Amgen Reports Strong Q2 2026 Results with 10% Revenue Growth — Amgen Inc.

Event summary

Amgen reported a 10% increase in total revenues to $10.1 billion for Q2 2026, with product sales growing 9% year-over-year.
GAAP earnings per share (EPS) increased 65% from $2.65 to $4.37, driven by higher revenues and improved operating margins.
Non-GAAP EPS increased 4% from $6.02 to $6.29, partially offset by higher operating expenses and income tax expense.
The company generated $3.5 billion of free cash flow in Q2 2026, up from $1.9 billion in the same period last year.
Key growth drivers included Repatha (evolocumab) with a 37% sales increase and EVENITY (romosozumab-aqqg) with a 38% sales increase.

The big picture

Amgen's strong Q2 2026 results reflect its strategic focus on expanding existing medicines through new indications and advancing pipeline molecules. The company's ability to deliver consistent revenue growth and improve operating margins positions it well in the competitive biotechnology landscape. However, regulatory challenges and competitive pressures will require careful navigation to maintain momentum.

What we're watching

Pipeline Progress: The advancement of MariTide through multiple Phase 3 studies and the ongoing development of Olpasiran (AMG 890) will be critical to sustaining long-term growth.
Regulatory Dynamics: Amgen's engagement with the FDA regarding TAVNEOS and the potential voluntary withdrawal from the U.S. market could impact future sales and regulatory strategy.
Competitive Positioning: The performance of biosimilars like PAVBLU (aflibercept-ayyh) and the company's ability to maintain market share against competitors will be key factors in future revenue growth.