ireland [34][36] Question: Long-term growth outlook in life sciences and defense - Management acknowledged that onshoring of manufacturing in regulated spaces is beneficial and that increased defense spending presents opportunities for calibration services [49][51]

Financial Data and Key Metrics Changes - Amgen delivered strong operational performance in 2025, achieving double-digit growth in revenues and earnings per share [4] - Non-GAAP operating margin for the full year was 46%, with free cash flow generated at $8.1 billion [35][36] - Non-GAAP R&D spending increased 22% year-over-year to a record $7.2 billion, reflecting investments in late-stage pipeline opportunities [33][34] Business Line Data and Key Metrics Changes - Repatha sales grew 36% year-over-year, surpassing $3 billion, driven by increased urgency in treating patients [22] - Evenity sales increased 34% to $2.1 billion, with a 41% growth in the U.S. market [22] - Uplizna sales rose 73% year-over-year to $655 million, reflecting strong demand across approved indications [25][26] - The rare disease portfolio grew 14% year-over-year to nearly $5.2 billion [25] - Innovative oncology portfolio generated $8.7 billion in sales, with Imdelltra achieving $627 million in sales [31] Market Data and Key Metrics Changes - The biosimilars portfolio contributed over $3 billion in sales, with a 37% increase year-over-year [31] - Tezspire sales grew 52% year-over-year to nearly $1.5 billion, positioning it as a leading therapy for severe uncontrolled asthma [29] Company Strategy and Development Direction - Amgen is focusing on six key growth drivers for 2026: Repatha, Evenity, Tezspire, rare disease, innovative oncology, and biosimilars [36] - The company is committed to advancing innovation in areas of high unmet medical need while maintaining financial discipline [40] - Amgen plans to leverage AI across the value chain to enhance therapeutic discovery and development [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of MariTide and its differentiated treatment for obesity and related conditions [8] - The company anticipates continued strong performance in 2026, despite expected declines from increased competition in certain products [36][37] - Management highlighted the importance of updating clinical guidelines to encourage proactive LDL cholesterol management [23] Other Important Information - Amgen is engaged in ongoing discussions with the FDA regarding Tavneos, a treatment for ANCA-associated vasculitis [32] - The company has made significant investments in capital expenditures to support volume growth and prepare for pipeline product launches [36] Q&A Session All Questions and Answers Question: Insights on MariTide and obesity portfolio - Management emphasized the development of MariTide across various indications and the potential for competing broadly in the obesity field [44][45] Question: Dazodalibep for primary Sjögren's syndrome - Management expressed confidence in the ongoing phase 3 studies and the compelling hypothesis behind the drug's mechanism [48][49] Question: Uplizna's market opportunity and usage - Management discussed the potential for increased awareness and diagnosis of IgG4-related disease, as well as the positive initial uptake of Uplizna in generalized myasthenia gravis [51][56] Question: Repatha's market strategy amid competition - Management highlighted the unique data package supporting Repatha's use in both primary and secondary prevention, emphasizing its established trust among prescribers [64][66] Question: Tepezza and AMG 732 for TED - Management confirmed ongoing studies for Tepezza and its strong evidence base, while also discussing the competitive landscape [74][76]

Financial Data and Key Metrics Changes - Amgen delivered a 10% sales growth in 2025, with 14 products achieving over $1 billion in annual sales and 18 products reaching record sales [21][32] - Non-GAAP operating margin for the full year was 46%, with R&D spending increasing by 22% year-over-year to a record $7.2 billion [32][33] - Free cash flow generated for the full year was $8.1 billion, reflecting operational momentum and effective working capital management [33] Business Line Data and Key Metrics Changes - Repatha sales grew 36% year-over-year, surpassing $3 billion, driven by increased urgency in treating patients [21][22] - Evenity sales increased by 34% to $2.1 billion, with a 41% growth in the U.S. market [21][23] - Uplizna sales rose 73% year-over-year to $655 million, reflecting strong demand across all approved indications [24][25] - The rare disease portfolio grew 14% year-over-year to nearly $5.2 billion [24] - Tezspire sales grew 52% year-over-year to nearly $1.5 billion, positioning it as a leading therapy for severe uncontrolled asthma [28] Market Data and Key Metrics Changes - The U.S. market for Repatha is seeing improved patient access through broad formulary coverage and the launch of Amgen Now, a direct-to-patient program [22] - Evenity leads the bone builder segment with over 60% market share, with a significant opportunity remaining as nearly 90% of high-risk women remain untreated [23] - Uplizna is the most prescribed FDA-approved therapy for NMOSD in the U.S., supported by consistent new patient growth [25] Company Strategy and Development Direction - Amgen is focusing on six key growth drivers for 2026: Repatha, Evenity, Tezspire, rare disease, innovative oncology, and biosimilars [34][35] - The company is committed to advancing innovation in areas of high unmet medical need while maintaining rigorous financial discipline [38] - Amgen is leveraging AI across the value chain to enhance therapeutic discovery and development [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of MariTide and its differentiated treatment for obesity and related conditions [6][10] - The company anticipates 2026 total revenues in the range of $37.0 billion to $38.4 billion, with non-GAAP earnings per share between $21.60 and $23 [34][36] - Management acknowledged potential challenges from increased competition and pricing pressures but remains optimistic about the overall growth trajectory [36][38] Other Important Information - Amgen's innovative oncology portfolio grew 11% year-over-year, generating $8.7 billion in full-year sales [30] - The company is advancing multiple late-stage programs and has completed five key regulatory approvals in 2025 [9][19] Q&A Session All Questions and Answers Question: Insights on MariTide and obesity portfolio - Management highlighted the development of MariTide across various indications and expressed confidence in competing broadly in the obesity field [42][44] Question: Dazodalibep for primary Sjögren's syndrome - Management confirmed that both phase 3 studies are fully enrolled and expect completion later this year, expressing confidence in the drug's potential [47][49] Question: Uplizna's market opportunity and usage - Management discussed the potential for increased awareness and diagnosis of IgG4-related disease, noting strong initial uptake of Uplizna [51][56] Question: Confidence in Uplizna's phase 3 study in CIDP - Management expressed optimism about Uplizna's unique mechanism of action and the potential to help patients with CIDP [60][63] Question: Repatha's prescription sources and market evolution - Management indicated that approximately 40% of Repatha prescriptions come from primary care, with expectations for growth following the VASILIS data promotion [72][74] Question: Tepezza and AMG 732 for TED - Management confirmed ongoing studies for Tepezza and expressed confidence in its strong evidence base and market position [77][80]

Core Insights - The biotechnology company reported a quarterly profit of $1.33 billion, which is attributed to higher revenue and lower net unrealized losses on equity investments [1] Financial Performance - Quarterly profit stands at $1.33 billion [1] - Earnings boost is linked to increased revenue [1] - There was a reduction in net unrealized losses on equity investments [1]

And right now we are 2 minutes away from the end of the trading day. Romaine Bostick here with Katie Greifeld taking you through to that closing bell with a global simulcast. Carol Massar and Tim Stenovec join us now.Welcome to our audiences across all of our platforms television, radio, our partnership with YouTube here on a pretty wild Tuesday afternoon. Stocks opened higher. At one point, they saw a huge, huge plunge on the day Carol Massar But paring those losses heading into the close.Yeah, we did see ...

Q4 '25 Earnings Call February 3, 2026 Safe Harbor Statement This presentation contains forward-looking statements that are based on the current expectations and beliefs of Amgen. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including any statements on the outcome, benefits and synergies of collaborations, or potential collaborations, with any other company (including BeOne Medicines Ltd. or Kyowa Kirin Co., Ltd.), the performance o ...

Core Viewpoint - Amgen reported fourth-quarter financial results that exceeded Wall Street expectations, primarily due to a 7% increase in drug sales and a lower tax rate [1] Financial Performance - The company achieved a 7% increase in drug sales, contributing significantly to its financial performance [1] - A lower tax rate positively impacted the overall financial results for the quarter [1]

Core Insights - Amgen Inc. is a leading biotechnology company engaged in innovative therapies and treatments, operating in a competitive landscape with peers like Biogen and Gilead Sciences [1] Investment Activity - Atlantic Union Bankshares Corp increased its investment in Amgen by 66.3% in Q3, now holding 17,698 shares valued at approximately $5 million, reflecting strong investor confidence [2] - Legacy Investment Solutions LLC and Evelyn Partners Investment Management LLP have acquired new stakes in Amgen, valued at around $27,000 and $32,000 respectively, indicating growing interest in the company's potential [3] - Quaker Wealth Management LLC increased its position in Amgen by 200% in Q2, further demonstrating the rising interest among investors [3] - Atle Fund Management AB reduced its holdings in Amgen by 42.2% in Q3, now owning 13,806 shares valued at approximately $3.9 million, showcasing varied investment strategies [4] Stock Performance - Amgen's stock is currently trading at $343.63, with a slight decrease of $1.16 or -0.34% today, and has experienced a 52-week high of $353.25 and a low of $261.43 [5] - The company maintains a solid market capitalization of approximately $185 billion, reinforcing its status as a key player in the biotechnology sector [5][6]

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 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].