Amgen reported a strong 2025 with broad portfolio growth and gave a bullish 2026 outlook, framing it as a 'springboard year.' Key themes include the upcoming launch of obesity drug Maritide, robust growth in cardiometabolic and rare disease portfolios, and upcoming data readouts for several pipeline assets. The call also discussed the FDA's request to voluntarily withdraw Tavneos and the decision to terminate the rocatinlamab collaboration. 2025 was a strong year with 10% sales growth and 14 blockbuster products.
Amgen reported a strong 2025 with broad portfolio growth and gave a bullish 2026 outlook, framing it as a 'springboard year.' Key themes include the upcoming launch of obesity drug Maritide, robust growth in cardiometabolic and rare disease portfolios, and upcoming data readouts for several pipeline assets. The call also discussed the FDA's request to voluntarily withdraw Tavneos and the decision to terminate the rocatinlamab collaboration. 2025 was a strong year with 10% sales growth and 14 blockbuster products.
Amgen reported a strong 2025 with broad portfolio growth and gave a bullish 2026 outlook, framing it as a 'springboard year.' Key themes include the upcoming launch of obesity drug Maritide, robust growth in cardiometabolic and rare disease portfolios, and upcoming data…
2025 was a strong year with 10% sales growth and 14 blockbuster products.
2026 guidance is bullish, with revenue projected between $37.0-$38.4 billion and EPS between $21.60-$23.00.
Maritide is the most important pipeline asset, with a fully enrolled Phase 3 program and the potential to be a paradigm-changing monthly or quarterly obesity therapy.
Management expressed strong enthusiasm for the convergence of technology and life science, saying it will significantly impact drug discovery, development, and commercialization. They highlighted internal AI use across the value chain to accelerate R&D, optimize manufacturing, and improve customer engagement, framing it as a productivity and speed driver.
Management gives a bullish 2026 guidance, projecting double-digit EPS growth and revenue growth despite anticipated competitive headwinds. They are framing 2026 as a 'springboard year' for future growth.
2026 capex is guided higher to about $2.6 billion from $2.2 billion in 2025, funding expanded manufacturing capacity across multiple U.S. sites. Investments are aimed at supporting volume growth in commercial brands and preparing for pipeline launches, particularly Maritide.
Management repeatedly framed 2025 as strong execution and 2026 as a springboard, expressing confidence in pipeline milestones and growth drivers while acknowledging expected biosimilar headwinds.
“We expect capital expenditures of about $2.6 billion in 2026. This is consistent with our capital allocation priority to invest in our business and scale manufacturing capacity for volume growth, including preparing for Meritide's launch.”
“I think you should expect us to be competing broadly in the field, Michael.”
“It's pretty clear as we look at the market as it exists today that there's dissatisfaction with the weekly GLP-1s... the ability to come into a weekly market, bring a monthly therapy that can achieve similar weight loss in a very well-tole…”
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| Capex | FY2026 | $2.6B | $2.6B | GUIDED |
| EPS | FY2026 | $21.60–$23.00 | $22.30 | GUIDED |
| Op margin | FY2026 | 45%–46% | 45.5% | GUIDED |
| Revenue | FY2026 | $37B–$38.4B | $37.7B | GUIDED |
| Revenue | FY2026 Q1 | 4%–5% | 4.5% | GUIDED |
Amgen CEO expects to compete 'broadly' in the obesity space with a 'robust' pipeline that includes an undisclosed mechanism clinical-stage asset (AMG513) and both injectable and oral preclinical candidates. — This suggests a multi-pronged strategy against Eli Lilly in the obesity market, potentially diversifying beyond the monthly injectable Maritide.
Yeah, I'd be happy to. Thanks, Michael. The Amgen's really made for this moment, developing Meritide across so many different indications, a leading cardiovascular company, also a leading respiratory disease company, and there's so many opportunities there for Meritide. We've been in obesity, as you know, a long while, all the way back to the leptin days, and enjoyed stable discovery leadership teams since that time. Internally, we have another clinical stage asset called AMG513. We have yet to disclose the mechanism of that medicine. It is progressing in phase one clinical investigation. And preclinically, we have a rather exciting set of rising programs that are both in creatine-based as…
I think you should expect us to be competing broadly in the field, Michael. Okay, let's move on. Next question.
Amgen has already seen a rapid switch of patients from existing weekly obesity drugs to Maritide, driven by the convenience of monthly dosing.