Analyst Conference Summary

biotechnology

conference date: February 3, 2026 @ 1:30 PM Pacific Time
for quarter ending: December 31, 2025 (fourth quarter, Q4)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, up % sequentially from $9.56 billion and up % from $ billion in the year-earlier quarter.

Net income was $ billion, up % sequentially from $3.22 billion, and up % from $ billion year-earlier.

Earnings Per Share (diluted EPS) were $, up % sequentially from $5.93 and up % from $ year-earlier.

Guidance:

Conference Highlights:

Robert A. Bradway, CEO said ""

For Q1 2025 the dividend will be $2.52 (increased). Pay on March 6, to stockholders of record on February 13, 2026.

Uplinza was approved by the FDA on December 11, 2025. In October 2025 additional sugroup data was presented.

In Q3 2025 GAAP EPS was hurt by an Otezla intangible asset impairment charge of $400 million.

Launched Amgen Now, a direct to consumer program for Repatha, allowing for low pricing to US users.

In Q3 2025 MariTide, a GLP-1 therapy for weight loss, fully enrolled two Phase 3 trials, and continued to enroll 2 other Phase 3 trials, for obesity or cardiovascular risk. Phase 2 results were positive.

In Q3 2025 the Repatha Phase 3 trial met its dual endpoints for reduced risk of major cardiovascular events. Full results will be presente on November 8 at AHA.

In October 2025 the FDA approved Tezsire for add on maintenance of patients with inadequately controlled chronic rhinosinusitis with nasal polyps. Three other Phase 3 studies are enrolling.

Imdelltra for relapsed ES-SCLC now has a PDUFA date of Demember 18, 2025.

Repatha is in a Phase 3 cardiovascular outcomes study, with data expected in 2H 2025.

Rocatinlimab is a first-in-class T-cell rebalancing monoclonal antibody targeting the OX40 receptor to treat atopic dermatitis. Seven of eight Phase 3 studies have completed enrollment. Data readouts from 3 Phase 3 studies were released in March 2025: Eczema, Atopic Dermatitis, and in combination with topical corticosteroids or calcineurin inhibitors. More readouts are expected in 2025.

Many other studies are ongoing.

Non-GAAP numbers: net income was $ billion, down % sequentially from $3.06 billion, and up % from $ billion year-earlier. EPS was $, down % sequentially from $5.64 and up % from $ year-earlier.

Product sales were $ billion, up sequentially from $9.14 billion, and up % y/y from $ billion. Non-product revenue was $ million, up % sequentially from $420 million, and up % from $ million year-earlier.

Cash and equivalents balance ended at $ billion, up sequentially from $9.45 billion. Operating cash flow $ billion. Capital expenditures $ billion. Free cash flow was $ billion. Long-term debt was $ billion. $0 billion in shares were repurchased in the quarter. Dividend payments were $ billion.

See also the Amgen pipeline.

GAAP cost of sales was $ billion. Research and development expense was $ billion; selling general and administrative expense $ billion; and other operating expense $ million, for total operating expenses of $ billion. Operating income was $ billion. Interest expense was $ million, other income $ billion, income taxes $ million.

Q&A selective summary:

Search

More Analyst Conference Pages: