Feb 3 (Reuters) – Amgen on Tuesday reported fourth-quarter financial results that came in ahead of Wall Street expectations, driven by a 7% increase in drug sales and a lower tax rate.
The California-based biotech company’s overall quarterly revenue rose 9% from a year earlier to $9.9 billion, which beat the average analyst estimate of $9.5 billion, according to LSEG data. Adjusted earnings per share were little changed from a year earlier at $5.29, but exceeded analysts’ expectations of $4.73.
For 2026, Amgen said it expects adjusted earnings per share of $21.60 to $23.00, while Wall Street is estimating $22.09 per share. The company forecast revenue for the year of $37 billion to $38.4 billion, with a midpoint well ahead of analysts’ forecast of $37.1 billion.
Fourth-quarter product sales rose 10% by volume, while net prices fell 4%, resulting in 7% quarter-over-quarter growth.
Sales of cholesterol drug Repatha jumped 44% to $870 million, beating the average analyst estimate of $793 million, driven by higher volumes and price. Amgen said it expects the drug’s 2026 net price to decline by a percentage in the mid-single digits.
Sales of eye disease drug Tepezza fell 1% in the quarter to $457 million, missing analyst expectations of $554 million.
Amgen said sales of arthritis drug Enbrel fell 48% to $532 million, due mostly to lower prices it pays for the U.S. government’s Medicare health plan. Analysts had expected Enbrel sales of $679 million.
The company said its tax rate was 7.8 percentage points lower than the year-earlier quarter due to adjustments in U.S. tax on foreign subsidiaries.
Amgen is currently conducting six Phase 3 trials of experimental drug MariTide across obesity and related conditions including heart disease and sleep apnea. It plans to begin Phase 3 studies of the drug for diabetes patients this year.
The company said it is also enrolling obese adults into a Phase 1 trial of another weight-loss drug candidate, AMG513.
(Reporting By Deena Beasley in Los Angeles; Editing by Bill Berkrot)
