Strong Performance, Pipeline Restructuring: Big Pharma's Choice in Immunology

Amgen Inc. (NASDAQ: AMGN) on February 3 reported fourth-quarter and full-year 2025 results, with revenues of $9.9 billion and $36.8 billion—up 9% and 10% year-over-year, respectively—equivalent to roughly KRW 13 trillion and KRW 48 trillion. GAAP earnings per share more than doubled in Q4 and rose nearly 80% for the full year. The company issued 2026 guidance of $37.0 billion to $38.4 billion in revenue and non-GAAP EPS of $21.60 to $23.00. It also noted that free cash flow for 2025 declined to about $8.1 billion (≈KRW 11 trillion) due to working-capital needs and capital expenditures.

Amgen agreed to terminate its Rocatinlimab development and commercialization license with Kyowa Kirin, transferring full global development, manufacturing and sales responsibilities to Kyowa Kirin. In response to the U.S. Food and Drug Administration’s request for voluntary market withdrawal of TAVNEOS, Amgen said it is evaluating regulatory options and does not intend to comply with the withdrawal request.

Although Amgen’s Q4 revenues and adjusted EPS beat Wall Street estimates, the stock closed down over 1% at $338.59 on the Nasdaq on February 3 as investors took profits. After reclaiming full rights to the Rocatinlimab program, Kyowa Kirin said it will pursue independent development targeting regulatory submission in the first half of 2026 to address unmet needs in atopic dermatitis.

Headquartered in California, Amgen is a large-cap global biopharmaceutical company in both the Dow Jones Industrial Average and the Nasdaq-100. Its portfolio spans oncology, cardiovascular disease, osteoporosis, inflammatory disorders and rare diseases. Amid pricing pressures from the U.S. Inflation Reduction Act and intensifying competition in obesity and immunology, major pharma companies are streamlining non-core pipelines and reallocating R&D and capital toward late-stage assets and large-scale indications.