Amgen Inc. (AMGN) shares surged 5.05% in pre-market trading on Wednesday after the biotechnology company reported strong fourth-quarter results and provided an upbeat outlook for 2025. The company's performance was driven by robust sales growth across its portfolio, with 10 products delivering double-digit growth.
For the fourth quarter, Amgen reported adjusted earnings per share of $5.31, surpassing analysts' expectations of $5.08. Revenue rose 11% year-over-year to $9.09 billion, supported by strong demand for key products like Repatha and EVENITY.
Repatha, a cholesterol-lowering drug, saw sales increase by 36% to over $2.2 billion in 2024, driven by improved access and reimbursement. EVENITY, a bone-building therapy for osteoporosis, generated sales of nearly $1.6 billion, up 35% from the previous year.
Amgen's innovative oncology portfolio, including BLINCYTO, LUMAKRAS, Vectibix, KYPROLIS, Nplate, XGEVA, and IMDELLTRA, contributed nearly $8 billion in sales for the full year, growing 11% year-over-year.
The company's biosimilars business also performed well, with sales increasing 16% year-over-year to $2.2 billion in 2024. Amgen recently launched PAVBLU, a biosimilar to EYLEA, and plans to introduce more biosimilar products in 2025.
Amgen highlighted its promising pipeline, with several key data readouts expected in 2025, including for MariTide, a potential breakthrough therapy for obesity and related conditions. The company plans to initiate Phase 3 trials of MariTide this year.
For 2025, Amgen forecasts total revenues in the range of $34.3 billion to $35.7 billion and non-GAAP earnings per share between $20 and $21.20. The company expects continued growth across its portfolio, led by Repatha, EVENITY, TEZSPIRE, the innovative oncology portfolio, the rare disease portfolio, and biosimilars.
Amgen's strong performance and positive outlook have reinforced its position as a leader in the biotechnology industry, addressing critical unmet medical needs across various therapeutic areas.
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