Amgen Inc. (NASDAQ:AMGN) delivered stronger-than-expected fourth-quarter earnings, but a cautious profit forecast for 2025 dampened investor sentiment, sending shares down over 1% in pre-market today.

In Q4, the biotech giant saw its revenue climb 11% year over year to $9.1 billion, surpassing analysts’ projections of $8.85 billion. Adjusted earnings per share reached $5.31, comfortably exceeding the expected $5.04. The company benefited from strong product sales, which surged 19% in 2024, primarily fueled by a 23% increase in volume. However, pricing pressures slightly offset these gains.

Despite the impressive quarterly performance, Wall Street’s focus shifted to Amgen’s guidance for 2025, which fell short of expectations. The company expects earnings per share to land between $20.00 and $21.20, with the midpoint of $20.60 falling below the $20.82 analysts had anticipated. Full-year revenue is projected at $34.3 billion, just shy of the $34.53 billion consensus forecast.

While Amgen’s total revenue for 2024 grew by 19% to $33.4 billion, investors appeared more concerned with the company’s ability to sustain momentum into the new year. With market pressures and pricing challenges looming, the coming quarters will be key in determining whether Amgen can keep up its growth trajectory.