Amgen Inc. (AMGN) Earnings

Amgen Inc.

AMGN · NASDAQ-GS

Sep 2026upcoming

Next quarter

Consensus is $5.71 EPS for Sep 2026 across 6 estimates, ranging $5.43 to $5.88.

AMGN Jun 2026

Reported Aug 4, 2026

Beat 12.32%

EPS estimate: $5.60
EPS actual: $6.29
Revenue estimate: —
Revenue actual: —
1-day move: —

Highlights

Amgen reported second-quarter revenue of $10,054 million, up from $9,179 million in the year-ago quarter, while net income increased to $2,375 million from $1,432 million.
The company has one reportable segment, human therapeutics. Product sales were $9,537 million, including U.S. sales of $6,990 million and ROW sales of $2,547 million; other revenues were $517 million.
Key product sales included Prolia at $759 million, EVENITY at $714 million, TEPEZZA at $576 million, Otezla at $491 million, ENBREL at $580 million, and Repatha at $953 million.
Growth products included TEZSPIRE at $486 million, BLINCYTO at $472 million, Nplate at $430 million, KRYSTEXXA at $400 million, UPLIZNA at $335 million, and IMDELLTRA/IMDYLLTRA at $288 million.
Second-quarter segment net income was $2,375 million. Manufacturing cost of sales was $2,139 million, research and development was $1,868 million, sales and marketing was $1,155 million, and general and administrative expense was $590 million; no forward revenue, earnings, margin, or capital-expenditure guidance was provided.

Analysis

No consensus figures are available, so the quarter cannot be assessed against an external expectation. Revenue rose to $10,054 million from $9,179 million in the prior-year quarter, and net income climbed to $2,375 million from $1,432 million. Product sales increased to $9,537 million from $8,771 million, with Repatha, EVENITY, TEPEZZA, TEZSPIRE, BLINCYTO, Nplate, KRYSTEXXA, UPLIZNA and IMDELLTRA/IMDYLLTRA all above their year-ago sales figures. Those gains offset declines in Otezla, ENBREL, XGEVA, Aranesp and KYPROLIS. Manufacturing cost of sales fell to $2,139 million from $2,484 million, helped by lower acquisition-related inventory step-up amortization, while research and development and sales and marketing expenses increased. Profit share and royalties rose to $672 million from $527 million, and the effective tax rate increased to 14.2% from 8.7%. The filing does not report gross or operating margins.

Guidance

The supplied filing provides no forward revenue, earnings-per-share, margin, product-sales, subscriber, unit, or capital-expenditure guidance for the remainder of 2026 or subsequent periods. It therefore gives no ranges to compare with a prior guide and includes no management assumptions or caveats attached to a formal outlook. The only forward-looking timing information in the material is that Amgen expects a U.S. Tax Court decision on its 2010–2015 tax disputes no earlier than late 2026 or early 2027. Management also says final resolution of the tax matters is unlikely within the next 12 months and that payments could substantially exceed accrued amounts.

What drove it

Repatha growth: Second-quarter Repatha revenue was $953 million, compared with $696 million in the prior-year quarter.
Newer products: Second-quarter sales were $486 million for TEZSPIRE, $472 million for BLINCYTO, $430 million for Nplate, $400 million for KRYSTEXXA, $335 million for UPLIZNA, and $288 million for IMDELLTRA/IMDYLLTRA.
Cost improvement: Manufacturing cost of sales declined to $2,139 million from $2,484 million, while acquisition-related inventory step-up amortization declined to $60 million from $339 million.
Royalty burden: Profit share and royalties in cost of sales increased to $672 million from $527 million.

Watch items

Several established products declined year over year, including Otezla at $491 million versus $618 million, ENBREL at $580 million versus $604 million, XGEVA at $352 million versus $532 million, and KYPROLIS at $314 million versus $378 million.
The effective tax rate increased to 14.2% from 8.7%, primarily because of earnings mix and lower amortization expense from acquisition-related assets.
The IRS tax disputes for 2010–2012 and 2013–2015 seek approximately $3.6 billion and $5.1 billion of additional federal tax, respectively; the latter also asserts approximately $2.0 billion of penalties.
Amgen recorded a $227 million unrealized loss on its BeOne investment in the quarter and a $357 million loss for the first six months, compared with a $1.1 billion gain in the prior-year first half.

Amgen Inc. Jun 2026 filing

Symbol: AMGN
Type: Stock
Sector: Health Care
Industry: Biotechnology: Biological Products (No Diagnostic Substances)
Country: North America
Exchange: NASDAQ-GS

Amgen discovers, develops, manufactures and delivers innovative medicines to fight some of the world's toughest diseases. Harnessing the best of biology and technology, Amgen reaches millions of patients with its medicines. More than 45 years ago, Amgen helped establish the biotechnology industry at its U.S. headquarters in Thousand Oaks, California, and it remains at the cutting edge of innovation, using technology and human genetic data to push beyond what is known today. Amgen is advancing a broad and deep pipeline and portfolio of medicines to treat cancer, heart disease, inflammatory conditions, rare diseases and obesity and obesity-related conditions. Amgen has been consistently recognized for innovation and workplace culture, including honors from Fast Company and Forbes.

Key Issues

Bullish view

Amgen exceeded second-quarter earnings and revenue expectations by 12.32% and 6.52%, respectively, and raised 2026 earnings guidance. Those results support the view that operating momentum is improving.

Bearish view

The evidence confirms a single-quarter beat and higher guidance but does not establish how durable the improvement will be. Without the size or details of the guidance increase, the earnings outlook remains difficult to assess.

Analyst Consensus

See all

Hold

24 analysts

$406

Current

—

Low

$370

Average

—

High

Average target implies -8.90% versus the current price.

Earnings History

BeatMissNo estimate