Amgen Inc (NASDAQ:AMGN) reported better-than-expected fourth-quarter results on Tuesday, but its shares fell 2.5% in after-hours trading as the company's profit outlook for 2025 fell short of analyst expectations.

The biotechnology giant posted adjusted earnings per share of $5.31, surpassing the analyst estimate of $5.04. Revenue for the quarter came in at $9.1 billion, exceeding the consensus estimate of $8.85 billion and representing an 11% increase YoY.

Despite the strong quarterly performance, investors appeared to focus on Amgen's guidance for fiscal year 2025. The company projects earnings per share between $20.00 and $21.20, with the midpoint of $20.60 falling below the analyst consensus of $20.82.

Robert A. Bradway, chairman and CEO of Amgen, commented on the results: "Robust growth in sales and earnings throughout 2024 reflects the momentum of our business. With strong performance globally, we are investing heavily in our rapidly advancing pipeline to deliver innovative therapies across our four therapeutic areas."

The company's fourth-quarter product sales grew 11%, primarily driven by 14% volume growth. Excluding sales from the recently acquired Horizon Therapeutics (NASDAQ:HZNP), product sales increased 10%, fueled by 15% volume growth. Ten products, including Repatha, BLINCYTO, and TEZSPIRE, delivered at least double-digit sales growth in the quarter.

For the full year 2024, Amgen's total revenues increased 19% to $33.4 billion compared to 2023. Product sales grew 19%, driven by 23% volume growth, partially offset by 2% lower net selling price.

The company generated $10.4 billion of free cash flow for the full year, up from $7.4 billion in 2023, driven by business performance and timing of working capital items.

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