Amgen (AMGN) Q2 2026 Earnings
How Did AMGN Stock React to Q2 2026 Earnings?
S&P 500 over the same 30 days: +0.05%.
Did AMGN Beat Earnings? Q2 2026 Results
Yes. Amgen reported Q2 2026 earnings of $6.29 a share on Aug 4, 2026, beating the $5.62 consensus estimate by 12.0%. Revenue was $10.1B against a $9.4B estimate.
Amgen posted a standout second quarter for fiscal 2026, beating Wall Street expectations on both the top and bottom lines and extending its adjusted EPS consensus beat streak to five consecutive quarters. Adjusted EPS of $6.29 topped the $5.62 consensus estimate by nearly 12%, while revenue climbed 9.7% year over year to $10.05 billion, clearing the $9.42 billion consensus by 6.73%. The primary engine behind the revenue strength was a 26% collective surge from six key growth drivers, including Repatha, TEZSPIRE, and IMDELLTRA, which together now account for nearly 70% of quarterly product sales, more than offsetting steep biosimilar-driven declines in Prolia and XGEVA. Free cash flow nearly doubled to $3.50 billion, further underlining the operational momentum. Mizuho Securities lifted its price target on the stock to $352 following the results, reflecting renewed confidence in Amgen's trajectory. Looking ahead, the company raised its full-year 2026 revenue guidance to a range of $38.20 billion to $39.40 billion, with non-GAAP EPS expected between $22.30 and $23.50.
- Six key growth drivers (Repatha, EVENITY, TEZSPIRE, UPLIZNA, BLINCYTO, IMDELLTRA) grew 26% YoY, generating nearly 70% of product sales
- Twenty-two products delivered at least double-digit sales growth
- Volume growth was the primary driver of product sales increase
- PAVBLU benefited from being the only commercially available biosimilar to EYLEA in the U.S.
- Free cash flow increase reflects the absence of a final repatriation tax payment made in Q2 2025
- GAAP cost of sales as a percentage of product sales decreased 4.8 percentage points due to lower amortization expense from acquisition-related assets
“Our results demonstrate strong performance across our business. Our six key growth drivers grew 26% year over year, generating nearly 70% of second-quarter product sales. As we expand the potential of our existing medicines through new indications and advance the next wave of pipeline molecules through Phase 3, we remain confident in our ability to deliver growth well into the next decade.”
Amgen CEO, on the earnings call
What Is Amgen's Outlook?
For full year 2026, Amgen expects total revenues of $38.2 billion to $39.4 billion. GAAP EPS is guided at $15.80 to $17.08, with a GAAP tax rate of 14.5% to 16.0%. Non-GAAP EPS is guided at $22.30 to $23.50, with a non-GAAP tax rate of 15.0% to 16.5%. Capital expenditures are expected to be approximately $2.6 billion. Share repurchases are not to exceed $3.0 billion.
AMGN YoY Financials
| Metric | Q2 2026 | Q2 2025 | Year over year |
|---|---|---|---|
| Revenue | $10.1B | $9.2B | +9.7% |
| Gross Profit | $6.7B | $6.2B | +9.3% |
| Operating Income | $3.5B | $2.6B | +32.9% |
| Net Income | $2.4B | $1.4B | +65.9% |
AMGN Revenue by Segment
AMGN Revenue by Geography
When Does Amgen Report Next?
Figures from SEC filings and company reports. Not investment advice.