AMGEN Inc
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +4.66%.
Did AMGN Beat Earnings? Q1 2026 Results
Amgen delivered a clean beat across both top and bottom lines in the first quarter of 2026, extending its streak of beating consensus EPS estimates to four consecutive quarters as the biotech reported non-GAAP earnings of $5.15 per share, ahead of the $4.77 consensus by 8.04%, on revenues of $8.62 billion that edged past expectations by 0.55% and grew 5.8% year over year. The primary engine behind the quarter was broad-based volume growth of 9% across the portfolio, with standout contributions from high-growth brands including IMDELLTRA, up 219%, and UPLIZNA, up 188% following its expansion into generalized myasthenia gravis, helping offset accelerating declines in Prolia and XGEVA as biosimilar competition intensified globally. A notable shadow on the quarter came from the FDA's proposal to withdraw approval of TAVNEOS, citing concerns about the original application, though the drug remains on the market while Amgen contests the decision. The company maintained its full-year 2026 revenue guidance of $37.10 billion to $38.50 billion, with non-GAAP EPS expected between $21.70 and $23.10.
- 9% volume growth across the portfolio partially offset by 2% lower net selling price and 2% from lower inventory levels
- 16 products delivered double-digit sales growth; 17 products annualizing above $1 billion
- Repatha 34% growth driven by 35% volume growth
- UPLIZNA 188% growth driven by volume growth and myasthenia gravis expansion
- IMDELLTRA/IMDYLLTRA 219% growth driven by volume growth in SCLC
- TEPEZZA 29% growth driven by 22% impact from higher inventory levels and higher net selling price
- Prolia and XGEVA declined 34% and 27% respectively due to biosimilar competition
- Enbrel declined 37% due to Medicare Part D IRA price setting effective January 2026 and increased 340B mix
- Lower amortization expense from acquisition-related assets improved GAAP operating margins
- R&D expenses increased 16% driven by MariTide later-stage clinical programs
“Our first quarter results demonstrate the strength of our business, with 16 brands achieving double-digit growth, enabling us to grow through expected patent expirations and increased competition. With a new wave of molecules progressing in Phase 3 clinical development, we're confident in our ability to deliver attractive long-term growth.”
Amgen CEO, on the earnings call
Forward Guidance & Outlook
For full year 2026, Amgen expects total revenues of $37.1 billion to $38.5 billion, GAAP EPS of $15.62 to $17.10, non-GAAP EPS of $21.70 to $23.10, GAAP tax rate of 14.5% to 16.0%, non-GAAP tax rate of 15.0% to 16.5%, capital expenditures of approximately $2.6 billion, and share repurchases not to exceed $3.0 billion. The company expects accelerated sales erosion for Prolia and XGEVA driven by increased biosimilar competition. TAVNEOS faces a potential FDA approval withdrawal, though it remains on the market during the proceedings. The company plans to initiate three Phase 3 studies of MariTide in Type 2 diabetes in 2026.
AMGN YoY Financials
AMGN Revenue by Segment
AMGN Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.