Amgen Q2 2026 earnings: summary, key numbers & outlook

In brief

Amgen reported second quarter 2026 total revenues up 10% to $10.1 billion, GAAP EPS of $4.37 (up 65% from $2.65) and non-GAAP EPS of $6.29 (up 4% from $6.02).

Amgen's second-quarter revenue rose 10% to $10.1 billion, with product sales up 9% on volume growth. Repatha, EVENITY, TEZSPIRE, UPLIZNA and IMDELLTRA grew strongly, while Prolia and XGEVA fell as biosimilars launched. GAAP EPS rose 65% to $4.37 on higher revenues. Non-GAAP EPS rose 4% to $6.29 because operating expenses grew faster than revenue. Free cash flow was $3.5 billion, up from $1.9 billion a year earlier.

For full-year 2026, Amgen expects total revenues of $38.2 billion to $39.4 billion and non-GAAP EPS of $22.30 to $23.50. The main tension is that biosimilar competition, Medicare Part D price setting on Enbrel and rising MariTide obesity spending weigh on margins. The FDA's request to withdraw TAVNEOS and the partial clinical hold on subcutaneous blinatumomab studies add regulatory risk.

Key numbers

Total revenues · GAAP

$10.1 billion

up 10% from the second quarter of 2025

Net income · GAAP

$2.4B

up from $1,432 a year ago

GAAP diluted EPS · GAAP

$4.37

up 65% from $2.65

Non-GAAP diluted EPS · non-GAAP

$6.29

up 4% from $6.02

GAAP operating income · GAAP

$3.5 billion

up from $2.7 billion

GAAP operating margin · GAAP

36.8%

up 6.5 percentage points

Non-GAAP operating margin · non-GAAP

48.4%

down 0.5 percentage points

Net cash provided by operating activities · GAAP

$4.0B

up from $2,280 a year ago

Calculated by code from XBRL, not by the model.

Outlook

Key takeaways

1. Growth drivers delivered nearly 70% of product sales

   Amgen said its six key growth drivers grew 26% year over year and generated nearly 70% of second-quarter product sales. Twenty-two products delivered at least double-digit sales growth.

2. Biosimilars are eroding Prolia and XGEVA

   Prolia sales fell 32% to $759 million and XGEVA fell 34% to $352 million as multiple biosimilars launched globally. Prolia volume was 20% lower and net selling price 12% lower.

3. Non-GAAP EPS grew slower than revenue

   Non-GAAP EPS rose 4% to $6.29 while total revenues rose 10%. Non-GAAP operating expenses increased 11%, and the non-GAAP operating margin fell 0.5 percentage points to 48.4%.

4. Free cash flow rose to $3.5 billion

   Free cash flow was $3.5 billion versus $1.9 billion a year earlier, helped by the final repatriation tax payment falling in the second quarter of 2025. Debt outstanding was $57.3 billion and there were no share repurchases.

5. MariTide spending rises as regulatory issues emerge

   R&D rose 10% non-GAAP, driven mainly by MariTide Phase 3 programs. Amgen is engaging the FDA on a request to withdraw TAVNEOS, and subcutaneous blinatumomab studies are under a partial clinical hold.

Charts

Questions

Documents

SEC filing

• EARNINGS RELEASEEX-99.1 ↗
• Form 8-K filing indexSEC ↗