Amgen reported fourth-quarter adjusted earnings of $5.29 per share, surpassing the Zacks Consensus Estimate of $4.76 and closely tracking the prior year’s $5.31. This drop of less than 1% year-over-year reflects effective cost controls that offset pressure on certain product lines. The beat on consensus estimates underscores resilient pricing power for key therapies despite volume headwinds in mature markets.

Total revenues rose 7% from the prior year to $6.68 billion, outpacing the Wall Street expectation of roughly $6.55 billion. The lift was powered by double-digit unit growth in the oncology portfolio, led by novel biologics that saw combined volume gains of 15%. Lower net unrealized losses on equity investments also boosted reported profit to $1.33 billion, up from $1.21 billion a year ago.

The effective tax rate in the quarter came in at 15.8%, down from 19.4% in the year-ago period, driven by an improved mix of R&D credits and international earnings. This tax efficiency added approximately $0.20 per share to EPS and contributed nearly $120 million in incremental net income. Management reiterated its full-year guidance, targeting a tax rate below 18% as R&D investments remain aligned with long-term pipeline priorities.

Major shareholders rebalanced their stakes during the quarter. Atlantic Union Bankshares increased its holding by 66.3%, signaling confidence in upcoming launches, while Atle Fund Management trimmed its position by 42.2%, locking in gains after recent price appreciation. Legacy Investment Solutions and Evelyn Partners initiated new positions valued at $27,000 and $32,000 respectively, reflecting growing interest in Amgen’s late-stage pipeline and expected mid-single-digit top-line growth through 2027.