Amgen Stock Earnings Reports

Amgen reported a strong Q1 2026 driven by its six key growth drivers, which generated ~70% of product sales and grew 24% year-over-year. Product sales grew 4% overall despite ongoing loss of exclusivity headwinds; notable commercial highlights include Repatha (+34% to $876M) supported by VESALIUS‑CV primary prevention data and guideline momentum, EVENITY (+27% to $562M), TEZSPIRE (+20% to $343M), growing rare‑disease franchises including UPLIZNA (+188% to $262M), TEPEZZA (+29% to $490M), and a 14% biosimilars revenue increase. IMDELLTRA is establishing itself as a standard in second‑line small cell lung cancer with expansion into earlier lines underway. MariTide (an antibody‑peptide GLP/GIP candidate) continues to advance in Phase III with newly announced switch and long‑term maintenance studies exploring monthly, every‑8‑week and quarterly dosing and a 3‑step titration approach that has reduced GI side effects in early studies. R&D and AI/data initiatives are being scaled across the company. Financially, Amgen raised 2026 guidance to $37.1–$38.5B in total revenue and $21.70–$23.10 non‑GAAP EPS, targets ~45% non‑GAAP operating margin on product sales, expects ~$2.6B capex for 2026, and plans share repurchases not to exceed $3B. Risks called out include accelerating erosion for Prolia/XGEVA from biosimilars and an ongoing IRS audit/NOPA (2016–2018) that, if sustained, could be materially adverse.