Amgen shares surge 8.4% after-hours on strong Q4 results and raised 2026 guidance despite FDA Tavneos dispute.

Amgen surged 8.4% in after-hours trading following the release of robust fourth-quarter and full-year 2025 financial results, which exceeded expectations. The company reported 9% Q4 revenue growth to $9.9 billion and a 10% annual increase to $36.8 billion, driven by strong performance across key products like Prolia and Repatha. GAAP earnings per share rose 111% in Q4 and 88% annually, reflecting higher revenues and favorable investment gains. Analysts highlighted Amgen’s “high-quality” execution, with Raymond James and TD Cowen upgrading price targets and maintaining “Buy” ratings. While the FDA’s request to withdraw Tavneos raised concerns, analysts downplayed its impact due to the drug’s minimal revenue contribution (1%). Strong guidance for 2026, including $37–38.4 billion in revenue, further bolstered investor confidence, pushing the stock to an all-time high.