BIG PHARMA EARNINGS WATCH: AMGEN AND BRISTOL MYERS SQUIBB

Big Pharma Tops Earnings Forecasts After Hiking Drug Prices, Again

This month, Amgen and Bristol Myers Squibb reported better-than-expected fourth quarter earnings, following price increases the Big Pharma giants imposed on brand name products at the start of the year.

In January, both companies raised prices on dozens of brand name medicines, with Amgen increasing prices on 21 prescription drugs and Bristol Myers Squibb increasing prices on nine prescription drugs. The latest results underscore how major pharmaceutical manufacturers continue to bank big profit and revenue growth while hiking drug prices – often at rates outpacing inflation.

Get a full recap of Amgen and Bristol Myers Squibb’s strong earnings for the fourth quarter, and their price hikes on top-selling brand name products, below.

Amgen

• Amgen reported fourth quarter earnings that topped analysts’ estimates.
• The company’s fourth quarter revenue rose nine percent to $9.87 billion, ahead of the $9.47 billion projected by analysts.
• Amgen’s sales of cholesterol drug Repatha jumped 44 percent to $870 million.
• The Big Pharma giant raised its outlook for 2026 to between $37.0 billion to $38.4 billion.

Bristol Myers Squibb

• Bristol Myers Squibb also reported fourth quarter earnings that exceeded Wall Street analysts’ expectations.
• The company reported $12.5 billion in revenue, beating expectations of $12.28 billion. 
• Revenue from the company’s growth portfolio, led by immuno-oncology drugs Breyanzi, Reblozyl and Camzyos, rose 16 percent to $7.4 billion.
• Sales of the company’s blood thinning drug Eliquis brought in $14.4 billion in 2025.
• Bristol Myers Squibb also projects total 2026 revenue of $46.0 billion to $47.5 billion.

The strong earnings from these Big Pharma giants follow a well-worn playbook of increasing prices on their blockbuster products.

Amgen

• So far in 2026, Amgen has increased the price of 21 prescription drugs, including a five percent increase on autoimmune drug Enbrel.
• In 2025, Amgen hiked prices for 23 prescription drugs by an average of five percent.
• In 2024, Amgen raised prices on 32 prescription drugs, including a 4.9 percent increase on osteoporosis treatment Prolia, as well as four percent price increases on autoimmune drugs Enbrel and Otezla.
• In 2023, Amgen raised prices on more than 20 prescription drugs, including autoimmune drug Otezla by 5.9 percent each.

Bristol Myers Squibb

• Bristol Myers Squibb rang in 2026 with price hikes on nine prescription drugs.
• In 2025, Bristol Myers Squibb hiked prices of 17 prescription drugs so far this year, including blood thinner drug Eliquis and cancer drug Opdivo by two percent.
• The Big Pharma giant kicked off 2024 by increasing prices on more than 10 prescription drugs, including a six percent increase on Eliquis.
• In 2023, the pharmaceutical giant kickstarted the year by raising prices on 10 prescription drugs, including blockbuster blood thinner Eliquis by six percent.
• Bristol Myers Squibb began 2022 by hiking prices on 14 prescription drugs, including two key cancer drugs, Opdivo and Yervoy, as well as blockbuster blood thinner drug Eliquis.

Read more on Q4 earnings from AbbVie, Novartis, GSK and Eli Lilly HERE.

Read more on Q4 earnings from Pfizer and Merck HERE.

Read more on Q4 earnings from Sanofi HERE.

Read more on Q4 earnings from Johnson & Johnson HERE.

Learn more about solutions to lower prescription drug prices and hold Big Pharma accountable HERE.