Amgen said total revenues for Q4 2025 rose 9% to $9.9 billion, and full-year total revenues rose 10% to $36.8 billion. GAAP diluted EPS for Q4 was $2.45, and for the full year it was $14.23.

1. 01

   Amgen said total revenues for Q4 2025 rose 9% to $9.9 billion, and full-year total revenues rose 10% to $36.8 billion. GAAP diluted EPS for Q4 was $2.45, and for the full year it was $14.23.

2. 02

   The company said full-year GAAP EPS rose from $7.56 to $14.23. It cited net unrealized gains on its BeOne Medicines Ltd. equity investment as a factor, and said that after Otezla was selected for Medicare price setting, $1.2 billion in Otezla intangible asset impairment charges was recorded in 2025.

3. 03

   The company said full-year free cash flow for 2025 was $8.1 billion, lower than $10.4 billion in 2024. As of December 31, 2025, cash was $9.1 billion and debt was $54.6 billion, and the company repaid $6.0 billion of debt during the year.

4. 04

   The company said it expects full-year 2026 total revenues of $37.0 billion to $38.4 billion and non-GAAP EPS of $21.60 to $23.00. It said capital expenditures will be about $2.6 billion and share repurchases will not exceed $3 billion.

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Original filing

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