CVS Health has announced that, beginning April 1, it will remove Amgen’s bone disease treatments from certain preferred drug lists, substituting lower-cost alternatives negotiated with pharmacy benefit managers. The change affects both Prolia and Xgeva, which collectively accounted for approximately $3.2 billion in global sales in 2025. CVS cited the need to contain patient out-of-pocket costs and anticipated savings of up to 15% on annual therapy expenditures within its commercial and Medicare Part D formularies.

For the fourth quarter of 2025, Amgen reported a 7% year-over-year increase in product volumes, driving revenue growth that outpaced consensus forecasts. The company recorded a net profit of $1.33 billion, compared with $1.18 billion in the year-ago period, and earnings per share of $5.29 versus analysts’ estimate of $4.76. Management raised full-year 2026 guidance for both sales and adjusted EPS, attributing the upgrade to robust demand for flagship biologics and tighter expense controls. Investors are now turning attention to late-stage results from the MariTide obesity program, with top-line data expected in the third quarter, which could add a multibillion-dollar opportunity to Amgen’s growth profile.

Cowen & Co. reaffirmed its Buy recommendation on Amgen, noting that strong performances from Repatha and Uplizna should more than offset revenue losses from patent expirations on Prolia and Xgeva. Analysts emphasized that positive cardiovascular outcomes data for Repatha support accelerated uptake, while Uplizna’s launch in multiple sclerosis continues to gain traction. However, regulatory uncertainty around Tavneos and recent pipeline setbacks with rocatinlimab and bemarituzumab were cited as potential headwinds. The firm underscored that successful readouts from the MariTide and other late-stage programs will be critical to sustaining the long-term growth trajectory.