Amgen Q4 results beat Street estimates, company says patients need weight-loss options

By Deena Beasley

Feb 3 (Reuters) - Amgen AMGN.O on Tuesday reported fourth-quarter financial results that came in ahead of Wall Street expectations, sending its shares modestly higher as the company continues to express confidence in experimental weight-loss drug MariTide.

The California-based biotech company's quarterly revenue rose 9% from a year earlier to $9.9 billion, which beat the average analyst estimate of $9.5 billion, according to LSEG data. Adjusted earnings per share were little changed from a year earlier at $5.29, but exceeded analysts' expectations of $4.73.

Amgen shares, which fell nearly 2% in regular trading after rival Novo Nordisk NOVOb.CO forecast lower 2026 obesity drug sales, were up just over 1% in after-hours trading.

Amgen is currently conducting six Phase 3 trials of experimental drug MariTide across obesity and related conditions including heart disease and sleep apnea. It plans to begin Phase 3 studies of the drug for diabetes patients this year.

"There is dissatisfaction with the weekly GLP-1s," Murdo Gordon, Amgen's commercial operations chief, said on a conference call, referring to drugs like Novo's Wegovy. He called MariTide, which is being tested at doses as infrequent as once every three months, "a paradigm-changing opportunity" for patients and healthcare providers looking for new options.

Amgen is also enrolling obese adults into a Phase 1 trial of another weight-loss drug candidate, AMG513.

For 2026, the company said it expects adjusted earnings per share of $21.60 to $23.00, while Wall Street estimates $22.09 per share. The company forecast revenue for the year of $37 billion to $38.4 billion, compared with analysts' forecast of $37.1 billion.

The outlook "suggests modest upside" from current estimates, Citi Research analyst Geoffrey Meacham said in a research note.

Fourth-quarter product sales rose 10% by volume, while net prices fell 4%, resulting in 7% quarter-over-quarter growth.

Sales of cholesterol drug Repatha jumped 44% to $870 million, beating the average analyst estimate of $793 million, driven by higher volumes and price. Amgen said it expects the drug's 2026 net price to decline by a percentage in the mid-single digits.

Sales of eye disease drug Tepezza fell 1% in the quarter to $457 million, missing analyst expectations of $554 million.

Amgen said sales of arthritis drug Enbrel fell 48% to $532 million, due mostly to lower prices it pays for the U.S. government's Medicare health plan. Analysts had expected Enbrel sales of $679 million.

The company said its tax rate was 7.8 percentage points lower than the year-earlier quarter due to adjustments in U.S. tax on foreign subsidiaries.

Amgen said the U.S. Food and Drug Administration earlier this month requested that Tavneos, used to treat a rare autoimmune disease, be withdrawn from the U.S. market amid concerns about trial data. Amgen said it is confident in the drug, which had fourth quarter sales of $152 million, and has informed the FDA it does not intend to withdraw it.