Amgen posted higher revenue in the fourth quarter on double-digit product volume growth.
The biotechnology company on Tuesday reported a fourth-quarter profit of $1.33 billion, or $2.45 per share, compared with a profit of $627 million, or $1.16 per share, a year earlier. The company attributed its 111% boost in earnings to higher revenue and lower net unrealized losses on equity investments.
Adjusted earnings were $5.29 per share. Analysts polled by FactSet expected $4.51 per share.
Revenue rose 9% to $9.87 billion, ahead of the $9.47 billion projected by Wall Street, according to FactSet.
Product sales grew 7%, led by 10% growth in product volume. The gains were partially offset by a 4% decrease in selling price.
For 2026, Amgen forecasts revenue of $37.0 billion to $38.4 billion and adjusted earnings of $21.60 to $23.00 per share. Analysts are projecting revenue of $37.19 billion and adjusted earnings of $20.63 per share, according to FactSet.
The results follow Amgen’s October kickoff of its direct-to-patient program designed to lower the cost of drugs. The program, called AmgenNow, is in response to the White House’s call to reduce prescription drug prices for U.S. consumers.
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