Q4 2025 Amgen Inc Earnings Call Transcript
Key Points
- Amgen Inc (AMGN) delivered strong operational performance in 2025, with 14 products achieving blockbuster status and 13 products delivering double-digit sales growth.
- Repatha, EVENITY, and TEZSPIRE all grew by more than 30% year over year in 2025, highlighting their potential as growth drivers for the company.
- The rare disease portfolio generated over $5 billion in sales in 2025, with significant growth opportunities ahead as new indications and geographies are explored.
- Amgen Inc (AMGN) is an industry leader in biosimilars, contributing more than $13 billion in sales since 2018, with $3 billion in 2025 alone.
- The company is leveraging AI across the value chain to accelerate therapeutic discovery, optimize manufacturing, and improve customer engagement, driving productivity at speed and scale.
- Amgen Inc (AMGN) expects accelerated sales erosion for Prolia in 2026 due to increased competition from biosimilars.
- The company anticipates price declines for certain products and continued increases in 340B program utilization, impacting revenue growth.
- Otezla sales are expected to face erosion due to unfavorable pricing in the US and generic launches, particularly in the EU.
- The FDA requested a voluntary withdrawal of TAVNEOS, surprising Amgen Inc (AMGN) and raising concerns about the process followed by ChemoCentryx.
- Amgen Inc (AMGN) decided not to pursue regulatory approval for bemarituzumab in first-line gastric cancer due to overall efficacy not meeting expectations.
My name is Julianne, and I will be your conference facilitator today for the Amgen Q4 2025 earnings conference call. (Operator Instructions)
I would now like to introduce Casey Capparelli, Vice President of Investor Relations. Mr. Capparelli, you may now begin.
Thank you, Julianne. Good afternoon, everyone, and welcome to our fourth-quarter 2025 earnings call. Bob Bradway will lead the call today and be followed by a broader review of our performance by Jay Bradner; Murdo Gordon; and Peter Griffith.
Through the course of our discussion today, we will use non-GAAP financial measures to describe our performance and have provided appropriate reconciliations within the materials that accompanied this call. We will also make some forward-looking statements, which are qualified by our Safe Harbor statement. And please note that actual results can vary materially.
Over to you, Bob.
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