Amgen Set to Report Q4 Earnings: What Investors Should Know

Amgen AMGN 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 AmgenAmgen’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 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 HistoryThis 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 ResearchAmgen’s stock has risen 24.8% in the past year compared with an increase of 17.1% for the industry.Image Source: Zacks Investment ResearchWhat Our Model Says for AMGNOur 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 ConsiderHere 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 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.Quantum Computing Stocks Set To SoarArtificial intelligence has already reshaped the investment landscape, and its convergence with quantum computing could lead to the most significant wealth-building opportunities of our time.Today, you have a chance to position your portfolio at the forefront of this technological revolution. In our urgent special report, Beyond AI: The Quantum Leap in Computing Power, you'll discover the little-known stocks we believe will win the quantum computing race and deliver massive gains to early investors.Access the Report Free Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Regeneron Pharmaceuticals, Inc. (REGN): Free Stock Analysis Report Amgen Inc. (AMGN): Free Stock Analysis Report Moderna, Inc. (MRNA): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks