Amgen reported fourth-quarter earnings of $5.29 per share, surpassing the Zacks Consensus Estimate of $4.76 and closely matching the prior year’s $5.31 per share. The narrow year-over-year EPS decline reflects effective cost management, as research and development expenses rose modestly by 3% while selling, general and administrative costs were held flat. Analysts noted that the beat on the bottom line was driven by both higher volumes across key therapies and a lower effective tax rate, which fell to 12.5% from 14.7% a year earlier.

Amgen logged quarterly revenues of $6.8 billion, up 10% from the year-ago period and comfortably above consensus forecasts. The revenue boost was led by a 7% increase in oncology drug sales, with the company’s flagship biologics franchise delivering $2.4 billion in sales, up 12%. In addition, a reduction in net unrealized losses on equity investments contributed approximately $150 million to operating profit, helping the company achieve a quarterly net income of $1.33 billion, a 9% increase over the prior fourth quarter.

Institutional holdings in Amgen saw meaningful shifts in the fourth quarter. Atlantic Union Bankshares Corp increased its stake by 66.3% to 17,698 shares, representing a roughly $5 million position. Legacy Investment Solutions LLC and Evelyn Partners Investment Management LLP each initiated new positions valued at approximately $27,000 and $32,000, respectively. Quaker Wealth Management LLC expanded its holding by 200%, while Atle Fund Management AB trimmed its position by 42.2%, retaining 13,806 shares worth about $3.9 million. These moves underscore varied institutional conviction in Amgen’s growth trajectory.

With a market capitalization near $185 billion, Amgen remains one of the largest biotechnology companies globally. Management reaffirmed full-year guidance for mid-single-digit revenue growth and reiterated plans to invest $3.5 billion in R&D, focusing on immuno-oncology and cardiovascular franchises. The company highlighted two late-stage pipeline candidates entering regulatory review later this year, which could extend its growth runway beyond 2026 and reinforce its competitive position against peers in the biologics space.