◆ Inside the Latest Quarter (Q2 2026)

Amgen (AMGN) — the variant view

In the second quarter of 2026 Amgen's young drugs grew 26% while Prolia and XGEVA fell a third, and revenue still rose 10%.

📈 AMGN valuation, revenue & earnings — P/E, P/S, revenue, EPS →

Amgen's second quarter of 2026 showed the growth drivers outrunning the patent losses. Total revenues were $10,054 million, up 10%, and product sales $9,537 million, up 9%1. Operating income was $3,514 million against $2,656 million, net income $2,375 million against $1,432 million, and GAAP earnings per share $4.37 against $2.652. Non-GAAP earnings per share rose 4% from $6.02 to $6.293.

Q2 2026 sales growth by product (%)+115%IMDELLTRA+90%UPLIZNA+42%TEZSPIRE+37%Repatha-21%Otezla-32%Prolia-34%XGEVAAmgen Q2 2026 results release
The young drugs outran the patent losses.

The growth came from the young drugs. The chief executive said six key growth drivers grew 26% and generated nearly 70% of product sales, and that seventeen products are annualizing at more than $1 billion4. Repatha grew 37%, EVENITY 38%, TEZSPIRE 42%, UPLIZNA 90%, IMDELLTRA 115% and PAVBLU 121%5.

The losses were concentrated. Prolia fell 32% and XGEVA 34% as biosimilars launched6; Otezla fell 21% and ENBREL 4%, the latter with a 22% lower net selling price under Medicare price setting7. Margins were squeezed a little: non-GAAP cost of sales rose to 19.6% of product sales from 17.7%, and the non-GAAP operating margin was 48.4%8.

Cash was strong. Free cash flow was $3,489 million against $1,911 million9, and cash stood at $13,989 million10. Debt was $57.3 billion11, and the quarterly dividend rose 6% to $2.5212. Amgen raised its 2026 revenue guidance to $38.2 to $39.4 billion13.

After the quarter came two events: a material cybersecurity incident disclosed on 31 July14, and the positive dazodalibep Phase 3 in September15.

GAAP profit rose much faster than the non-GAAP measure, for an accounting reason. Cost of sales as a share of product sales fell 4.8 points, driven by lower amortization expense from acquisition-related assets16, and the GAAP operating margin rose 6.5 points to 36.8% of product sales17. First-half GAAP earnings per share were $7.71 against $5.8418. The gap between the two measures, mostly the cost of past purchases, is closing.

What to check next is third-quarter denosumab sales. If Prolia and XGEVA keep falling at about a third while the growth drivers hold above 20%, the guidance will hold; a faster denosumab decline would test it.

References
  1. ReportedTotal revenues were $10,054 million, up 10%, and product sales $9,537 million, up 9%.
    Amgen second-quarter 2026 results release, Form 8-K exhibit 99.1 - product sales performance: inflammation, rare disease and established products, and sales by region. — Q2 2026 · publ. 4 August 2026 · source ↗
  2. ReportedOperating income was $3,514 million against $2,656 million, net income $2,375 million against $1,432 million, and GAAP earnings per share $4.37 against $2.65.
    Amgen second-quarter 2026 results release, Form 8-K exhibit 99.1 - financial results, margins, cash flow and 2026 guidance. — Q2 2026 · publ. 4 August 2026 · source ↗
  3. ReportedNon-GAAP earnings per share rose 4% from $6.02 to $6.29.
    Amgen second-quarter 2026 results release, Form 8-K exhibit 99.1 - financial results, margins, cash flow and 2026 guidance. — Q2 2026 · publ. 4 August 2026 · source ↗
  4. ReportedThe chief executive said six key growth drivers grew 26% and generated nearly 70% of product sales, and that seventeen products are annualizing at more than $1 billion.
    Amgen second-quarter 2026 results release, Form 8-K exhibit 99.1 - product sales performance: inflammation, rare disease and established products, and sales by region. — Q2 2026 · publ. 4 August 2026 · source ↗
  5. ReportedRepatha grew 37%, EVENITY 38%, TEZSPIRE 42%, UPLIZNA 90%, IMDELLTRA 115% and PAVBLU 121%.
    Amgen second-quarter 2026 results release, Form 8-K exhibit 99.1 - product sales performance: Repatha, EVENITY, Prolia and XGEVA. — Q2 2026 · publ. 4 August 2026 · source ↗
  6. ReportedProlia fell 32% and XGEVA 34% as biosimilars launched; Otezla fell 21% and ENBREL 4%, the latter with a 22% lower net selling price under Medicare price setting.
    Amgen second-quarter 2026 results release, Form 8-K exhibit 99.1 - product sales performance: Repatha, EVENITY, Prolia and XGEVA. — Q2 2026 · publ. 4 August 2026 · source ↗
  7. ReportedProlia fell 32% and XGEVA 34% as biosimilars launched; Otezla fell 21% and ENBREL 4%, the latter with a 22% lower net selling price under Medicare price setting.
    Amgen second-quarter 2026 results release, Form 8-K exhibit 99.1 - product sales performance: Repatha, EVENITY, Prolia and XGEVA. — Q2 2026 · publ. 4 August 2026 · source ↗
  8. ReportedMargins were squeezed a little: non-GAAP cost of sales rose to 19.6% of product sales from 17.7%, and the non-GAAP operating margin was 48.4%.
    Amgen second-quarter 2026 results release, Form 8-K exhibit 99.1 - financial results, margins, cash flow and 2026 guidance. — Q2 2026 · publ. 4 August 2026 · source ↗
  9. ReportedFree cash flow was $3,489 million against $1,911 million, and cash stood at $13,989 million.
    Amgen second-quarter 2026 results release, Form 8-K exhibit 99.1 - financial results, margins, cash flow and 2026 guidance. — Q2 2026 · publ. 4 August 2026 · source ↗
  10. ReportedFree cash flow was $3,489 million against $1,911 million, and cash stood at $13,989 million.
    Amgen Form 10-Q for the quarter ended 30 June 2026 - product sales, the TAVNEOS proceeding, the IRS dispute, the BeOne stake and the balance sheet. — Q2 2026 · publ. 5 August 2026 · source ↗
  11. ReportedDebt was $57.3 billion, and the quarterly dividend rose 6% to $2.52.
    Amgen second-quarter 2026 results release, Form 8-K exhibit 99.1 - financial results, margins, cash flow and 2026 guidance. — Q2 2026 · publ. 4 August 2026 · source ↗
  12. ReportedDebt was $57.3 billion, and the quarterly dividend rose 6% to $2.52.
    Amgen second-quarter 2026 results release, Form 8-K exhibit 99.1 - financial results, margins, cash flow and 2026 guidance. — Q2 2026 · publ. 4 August 2026 · source ↗
  13. ReportedAmgen raised its 2026 revenue guidance to $38.2 to $39.4 billion.
    Amgen second-quarter 2026 results release, Form 8-K exhibit 99.1 - financial results, margins, cash flow and 2026 guidance. — Q2 2026 · publ. 4 August 2026 · source ↗
  14. ReportedAfter the quarter came two events: a material cybersecurity incident disclosed on 31 July, and the positive dazodalibep Phase 3 in September.
    Amgen Form 8-K, Item 1.05 material cybersecurity incident. — July 2026 · publ. 31 July 2026 · source ↗
  15. ReportedAfter the quarter came two events: a material cybersecurity incident disclosed on 31 July, and the positive dazodalibep Phase 3 in September.
    Amgen press release - positive topline Phase 3 results for dazodalibep in moderate-to-severe systemic Sjogren's disease. — September 2026 · publ. September 2026 · source ↗
  16. ReportedCost of sales as a share of product sales fell 4.8 points, driven by lower amortization expense from acquisition-related assets, and the GAAP operating margin rose 6.5 points to 36.8% of product sales.
    Amgen second-quarter 2026 results release, Form 8-K exhibit 99.1 - financial results, margins, cash flow and 2026 guidance. — Q2 2026 · publ. 4 August 2026 · source ↗
  17. ReportedCost of sales as a share of product sales fell 4.8 points, driven by lower amortization expense from acquisition-related assets, and the GAAP operating margin rose 6.5 points to 36.8% of product sales.
    Amgen second-quarter 2026 results release, Form 8-K exhibit 99.1 - financial results, margins, cash flow and 2026 guidance. — Q2 2026 · publ. 4 August 2026 · source ↗
  18. ReportedFirst-half GAAP earnings per share were $7.71 against $5.84.
    Amgen Form 10-Q for the quarter ended 30 June 2026 - product sales, the TAVNEOS proceeding, the IRS dispute, the BeOne stake and the balance sheet. — Q2 2026 · publ. 5 August 2026 · source ↗
Sources
Generated September 28, 2026