Amgen’s Q4 2025 Beat: Strong Sales, Steady Profit, and a Bigger Bet on Obesity

Meta Description: Amgen Q4 earnings beat estimates as revenue climbed, key products like Repatha grew fast, and the MariTide obesity program stayed in the spotlight alongside fresh 2026 guidance.

Amgen closed out 2025 with a quarter that looked better than many investors expected. In its fourth-quarter report, the company delivered higher revenue than Wall Street forecasts and posted adjusted earnings that held up well. At the same time, Amgen used the moment to underline a major long-term story: its push into obesity treatment—especially its leading candidate, MariTide.

Why does this matter? Because the market is watching two things at once: (1) how well Amgen’s established medicines keep performing in a world of pricing pressure and competition, and (2) whether its pipeline can open up big new growth lanes. This quarter touched both themes.

1) The Big Picture: A Solid Quarter with Growth in Revenue

Amgen reported that fourth-quarter total revenue rose 9% year over year to about $9.9 billion. Product sales rose as well, supported by higher volumes, even as pricing pressures continued to show up in net selling price trends.

On profitability, results were also encouraging. Amgen’s non-GAAP (adjusted) earnings per share came in at $5.29 for the quarter. That performance topped many market expectations, even though costs and investments continue across a broad portfolio.

It’s important to understand what a “beat” often signals in a large biopharma company:

Execution: strong commercial delivery and supply performance.
Mix benefits: growth from newer or faster-growing brands offsets declines in mature products.
Guidance confidence: management may feel more comfortable projecting stable or improving performance ahead.

In Amgen’s case, the quarter added weight to the idea that its portfolio can still grow while it invests in the next wave of medicines.

2) What Drove the Quarter: Volume Growth Helped, Pricing Pressure Stayed

Amgen’s own breakdown helps explain the quarter clearly. The company said product sales growth was driven by volume increases, partially offset by a decline in net selling price. In plain terms: Amgen sold more units overall, but on average earned a bit less per unit because of rebates, discounts, and market dynamics.

This pattern is common in today’s U.S. pharmaceutical market, where:

Large buyers negotiate aggressively.
Government program changes influence patient mix and pricing.
Competition (including biosimilars) can put pressure on older products.

So, when a company like Amgen grows revenue despite net price headwinds, it usually means its volume engine—demand, access, and uptake—remains healthy.

3) Star Performers: Repatha and Other Bright Spots

Repatha continues to stand out

One of the clearest highlights was Repatha (evolocumab), Amgen’s cholesterol-lowering therapy. The company reported Q4 sales of $870 million, up 44% year over year, driven by strong volume growth and other factors.

That kind of growth matters because it shows Amgen still has major brands that can expand meaningfully, even as some older franchises mature. Repatha’s performance also supports a broader theme: cardiovascular and metabolic health remain big, durable markets.

A broad portfolio helped stabilize results

Amgen also noted wide-based performance across its portfolio, including a large number of products reaching record sales over the full year and many generating more than $1 billion annually. While not every product beat expectations, the overall picture was of a company with multiple “pillars,” not just one or two.

4) Where Amgen Faced Headwinds: Mature Brands and Competitive Pressure

No earnings report is all sunshine, and Amgen’s quarter included weak spots that investors will keep tracking.

Enbrel decline remains a real drag

Amgen reported that Enbrel sales fell sharply (down 48% year over year to $532 million in Q4). The company pointed to pricing pressure and market mix changes, including impacts tied to U.S. Medicare Part D redesign and other factors.

Enbrel has long been a major product for Amgen, but this quarter reinforces what the market already suspects: the product is in a downtrend phase. The key question for investors becomes, “Can faster-growing brands and new launches offset this decline?”

Other mixed performers

Reports around the quarter also highlighted softer sales in certain brands like Tepezza relative to expectations, even while other medicines outperformed. The takeaway is not that Amgen is “weak,” but that the portfolio is in transition—some products are rising, some are falling, and the company must keep the overall balance moving forward.

5) The Obesity Candidate in Focus: Why MariTide Keeps Getting Attention

Now to the headline-grabber: obesity. Investors across healthcare have been closely watching weight-loss drugs for the past few years because the market is enormous and still evolving fast. In this quarter’s coverage, Amgen’s obesity program—especially MariTide—remained a central point of interest.

What makes MariTide different?

In a field dominated by weekly injections, Amgen has emphasized the potential for MariTide to offer a longer dosing interval. Public reporting around the quarter described Amgen’s view that MariTide could be administered less frequently (for example, quarterly dosing), which—if proven in trials and approved—could be meaningful for convenience and adherence.

That doesn’t mean it will automatically win. In obesity care, success depends on many factors:

Weight-loss effectiveness compared with leading options.
Side-effect profile and how manageable it is in real-world use.
Durability of results over long periods.
Access and reimbursement—what insurers cover and at what cost.
Ease of use, including dosing schedule and patient experience.

How far along is it?

Amgen has indicated MariTide is being studied broadly in late-stage development. Reuters reporting connected to the earnings noted that MariTide was in multiple Phase 3 trials across obesity-related conditions.

This matters because Phase 3 programs are expensive, time-consuming, and closely watched. When a company runs several late-stage studies, it signals serious commitment—and it gives the program multiple “shots on goal” across different patient groups or related diseases.

Amgen also has next-generation efforts

Beyond MariTide, reporting around the quarter mentioned another obesity candidate, AMG 513, in earlier-stage testing. Early programs are higher risk, but they also offer long-run optionality if the science works out.

6) 2026 Outlook: Guidance Provides a Road Map

Guidance can sometimes matter as much as the quarter itself, because it shapes expectations for the year ahead. For 2026, Amgen projected:

Revenue: about $37.0 billion to $38.4 billion
Adjusted EPS: about $21.60 to $23.00

Those ranges were discussed as broadly in line with, or slightly supportive versus, consensus expectations in coverage around the earnings release.

What investors often do with guidance is simple: they test whether management is signaling confidence or caution.

In this case, Amgen’s guidance suggested the company expects to keep moving forward despite several known pressures, including:

Competition and biosimilar dynamics in parts of the portfolio
Ongoing pricing pressure in the U.S. market
High R&D and launch investments
Costs tied to scaling manufacturing and operations

At the same time, guidance implies Amgen believes growth from key brands and newer launches can keep the engine running.

7) A Side Story Investors Noticed: Tavneos and Regulatory Uncertainty

Another notable point from reporting around the quarter involved Tavneos, a medicine used for a rare autoimmune disease. Reuters reported that the U.S. FDA requested earlier in the month that Tavneos be withdrawn from the U.S. market due to concerns related to trial data, while Amgen said it did not intend to withdraw the product and expressed confidence in it.

This type of situation can create uncertainty because regulatory actions can affect:

Future sales and prescribing
Reputation and physician confidence
Legal and compliance exposure
How investors view risk in the portfolio

Even if the financial impact is manageable, markets tend to price in extra “headline risk” when regulatory discussions become public.

7 Key Takeaways (Quick and Clear)

Revenue grew strongly: Q4 revenue rose about 9% year over year to roughly $9.9B.
Adjusted EPS beat expectations: non-GAAP EPS came in at $5.29.
Volume was the main lift: higher volumes offset lower net selling price.
Repatha was a standout: sales jumped 44% to $870M.
Enbrel declined sharply: sales fell 48% to $532M.
Obesity remains a growth narrative: MariTide stayed front and center in discussion and development.
2026 guidance set expectations: revenue and EPS outlook suggested steady momentum.

FAQ: Common Questions About Amgen’s Q4 Report and the Obesity Focus

1) Did Amgen beat earnings expectations in Q4 2025?

Yes. Amgen reported adjusted (non-GAAP) earnings per share of $5.29, which was widely described as above Wall Street expectations in coverage of the report.

2) How much revenue did Amgen report for the quarter?

Amgen said Q4 total revenue increased 9% year over year to about $9.9 billion.

3) Which product performed best in the quarter?

One of the strongest highlights was Repatha, with Q4 sales of $870 million, up 44% year over year.

4) Why are investors so interested in MariTide?

MariTide is Amgen’s major obesity candidate and is being studied in late-stage trials. Investors care because obesity treatment is a huge market, and Amgen has emphasized the possibility of less frequent dosing compared with many existing options.

5) What were the weak spots in Amgen’s quarter?

A major headwind was Enbrel, where sales dropped sharply year over year. Some other products also came in softer than market expectations, showing that not every part of the portfolio is growing at the same pace.

6) What guidance did Amgen give for 2026?

Amgen projected 2026 revenue of about $37.0B to $38.4B and adjusted EPS of $21.60 to $23.00, according to reporting and coverage around the earnings release.

7) What’s going on with Tavneos?

Reuters reported that the FDA requested earlier in the month that Tavneos be withdrawn from the U.S. market due to concerns about trial data, while Amgen said it did not intend to withdraw it and remained confident in the medicine.

Conclusion: A Strong Finish to 2025, with Obesity as a Major 2026 Storyline

Amgen’s Q4 results delivered the kind of report investors like to see: revenue growth, an earnings beat, and enough strong product performance to offset weak areas. Repatha’s momentum was a clear win, while Enbrel’s decline highlighted the pressure on older franchises.

Looking forward, the spotlight remains fixed on obesity—and that’s where MariTide could become a defining program for Amgen’s next phase. The opportunity is large, but so is the competition. Over 2026 and beyond, investors will watch trial progress, safety and tolerability updates, and how Amgen’s commercial strategy evolves as the market matures.

Bottom line: Amgen showed it can execute today while investing in what could be a very big tomorrow.

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Amgen Q4 Earnings Smash Expectations: 7 Powerful Signals as MariTide Obesity Program Takes Center Stage