# Amgen (AMGN) Q2 2026 earnings

Results filed 2026-08-04 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/amgn/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/318154/000031815426000124/0000318154-26-000124-index.htm
> Summaries and transcripts are machine-generated and can contain errors.

## 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Total revenues | $10.1 billion | up 10% from the second quarter of 2025 | GAAP |
| Net income | $2,375 | up from $1,432 a year ago | GAAP |
| GAAP diluted EPS | $4.37 | up 65% from $2.65 | GAAP |
| Non-GAAP diluted EPS | $6.29 | up 4% from $6.02 | non-GAAP |
| GAAP operating income | $3.5 billion | up from $2.7 billion | GAAP |
| GAAP operating margin | 36.8% | up 6.5 percentage points | GAAP |
| Non-GAAP operating margin | 48.4% | down 0.5 percentage points | non-GAAP |
| Net cash provided by operating activities | $4,002 | up from $2,280 a year ago | GAAP |
| Free cash flow | $3.5 billion | versus $1.9 billion in the second quarter of 2025 | non-GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Repatha | $953 million | up 37% year over year |
| EVENITY | $714 million | up 38% year over year |
| Prolia | $759 million | down 32% year over year |
| TEPEZZA | $576 million | up 14% year over year |
| UPLIZNA | $335 million | up 90% year over year |
| TEZSPIRE | $486 million | up 42% year over year |
| IMDELLTRA | $288 million | up 115% year over year |
| Enbrel | $580 million | down 4% year over year |

## Outlook

| Metric | Period | Outlook |
| --- | --- | --- |
| Total revenues | full year 2026 | $38.2 billion to $39.4 billion |
| GAAP EPS | full year 2026 | $15.80 to $17.08 |
| Non-GAAP EPS | full year 2026 | $22.30 to $23.50 |
| GAAP tax rate | full year 2026 | 14.5% to 16.0% |
| Non-GAAP tax rate | full year 2026 | 15.0% to 16.5% |
| Capital expenditures | full year 2026 | approximately $2.6 billion |
| Share repurchases | full year 2026 | not to exceed $3.0 billion |

## 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.

## Questions

**What were Amgen's key results in Q2 2026?** Total revenues rose 10% to $10.1 billion, GAAP EPS rose 65% to $4.37 and non-GAAP EPS rose 4% to $6.29. Free cash flow was $3.5 billion versus $1.9 billion a year ago.
**What is Amgen's full-year 2026 guidance?** Amgen expects total revenues of $38.2 billion to $39.4 billion and non-GAAP EPS of $22.30 to $23.50. It also expects capital expenditures of approximately $2.6 billion and share repurchases not to exceed $3.0 billion.
**Which Amgen products grew fastest and which declined?** IMDELLTRA rose 115% to $288 million, UPLIZNA rose 90% to $335 million and TEZSPIRE rose 42% to $486 million. Prolia fell 32%, XGEVA fell 34% and Otezla fell 21% as biosimilars and price pressure weighed.
**Why did non-GAAP EPS grow only 4%?** Higher revenues were partially offset by higher operating expenses and higher income tax expense. Non-GAAP operating expenses rose 11%, led by MariTide-related R&D, and the non-GAAP tax rate rose to 15.6%.
**What regulatory risks did Amgen flag in the release?** The FDA's Center for Drug Evaluation and Research has asked Amgen to voluntarily withdraw TAVNEOS, and Amgen requested a hearing on June 1, 2026. The FDA also placed a partial clinical hold on two subcutaneous blinatumomab studies.