Amgen Q4 - Out with gout

Amgen is one of our less flashy holdings. Can I say boring? Sometimes boring is good. Last week, they released solid results. Fourth quarter revenues were up 11%. Ten products in their pipeline managed double-digit growth, including their blockbuster cholesterol drug Repatha which grew by a whopping 45%.

Sales for the whole of 2025 increased by 19% thanks in part to the $28 billion purchase of Horizon Therapeutics. That deal added two key products, Tepezza (for eye bulging and double vision) and Krystexxa (for gout).

Amgen's financials are in very good shape. The company generated $10.4 billion in free cash flow. Earnings came in at $19.84 per share which means that the stock trades at a very modest PE of 15. The dividend yield is over 3%.

Amgen offers something unique in Vestact portfolios. They have a solid pipeline of drugs, pay a decent dividend and are still showing good growth. The big upside will come if they crack another blockbuster. They do have a horse in the weight-loss drug race. It is definitely worth holding on to this one.