Amgen (AMGN) Earnings Date & Reports

Key Takeaways

• Revenue surpassed $10 billion for the first time in a single quarter, rising 10% year-over-year to $10.05 billion and beating the consensus estimate of approximately $9.43 billion by roughly 7%.
• Non-GAAP earnings per share (EPS) of $6.29 comfortably exceeded the $5.60–$5.62 analyst forecast, marking a 12.3% upside surprise and extending Amgen's unbroken streak of quarterly earnings beats.
• Six key growth drivers grew 26% year-over-year and accounted for nearly 70% of product sales, led by Repatha (+37%), EVENITY (+38%), TEZSPIRE (+42%), and UPLIZNA (+90%).
• Legacy bone-health products Prolia and XGEVA declined 33% to a combined $1.1 billion as multiple biosimilars launched globally, a headwind management described as fully anticipated.
• Full-year 2026 guidance was raised on both revenue ($38.2 billion–$39.4 billion) and non-GAAP EPS ($22.30–$23.50), reflecting confidence in second-half momentum.
• Amgen discontinued AMG 513, an early-stage obesity candidate, while reaffirming its commitment to MariTide, which is advancing through multiple Phase 3 trials.

Earnings Context and Why It Matters

Amgen's second-quarter 2026 results arrived at a pivotal moment for the Thousand Oaks, California-based biotechnology giant. The company is navigating a deliberate portfolio transition: patent expirations on blockbusters Prolia and XGEVA opened the door to biosimilar competition in early 2025, while a new generation of therapies — spanning cardiovascular disease, rare autoimmune conditions, oncology, and biosimilars — is expected to carry the growth baton forward. This quarter served as the clearest test yet of whether the company's six identified growth drivers could offset those legacy declines at scale. With shares trading near all-time highs heading into the report and a market capitalization above $200 billion, investors were watching closely for evidence that Amgen's growth narrative remains intact.

Reported Results

Amgen reported total revenues of $10.05 billion for the second quarter ended June 30, 2026, up 9.5% from $9.18 billion in the same period a year ago. Product sales grew 9% to $9.5 billion, driven overwhelmingly by volume growth. On a GAAP (Generally Accepted Accounting Principles) basis, the company posted EPS of $4.37, a 65% jump from $2.65 in the prior-year quarter. Non-GAAP EPS, which adjusts for acquisition-related expenses and other items, came in at $6.29, up 4% from $6.02 a year ago and well above the consensus estimate of roughly $5.60–$5.62.

The standout performers were unmistakable. Repatha, the company's cholesterol-lowering therapy, posted sales of $953 million — a 37% year-over-year increase — fueled by U.S. new-to-brand prescription growth of more than 50%. EVENITY, an osteoporosis treatment, rose 38% to $714 million. TEZSPIRE, for severe asthma, climbed 42% to $486 million. In rare disease, UPLIZNA nearly doubled to $335 million (+90%), and TEPEZZA added 14% to $576 million. The biosimilars portfolio generated $855 million, up 29%, with PAVBLU (a biosimilar to EYLEA) surging 121% to $287 million. In oncology, IMDELLTRA (a bispecific T-cell engager) more than doubled to $288 million, while BLINCYTO grew 23% to $472 million.

On the other side, Prolia sales fell 32% to $759 million, and XGEVA dropped 34% to $352 million, as biosimilar competitors eroded both volume and net selling prices. Otezla declined 21%, and Enbrel slipped 4%, reflecting pricing pressure tied to the Inflation Reduction Act and increased exposure to the 340B drug pricing program. Non-GAAP operating margin held at a robust 48%, even as R&D (research and development) spending rose 10% to $1.9 billion. Free cash flow reached $3.5 billion for the quarter, up from $1.9 billion a year ago, boosted by the absence of a prior-year repatriation tax payment.

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Market Reaction and Investor Sentiment

Amgen shares closed the regular trading session on August 4, 2026, at $390.02, up 2.94% from the prior close, placing the stock within roughly 2% of its 52-week high of $398. After-hours trading saw a modest pullback of approximately 0.5%, suggesting that while investors broadly welcomed the results, much of the strength may have been priced in ahead of the release. The stock has returned approximately 33% over the past 12 months and is up nearly 21% year-to-date, reflecting sustained investor confidence in the company's ability to navigate the post-Prolia/XGEVA era. Sentiment heading into the print was cautiously optimistic, and the magnitude of the beat — combined with a raised full-year outlook — reinforced the view that Amgen's growth portfolio is scaling faster than legacy erosion is weighing on results.

Forward Outlook and Key Factors to Monitor

Amgen's raised 2026 guidance signals management's confidence that the second half of the year will sustain the momentum built through June. Total revenues are now expected between $38.2 billion and $39.4 billion, with non-GAAP EPS in the $22.30–$23.50 range. This implies a step-up in operating performance that investors will track closely against the trajectory of biosimilar competition.

Pipeline execution remains central to the long-term thesis. MariTide, Amgen's lead obesity candidate, is progressing through Phase 3 studies across multiple indications including type 2 diabetes, obesity, and chronic weight management. The discontinuation of AMG 513 narrows the obesity pipeline to a single clinical asset, concentrating investor attention on MariTide data readouts and regulatory milestones. Separately, the disclosure of a partial clinical hold by the FDA (U.S. Food and Drug Administration) on a subcutaneous blinatumomab study adds a layer of regulatory uncertainty in oncology that warrants monitoring.

Expanded indications for existing products also represent a meaningful catalyst. Repatha recently received a positive recommendation from the European Medicines Agency's CHMP (Committee for Medicinal Products for Human Use) for cardiovascular risk reduction in high-risk adults without prior heart attack or stroke, potentially unlocking a larger addressable market. In the U.S., Amgen continues to navigate pricing headwinds tied to the Inflation Reduction Act and the 340B program, particularly for Enbrel.

Finally, investors should note the upcoming CFO transition, with Peter Griffith departing and Thomas Dietrich returning to lead the finance function. Continuity in capital allocation strategy — including the company's commitment to a growing dividend, now at $2.52 per share after 15 consecutive years of increases — will be an area of focus in the quarters ahead.

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