Amgen Inc Earnings - Q2 2026 Analysis & Highlights
Amgen reported strong Q2 2026 results driven by portfolio breadth and six key growth drivers, with total revenues exceeding $10 billion and raised full-year guidance, while advancing a robust late-stage pipeline including MariTide, Olpasiran, and Xaluritamig across cardiovascular, rare disease, and oncology therapeutic areas.
Key Financial Results
Total revenues exceeded $10 billion, representing a 10% year-over-year increase.
22 products delivered double-digit sales growth and 17 products annualized at more than $1 billion based on second quarter sales.
Non-GAAP operating margin was 48%.
Non-GAAP cost of sales as a percentage of product sales was 19.6%, with the year-over-year increase primarily reflecting higher profit sharing and royalty expenses, as well as changes in sales mix.
Generated $3.5 billion in free cash flow in the second quarter.
Non-GAAP R&D spending increased 10% year-over-year in the second quarter.
Business Segment Results
Six key growth drivers grew at an aggregate rate of 26% year-over-year and represented nearly 70% of second quarter product sales.
Repatha delivered $953 million in second quarter sales, growing at 37% year-over-year, with new-to-brand prescriptions growing more than 50% year-over-year in the US.
EVENITY sales increased 38% in the second quarter to $714 million, building on 27% growth in the previous quarter.
TEZSPIRE sales grew 42% year-over-year, reaching $486 million, driven by strong demand in severe uncontrolled asthma.
Prolia and XGEVA combined delivered $1.1 billion in second quarter sales, a decrease of 33% year-over-year, in line with expectations given biosimilar competitors have launched.
Rare Disease portfolio grew 21% year-over-year to $1.6 billion.
UPLIZNA sales increased 90% year-over-year to $335 million in the second quarter, reflecting sustained momentum across all three approved indications.
TEPEZZA sales grew 14% year-over-year to $576 million in the second quarter.
Innovative Oncology portfolio grew 18% year-over-year, generating approximately $2 billion of sales in the second quarter.
IMDELLTRA sales increased 115% year-over-year to $288 million.
BLINCYTO sales increased 23% year-over-year to $472 million in the second quarter.
Biosimilar portfolio delivered 29% year-over-year growth, generating $855 million in sales in the second quarter.
PAVBLU, the biosimilar to EYLEA, increased sales 121% year-over-year to $287 million in the quarter.
Capital Allocation
Returned capital to shareholders through competitive dividend payments of $2.52 per share, representing a 6% increase compared to the second quarter of 2025.
Spent $500 million in the second quarter on capital expenditures, driven by investments across United States manufacturing sites, including North Carolina, Ohio and Puerto Rico.
Continue to expect capital expenditures of approximately $2.6 billion in 2026, reflecting significant investment in the business to scale manufacturing capacity for volume growth, including for MariTide launch.
Share repurchases not to exceed $3 billion.
Industry Trends and Dynamics
Volume demand for Amgen's products continues to grow strongly.
Repatha is the only PCSK9 inhibitor with Phase 3 outcomes data in both primary and secondary prevention.
Estimated 100 million patients worldwide are still above their LDL-C goals, representing significant market opportunity for Repatha.
Approximately 2 million women at very high risk of a fracture remain in the US market for EVENITY, with the product reaching only mid-single-digit penetration to-date.
TEZSPIRE was the market leader in new-to-brand prescription share in severe uncontrolled asthma among allergists in the second quarter.
Elevated Lp(a) is an independent, genetically defined risk factor for cardiovascular disease, affecting approximately one in five people.
EoE is a chronic progressive inflammatory disorder affecting over 400,000 patients in the US.
Approximately 350,000 or more patients with Sjögren's disease exist, with few effective therapies available.
Competitive Landscape
Amgen's deep biologics expertise, global manufacturing scale and commercial capabilities differentiate the company and support reliable supply for patients around the world.
Repatha has broad access and is uniquely positioned to close the treatment gap and drive sustained growth into the next decade.
UPLIZNA is well positioned to establish market leadership in the gMG category.
IMDELLTRA has emerged as the best-in-class treatment option to improve overall survival in the second line setting for small cell lung cancer.
IMDELLTRA is supported by NCCN recommendation.
Merck's oral PCSK9 recently got approved, but Repatha's label with over 50,000 patients on clinical trial experience reflected in a broad label that includes primary and secondary prevention is differentiated.
Repatha can be used as monotherapy or in combination with statins, with 10 years of real world experience.
Food restrictions exist with the new PCSK9 oral approval requiring careful attention to what patients eat in the first 30 minutes after taking the medicine.
Amgen has been quite successful in getting more and more accounts operationally ready to treat patients with IMDELLTRA, with over 2,000 accounts in the US currently using the drug.
Macroeconomic Environment
The document does not contain discussion of macroeconomic factors such as inflation, tariffs, trade, recession, or business cycle conditions.
Growth Opportunities and Strategies
Amgen is adding indications, broadening geographic reach, improving dosage administration, and expanding payer access across its medicines.
MariTide is fundamentally different from other GLP-1 therapies, as it is uniquely designed for monthly therapy with the potential for as few as four or six doses per year.
MariTide's Phase 3 dosing features a simple three-step dose escalation, allowing patients to start MariTide to reach their target dose in only two months, followed by monthly dosing thereafter.
MariTide's Phase 3 maintenance EXTENSION studies will evaluate how patients stay on MariTide and maintain weight loss, while transitioning from monthly dosing to as few as four or six doses per year.
Amgen is evaluating switching from weekly GLP-1 therapies to MariTide in a dedicated Phase 3 study with the goal of enabling patients to move from weekly injections to a maintenance schedule with as few as four or six doses per year.
Olpasiran advanced into two ongoing Phase 3 outcome studies in both primary and secondary prevention.
Deep Lp(a) suppression and quarterly dosing position Olpasiran for a potentially best-in-class profile.
IMDELLTRA is being actively advanced into earlier treatment lines, with three Phase 3 studies well underway.
Success in early stage IMDELLTRA settings would allow the drug to reach as many as 28,000 addressable patients in the US.
DeLLphi-309 is informing Amgen's strategy for extended interval dosing, while the new Phase 3 DeLLphi-315 study is evaluating subcutaneous tarlatamab.
Xaluritamig is advancing in two Phase 3 studies of metastatic castration-resistant prostate cancer.
UPLIZNA has established the benefit of CD19-directed B-cell depletion in severe autoimmune diseases, including NMOSD, myasthenia gravis and IgG4-related disease.
Amgen has initiated the registrational mercury study in autoimmune hepatitis, a disease affecting as many as 150,000 patients in the US.
Amgen is planning a Phase 3 study in chronic inflammatory demyelinating polyneuropathy, a rare and debilitating autoimmune condition affecting about 35,000 patients in the US.
Dazodalibep targets CD40 ligand mediated signaling between activated T cells and B cells, and has been designed to avoid the platelet-related adverse events observed with first-generation CD40 ligand targeting agents.
Two dedicated Phase 3 studies in symptomatic and systemic Sjögren's disease are being conducted, with results expected later in the year.
TEZSPIRE's Phase 3 study in eosinophilic esophagitis is expected to complete in the second half of the year.
Sunakiment is being developed as an inhaled anti-TSLP fragment antigen binding protein, with a Phase 3 program planned with AstraZeneca.
Amgen is applying AI strategically across discovery, development, manufacturing and access to medicines to improve insight, speed and decision quality.
Amgen recently established a frontier AI laboratory that combines advanced models with proprietary data and scientific capabilities unique to Amgen.
Amgen's business development strategy is focused on the therapeutic areas where the company thinks it can add value in research and development.
Amgen is looking primarily in smaller, earlier stage assets for external opportunities.
Amgen is developing a comprehensive cardiovascular risk reduction franchise with Repatha, Olpasiran, and MariTide.
The advancement of TEPEZZA's subcutaneous on-body injector represents a meaningful step forward, with Phase 3 data demonstrating comparable efficacy to IV TEPEZZA.
TEPEZZA is now launched in 13 countries around the world with an additional six planned in the coming months.
Since approval in the US, more than 25,000 patients have been treated with TEPEZZA.
Financial Guidance and Outlook
Amgen now expects 2026 total revenues in the range of $38.2 billion to $39.4 billion.
Non-GAAP earnings per share expected between $22.30 and $23.50 for 2026.
Expected other revenue to be approximately $1.9 billion for the full year.
Expected full year non-GAAP R&D expense to grow high-single-digits year-over-year, which includes nine ongoing global Phase 3 clinical trials for MariTide.
A business development transaction will result in a $100 million upfront payment that will increase non-GAAP R&D expense in the third quarter.
Non-GAAP other income and expense anticipated to be in the range of $2.1 billion to $2.2 billion of expense in 2026.
Full year non-GAAP operating margin as a percentage of product sales expected to be roughly 45% to 46%.
Expected a meaningful sequential increase in operating expenses in the third quarter, consistent with 2025.
Expected non-GAAP tax rate in the range of 15.0% to 16.5%.
Pipeline and Clinical Development
MariTide clinical development continues to progress rapidly, with nine ongoing and three additional planned Phase 3 studies across obesity and related serious chronic diseases.
OCEAN(a) is a double-blind, randomized controlled trial with 7,297 patients enrolled in record time.
Olpasiran demonstrated greater than 95% reduction in Lp(a) levels in Phase 2.
Amgen has decided to stop development of AMG 513, a Phase 1 asset.
Amgen's next generation of differentiated preclinical programs continues to progress, featuring both incretin and non-incretin mechanisms of action.
Next wave of biosimilars candidates for EYLEA HD, OPDIVO, KEYTRUDA and OCREVUS are in late stage clinical development.
Since first biosimilar approvals in 2018, the portfolio has generated more than $15 billion in sales.
In IgG4-related disease, 100% of patients who continued UPLIZNA treatment remained flare-free at year two, and 71.4% achieved complete remission without glucocorticoids.
IMDELLTRA has demonstrated strong survival benefit against commonly used chemotherapies in the second line setting.
