We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Amgen Set to Report Q4 Earnings: What Investors Should Know
Read MoreHide Full Article
Key Takeaways
AMGN is set to report Q4 results on Feb. 3, with consensus calling for sales of $9.46B and EPS of $4.74.
Amgen's newer drugs and biosimilars may lift sales, but Prolia and Xgeva face erosion after U.S. LOE.
AMGN's prior-quarter one-time benefits won't be repeated, and higher R&D costs could weigh on margins.
Amgen (AMGN - Free Report) will report fourth-quarter and full-year 2025 results on Feb. 3 after market close. In the last reported quarter, the company's earnings beat expectations by 12.8%. The Zacks Consensus Estimate for fourth-quarter sales and earnings is pegged at $9.46 billion and $4.74 per share, respectively.
Factors to Consider for Amgen
Amgen’s product sales are expected to have been driven by strong volume growth of products like Evenity, Repatha and Blincyto, among others. However, prices of most products are expected to have declined due to higher rebates to support expanded access.
Revenues in the third quarter benefited from some one-time items, like $250 million from favorable changes to U.S. estimated sales deductions and a government order for Nplate of $90 million. These benefits are likely to have been absent in the fourth quarter.
The Zacks Consensus Estimate for Evenity, Repatha and Blincyto sales is pegged at $559.0 million, $798.0 million and $434.0 million, respectively.
Newer drugs like Imdelltra, Tavneos and Tezspire are expected to have contributed to top-line growth driven by new patient volume growth.
Sales of rare disease drugs, mainly Uplizna, are also likely to have been a key contributor to top-line growth. The Zacks Consensus Estimate for Uplizna is $183.0 million.
Patents for Amgen’s two key drugs, Prolia and Xgeva, expired in February 2025 in the United States, while the same patents expired in some European countries in November 2025. Though Xgeva and Prolia’s sales were steady in the third quarter, their sales are expected to have been eroded in the fourth quarter due to the launch of biosimilars in the United States. The Zacks Consensus Estimate for Prolia and Xgeva is pegged at $980.0 million and $444.0 million, respectively.
Competitive pressure hurt volume growth of Kyprolis in the first three quarters of 2025, a trend likely to have continued in the fourth quarter.
The Zacks Consensus Estimate for Kyprolis sales is pegged at $365.0 million.
In its inflammation portfolio, Enbrel sales are likely to have declined due to declining prices. Otezla sales are likely to have gained from volume growth.
The Zacks Consensus Estimate for Otezla is $606.0 million, while that for Enbrel is $649.0 million.
Amgen’s biosimilar products are also likely to have contributed to sales growth. Amgen launched the biosimilar version of J&J’s Stelara called Wezlana in 2025 and Regeneron’s (REGN - Free Report) Eylea called Pavblu in 2024. Amgen did not record any sales from Wezlana in the United States in the second and third quarters, following a large first-quarter order. Amgen does not expect any sales of Wezlana in the United States in the fourth quarter. Wezlana sales are expected to come entirely from ex-U.S. markets. Pavblu’s sales are expected to continue to rise,
Bekemv, a biosimilar version of AstraZeneca’s Soliris, was launched in the United States in 2025, which should also have contributed to biosimilar revenues in the quarter.
Lower revenues from oncology biosimilars (Kanjinti and Mvasi) as well as Amjevita/Amgevita, a biosimilar version of AbbVie’s Humira, due to increased competitive pressure, are expected to have hurt the top line. Sales of legacy established products are also expected to have declined.
Higher R&D costs are likely to hurt operating margin in the fourth quarter.
Investors will look for updates on Amgen’s important pipeline candidate, MariTide (maridebart cafraglutide), a GIPR/GLP-1 receptor for obesity.
AMGN’s Earnings Surprise History
This large biotech’s performance has been strong, with earnings beating estimates in the trailing four quarters. The company delivered a four-quarter earnings surprise of 12.65%, on average.
Image Source: Zacks Investment Research
Amgen’s stock has risen 24.8% in the past year compared with an increase of 17.1% for the industry.
Image Source: Zacks Investment Research
What Our Model Says for AMGN
Our proven model does not conclusively predict an earnings beat for Amgen this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
Earnings ESP: Amgen’s Earnings ESP is -0.40%. The Zacks Consensus Estimate is pegged at $4.74 per share, while the Most Accurate Estimate is pegged lower at $4.72 per share. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Amgen has a Zacks Rank #3.
Stocks to Consider
Here are some drug/biotech stocks that have the right combination of elements to beat on earnings this time around:
Regeneron’s stock has risen 12.2% in the past year. Regeneron’s earnings performance has been mixed over the trailing four quarters. The company beat earnings estimates in three of the last four reported quarters while missing the same once, delivering an earnings surprise of 21.81%, on average. REGN is scheduled to report fourth-quarter results on Jan. 30.
Moderna (MRNA - Free Report) has an Earnings ESP of +4.86% and a Zacks Rank #3 at present.
Shares of Moderna have risen 11.6% in the past year. Moderna beat on earnings in each of the trailing four quarters, delivering an average surprise of 31.45%. Moderna is scheduled to report fourth-quarter results on Feb. 13.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Amgen Set to Report Q4 Earnings: What Investors Should Know
Key Takeaways
Amgen (AMGN - Free Report) will report fourth-quarter and full-year 2025 results on Feb. 3 after market close. In the last reported quarter, the company's earnings beat expectations by 12.8%. The Zacks Consensus Estimate for fourth-quarter sales and earnings is pegged at $9.46 billion and $4.74 per share, respectively.
Factors to Consider for Amgen
Amgen’s product sales are expected to have been driven by strong volume growth of products like Evenity, Repatha and Blincyto, among others. However, prices of most products are expected to have declined due to higher rebates to support expanded access.
Revenues in the third quarter benefited from some one-time items, like $250 million from favorable changes to U.S. estimated sales deductions and a government order for Nplate of $90 million. These benefits are likely to have been absent in the fourth quarter.
The Zacks Consensus Estimate for Evenity, Repatha and Blincyto sales is pegged at $559.0 million, $798.0 million and $434.0 million, respectively.
Newer drugs like Imdelltra, Tavneos and Tezspire are expected to have contributed to top-line growth driven by new patient volume growth.
Sales of rare disease drugs, mainly Uplizna, are also likely to have been a key contributor to top-line growth. The Zacks Consensus Estimate for Uplizna is $183.0 million.
Patents for Amgen’s two key drugs, Prolia and Xgeva, expired in February 2025 in the United States, while the same patents expired in some European countries in November 2025. Though Xgeva and Prolia’s sales were steady in the third quarter, their sales are expected to have been eroded in the fourth quarter due to the launch of biosimilars in the United States. The Zacks Consensus Estimate for Prolia and Xgeva is pegged at $980.0 million and $444.0 million, respectively.
Competitive pressure hurt volume growth of Kyprolis in the first three quarters of 2025, a trend likely to have continued in the fourth quarter.
The Zacks Consensus Estimate for Kyprolis sales is pegged at $365.0 million.
In its inflammation portfolio, Enbrel sales are likely to have declined due to declining prices. Otezla sales are likely to have gained from volume growth.
The Zacks Consensus Estimate for Otezla is $606.0 million, while that for Enbrel is $649.0 million.
Amgen’s biosimilar products are also likely to have contributed to sales growth. Amgen launched the biosimilar version of J&J’s Stelara called Wezlana in 2025 and Regeneron’s (REGN - Free Report) Eylea called Pavblu in 2024. Amgen did not record any sales from Wezlana in the United States in the second and third quarters, following a large first-quarter order. Amgen does not expect any sales of Wezlana in the United States in the fourth quarter. Wezlana sales are expected to come entirely from ex-U.S. markets. Pavblu’s sales are expected to continue to rise,
Bekemv, a biosimilar version of AstraZeneca’s Soliris, was launched in the United States in 2025, which should also have contributed to biosimilar revenues in the quarter.
Lower revenues from oncology biosimilars (Kanjinti and Mvasi) as well as Amjevita/Amgevita, a biosimilar version of AbbVie’s Humira, due to increased competitive pressure, are expected to have hurt the top line. Sales of legacy established products are also expected to have declined.
Higher R&D costs are likely to hurt operating margin in the fourth quarter.
Investors will look for updates on Amgen’s important pipeline candidate, MariTide (maridebart cafraglutide), a GIPR/GLP-1 receptor for obesity.
AMGN’s Earnings Surprise History
This large biotech’s performance has been strong, with earnings beating estimates in the trailing four quarters. The company delivered a four-quarter earnings surprise of 12.65%, on average.
Image Source: Zacks Investment Research
Amgen’s stock has risen 24.8% in the past year compared with an increase of 17.1% for the industry.
Image Source: Zacks Investment Research
What Our Model Says for AMGN
Our proven model does not conclusively predict an earnings beat for Amgen this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
Earnings ESP: Amgen’s Earnings ESP is -0.40%. The Zacks Consensus Estimate is pegged at $4.74 per share, while the Most Accurate Estimate is pegged lower at $4.72 per share. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Amgen has a Zacks Rank #3.
Stocks to Consider
Here are some drug/biotech stocks that have the right combination of elements to beat on earnings this time around:
Regeneron has an Earnings ESP of +1.06% and a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Regeneron’s stock has risen 12.2% in the past year. Regeneron’s earnings performance has been mixed over the trailing four quarters. The company beat earnings estimates in three of the last four reported quarters while missing the same once, delivering an earnings surprise of 21.81%, on average. REGN is scheduled to report fourth-quarter results on Jan. 30.
Moderna (MRNA - Free Report) has an Earnings ESP of +4.86% and a Zacks Rank #3 at present.
Shares of Moderna have risen 11.6% in the past year. Moderna beat on earnings in each of the trailing four quarters, delivering an average surprise of 31.45%. Moderna is scheduled to report fourth-quarter results on Feb. 13.