Biotech company Amgen (NASDAQ: AMGN) reported Q4 CY2025 results beating Wall Street’s revenue expectations, with sales up 8.6% year on year to $9.87 billion. The company’s full-year revenue guidance of $37.7 billion at the midpoint came in 1.8% above analysts’ estimates. Its non-GAAP profit of $5.29 per share was 11.9% above analysts’ consensus estimates.

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"Amgen delivered strong performance in 2025, with double-digit growth in revenues and earnings per share. We enter 2026 with momentum across a broad portfolio of medicines and a clear path towards advancing innovative therapies to deliver sustained long-term growth," said Robert A. Bradway, chairman and chief executive officer.

Company Overview

Founded in 1980 during the early days of the biotechnology revolution, Amgen (NASDAQ: AMGN) is a biotechnology company that discovers, develops, and manufactures innovative medicines to treat serious illnesses like cancer, osteoporosis, and autoimmune diseases.

Revenue Growth

Examining a company’s long-term performance can provide clues about its quality. Any business can put up a good quarter or two, but the best consistently grow over the long haul. Luckily, Amgen’s sales grew at a decent 7.6% compounded annual growth rate over the last five years. Its growth was slightly above the average healthcare company and shows its offerings resonate with customers.

Long-term growth is the most important, but within healthcare, a half-decade historical view may miss new innovations or demand cycles. Amgen’s annualized revenue growth of 14.2% over the last two years is above its five-year trend, suggesting its demand recently accelerated.

Amgen also breaks out the revenue for its most important segment, Product & Pipeline. Over the last two years, Amgen’s Product & Pipeline revenue averaged 14.6% year-on-year growth.

This quarter, Amgen reported year-on-year revenue growth of 8.6%, and its $9.87 billion of revenue exceeded Wall Street’s estimates by 4.1%.

Looking ahead, sell-side analysts expect revenue to grow 1.3% over the next 12 months, a deceleration versus the last two years. This projection is underwhelming and suggests its products and services will see some demand headwinds. At least the company is tracking well in other measures of financial health.

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Operating Margin

Operating margin is a key measure of profitability. Think of it as net income - the bottom line - excluding the impact of taxes and interest on debt, which are less connected to business fundamentals.

Amgen has been an efficient company over the last five years. It was one of the more profitable businesses in the healthcare sector, boasting an average operating margin of 27.5%.

Analyzing the trend in its profitability, Amgen’s operating margin decreased by 4.7 percentage points over the last five years. The company’s two-year trajectory also shows it failed to get its profitability back to the peak as its margin fell by 3.3 percentage points. This performance was poor no matter how you look at it - it shows its expenses were rising and it couldn’t pass those costs onto its customers.

In Q4, Amgen generated an operating margin profit margin of 27.6%, up 2.1 percentage points year on year. This increase was a welcome development and shows it was more efficient.

Earnings Per Share

Revenue trends explain a company’s historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth – for example, a company could inflate its sales through excessive spending on advertising and promotions.

Amgen’s decent 5.7% annual EPS growth over the last five years aligns with its revenue performance. This tells us it maintained its per-share profitability as it expanded.

In Q4, Amgen reported adjusted EPS of $5.29, down from $5.31 in the same quarter last year. Despite falling year on year, this print easily cleared analysts’ estimates. Over the next 12 months, Wall Street expects Amgen’s full-year EPS of $21.85 to grow 1.1%.

Key Takeaways from Amgen’s Q4 Results

We enjoyed seeing Amgen beat analysts’ revenue expectations this quarter. We were also glad its full-year revenue guidance exceeded Wall Street’s estimates. Zooming out, we think this was a good print with some key areas of upside. The stock remained flat at $339.72 immediately following the results.

Amgen may have had a good quarter, but does that mean you should invest right now? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).