Amgen Jumps 8% on Earnings Beat, Obesity Drug Progress
Biotech giant reports $9.9B revenue and $5.29 EPS, topping estimates. MariTide monthly obesity injection nears Phase 3 data as GLP-1 race heats up.
Amgen just made its loudest entrance into the obesity drug race yet.
The biotech giant reported Q4 revenue of $9.9 billion, up 9% year-over-year and roughly $400 million above the $9.5 billion consensus. Adjusted EPS hit $5.29, well ahead of the $4.76 analysts expected. Shares surged 8.2% on Wednesday to close at $366.20—their best single-session gain in over a year.
But the earnings beat wasn't the whole story. Investors are pricing in something bigger: MariTide, Amgen's once-monthly obesity injection that could disrupt a market currently dominated by Eli Lilly and Novo Nordisk.
The Numbers That Mattered
Several legacy products posted outsized growth that caught analysts off guard.
Repatha, Amgen's cholesterol drug, saw sales jump 44% year-over-year to $870 million. Evenity, for osteoporosis, climbed 39% to $599 million. Tezspire, the asthma treatment co-developed with AstraZeneca, surged 60% to $474 million.
Full-year 2025 revenue hit $36.1 billion with adjusted EPS of $21.84—both records. CEO Robert Bradway said the company "enters 2026 with momentum across a broad portfolio."
The 2026 guidance was the cherry on top: revenue of $37.0-38.4 billion and adjusted EPS of $21.60-23.00. Both ranges topped Street estimates, with revenue guidance implying 3-6% growth even before any MariTide contribution.
MariTide: The Monthly Shot
What makes MariTide different from Zepbound or Wegovy? Dosing frequency.
Lilly's Zepbound and Novo's Wegovy require weekly injections. MariTide is designed as a once-monthly shot delivered through a convenient autoinjector—a meaningful quality-of-life improvement for patients who'll need to take these drugs indefinitely.
Amgen has six Phase 3 studies underway in its MARITIME program. Two pivotal trials—MARITIME-1 (obesity without diabetes) and MARITIME-2 (obesity with type 2 diabetes)—have completed enrollment. Data is expected in the second half of 2026.
Early Phase 2 results showed meaningful weight loss, though the magnitude trailed Lilly's best data. The question for investors isn't whether MariTide works—it almost certainly does—but whether monthly dosing can command enough market share to justify Amgen's current valuation.
The GLP-1 Landscape Just Got Messier
The timing of Amgen's beat couldn't be more dramatic. Hours before Amgen reported, Novo Nordisk crashed 17% after warning that 2026 sales could decline as much as 13%. And Eli Lilly's blowout quarter showed the Indianapolis pharma company capturing roughly 60% of the U.S. obesity market.
The obesity drug market is now a three-way race, with Amgen as the clear underdog but with a differentiated product. If MariTide's Phase 3 data matches or approaches Zepbound's efficacy, monthly dosing alone could be worth billions in annual revenue.
| Company | Drug | Dosing | Status |
|---|---|---|---|
| Eli Lilly | Zepbound | Weekly | Market leader |
| Novo Nordisk | Wegovy | Weekly | Losing share |
| Amgen | MariTide | Monthly | Phase 3 data H2 2026 |
Wall Street is starting to model MariTide optionality into Amgen's stock. Goldman Sachs estimates the drug could generate $3-5 billion in peak annual sales—a meaningful addition to a company already running at $36 billion.
The Trade
At $366, Amgen trades at roughly 17x forward earnings—a discount to both Lilly (35x) and the S&P 500 healthcare index (22x). That multiple reflects skepticism that MariTide can truly compete. If the Phase 3 readout is strong, there's considerable room for re-rating.
The risk? Phase 3 trials fail to match Phase 2 efficacy, or the FDA raises manufacturing concerns about the autoinjector device. Neither is a base case, but both would take the obesity premium out of the stock overnight.
For now, Amgen's core business is accelerating, the guidance is conservative, and the biggest catalyst of the year is still ahead. That's a setup the earnings season hasn't offered many times this quarter.