10-Q · April 30, 2026
Amgen's Q1 2026 results show strong performance with revenues of $8.618 billion and EPS of $5.15, both exceeding estimates. The company has raised its annual revenue guidance to a range of $37.1 billion to $38.5 billion…
Earnings analysis · 10-Q
AMGN earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Amgen delivered a strong Q2, with $10.054B of revenue and $6.29 EPS beating consensus by 6.7% and 12.3%, respectively, while free cash flow increased to $3.489B. Revenue growth accelerated both sequentially and year…
Read full summary
Amgen delivered a strong Q2, with $10.054B of revenue and $6.29 EPS beating consensus by 6.7% and 12.3%, respectively, while free cash flow increased to $3.489B. Revenue growth accelerated both sequentially and year over year, and management raised full-year revenue guidance to $38.2B-$39.4B. The principal offsets are increasingly concrete reimbursement pressure—especially on ENBREL and Otezla—and the potentially material TAVNEOS FDA withdrawal process.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $6.29
What stood out
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Revenue accelerated to $10.054B
Q2 revenue was $10.054B, up $1.434B, or 16.6%, from $8.620B in Q1 2026 and up $874M, or 9.5%, from $9.180B in Q2 2025. Revenue also exceeded the $9.425B consensus estimate by 6.7%.
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EPS beat consensus by 12.3%
Reported EPS of $6.29 exceeded the $5.60 consensus estimate by 12.3%. This compares with $3.34 in Q1 2026 and $2.65 in Q2 2025, although the filing extract does not provide a like-for-like GAAP/non-GAAP reconciliation for these comparisons.
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Free cash flow reached $3.489B
Free cash flow was $3.489B, up from $1.480B in Q1 2026 and $1.910B in Q2 2025, indicating a substantial sequential and year-over-year cash conversion improvement.
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Full-year revenue outlook raised
Management raised 2026 revenue guidance by $1.1B at both ends to $38.2B-$39.4B, versus $37.1B-$38.5B previously. The company also set GAAP EPS guidance at $15.80-$17.08 and non-GAAP EPS guidance at $22.30-$23.50.
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Growth portfolio offsets legacy pricing pressure
The filing says ENBREL’s Medicare Part D price, effective January 1, 2026, has negatively affected profitability, while Otezla’s Medicare price becomes effective January 2027. The ability to offset this pressure is supported by the reported 26% growth in six key growth drivers.
What to watch
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Medicare price-setting exposure expands
The updated pricing risk factor notes CMS-set Part D prices for ENBREL effective January 1, 2026 and Otezla effective January 2027 at significantly lower levels. The IRA program begins with 10 drugs in 2026, adds 15 in each of 2027 and 2028 and 20 annually from 2029, with approximately 100 drugs potentially subject to set prices by 2031.
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TAVNEOS faces proposed FDA withdrawal
FDA proposed withdrawal of TAVNEOS approval on April 27, 2026; Amgen requested a hearing on June 1, 2026 and submitted supporting information on July 23, 2026. The FDA’s March 31, 2026 communication cited serious liver injury, including fatal cases, and reported VBDS cases have largely occurred in patients aged 65 or older within 90 days of starting treatment.
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Single-source manufacturing and recall risk
Supply-chain exposure increased with the Horizon acquisition, which added more than 30 contract manufacturing organizations, many single-source. The filing also discloses June 2026 recalls of certain KYPROLIS lots in Türkiye and Corlanor and Sensipar lots in the U.S.; while immaterial so far, future disruptions could constrain supply.
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Cyber and third-party data exposure
The risk-factor update describes an expanded cybersecurity exposure, including a cybersecurity incident disclosed in an Item 1.05 Form 8-K on July 31, 2026. It also cites a November 2025 third-party provider incident involving accessed and disclosed Amgen-related information, although neither event was deemed material to operations.
Management's outlook
Full-year 2026 revenue guidance was raised to $38.2B-$39.4B from $37.1B-$38.5B. GAAP EPS guidance is $15.80-$17.08 (from $15.62-$17.10); non-GAAP EPS guidance is $22.30-$23.50.
Earlier filings 4
10-K · February 13, 2026
Amgen reported product sales of $35,148 million in 2025, up from $32,026 million in 2024, and continues to broaden its clinical footprint with multiple regulatory approvals and positive Phase 3 data (Repatha…
10-Q · August 6, 2025
Amgen reported a strong quarter with total revenues of $9,179 million (Q2 2025) versus $8,388 million in Q2 2024 and diluted EPS of $2.65 versus $1.38 a year ago. Gross margin expanded to 67.2% and operating margin to…
10-Q · May 2, 2025
Amgen reported Q1 2025 consolidated revenues of $8,149 million (vs. $7,447 million in Q1 2024) and returned to profitability with net income of $1,730 million and diluted EPS of $3.20. Gross margin expanded to 63.6%…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.