Amgen Inc (NASDAQ:AMGN) stock rose 5.43% (As on February 5, 11:23:55 AM UTC-4, Source: Google Finance) after the company reported better-than-expected fourth-quarter results, but the company’s profit outlook for 2025 fell short of analyst expectations. The company generated $10.4 billion of free cash flow for the full year, up from $7.4 billion in 2023, driven by business performance and timing of working capital items. Cash and investments totaled $12.0 billion and debt outstanding totaled $60.1 billion as of December 31, 2024.

Moreover, for the quarter, product sales grew 11%, primarily driven by 14% volume growth. Excluding sales from our Horizon Therapeutics (Horizon) acquisition, product sales grew 10%, driven by volume growth of 15%. Ten products delivered at least double-digit sales growth in the fourth quarter, including Repatha (evolocumab), BLINCYTO (blinatumomab), TEZSPIRE (tezepelumab-ekko), EVENITY (romosozumab-aqqg) and TAVNEOS (avacopan). The performance included $1.2 billion of sales from the rare disease products, driven by several first-in-class, early-in-lifecycle medicines, including TEPEZZA (teprotumumab-trbw), KRYSTEXXA (pegloticase), UPLIZNA (inebilizumab-cdon) and TAVNEOS.

Furthermore, Repatha (evolocumab) sales increased 45% year-over-year to $606 million in the fourth quarter, primarily driven by volume growth. For 2025, the company expects lower declines in net selling price. EVENITY (romosozumab-aqqg) sales increased 36% year-over-year to $431 million in the fourth quarter. Prolia (denosumab) sales increased 5% year-over-year to $1.2 billion in the fourth quarter and 8% for the full year, driven by volume growth. For 2025, the company expects sales erosion driven by biosimilar competition. TEPEZZA (teprotumumab-trbw) generated $460 million of sales in the fourth quarter. KRYSTEXXA (pegloticase) generated $346 million of sales in the fourth quarter. UPLIZNA (inebilizumab-cdon) generated $101 million of sales in the fourth quarter. TAVNEOS (avacopan) generated $81 million of sales in the fourth quarter. Sales increased 84% year-over-year in the fourth quarter. TEZSPIRE (tezepelumab-ekko) sales increased 67% year-over-year to $296 million in the fourth quarter

AMGN in the fourth quarter of FY 24 has reported the adjusted earnings per share of $5.31, beating the analysts’ estimates for the adjusted earnings per share of $5.04. The company had reported the adjusted revenue growth of 11 percent to $9.1 billion in the fourth quarter of FY 24, beating the analysts’ estimates for revenue of $8.85 billion. For the fourth quarter, non-GAAP operating income increased from $3.7 billion to $4.0 billion, and non-GAAP operating margin decreased 0.4 percentage points to 46.3%

The company projects earnings per share to be between $20.00 and $21.20, with the midpoint of $20.60 falling below the analyst consensus of $20.82.