Amgen AMGN reported second-quarter 2026 adjusted earnings of $6.29 per share, up 4% year over year. Earnings beat the Zacks Consensus Estimate of $5.60 as higher revenues were partially offset by higher operating costs and taxes.
Total revenues increased 10% to $10.1 billion and surpassed the consensus estimate of $9.44 billion.
Total product sales increased 9% year over year to $9.54 billion, driven by higher volumes, which offset the impact of lower pricing.
Amgen's Bone and Heart Drugs Top Expectations
Repatha sales surged 37% year over year to $953 million, exceeding the Zacks Consensus Estimate of $907 million. The increase was driven by volume growth. New-to-brand prescriptions in the United States rose more than 50%, supported by increased use in secondary prevention and high-risk primary prevention patients.
Evenity sales climbed 38% to $714 million, topping the consensus estimate of $636 million.
Prolia sales declined 32% to $759 million but exceeded the estimate of $728 million as multiple biosimilars affected volumes and pricing. Xgeva revenues fell 34% to $352 million, slightly missing the consensus mark of $356 million.
Patents for Prolia and Xgeva expired in 2025. Sales of these best-selling drugs are eroding significantly in 2026 as several biosimilars have been launched globally.
Shares of Amgen have risen 19.6% so far this year compared with the industry’s rise of 0.8%.
AMGN's Inflammation and Oncology Mix
Asthma drug Tezspire sales rose 42% year over year to $486 million, marginally exceeding the Zacks Consensus Estimate of $483 million. Demand increased in severe uncontrolled asthma, while uptake of its new indication of chronic rhinosinusitis with nasal polyps was encouraging.
Amgen has a partnership with AstraZeneca AZN for Tezspire. Amgen and AstraZeneca share costs and profits equally after AstraZeneca pays a mid-single-digit inventor royalty to Amgen.
While AstraZeneca leads development, Amgen leads manufacturing.
Otezla sales declined 21% to $491 million, missing the consensus estimate of $562 million, due to lower pricing and volume.
Enbrel revenues decreased 4% to $580 million due to lower selling prices (including the impact from increased 340B program mix and Medicare Part D redesign), partially offset by favorable changes to estimated sales deductions. Enbrel sales topped the estimate of $466 million.
In oncology, Blincyto sales increased 23% to $472 million, surpassing the consensus estimate of $457 million. Growth reflected broader prescribing in U.S. academic and community settings and strong international demand.
New cancer drug Imdelltra’s sales rose 11.6% sequentially to $288 million, supported by increased adoption in second-line small-cell lung cancer.
Amgen's Rare Disease Portfolio Expands
Uplizna revenues increased 90% year over year to $335 million, beating the Zacks Consensus Estimate of $306 million. Performance reflected sustained momentum across its three approved indications, aided by broader physician adoption and the drug’s twice-yearly maintenance dosing.
Tepezza sales advanced 14% to $576 million, driven by higher volumes and pricing. Krystexxa revenues rose 15% to $400 million. Tavneos sales increased 36% to $150 million.
Overall, Amgen’s rare-disease portfolio generated $1.6 billion in quarterly revenues, up 21%, supported by international expansion, additional indications and pricing.
Total biosimilar sales were $855 million in the quarter, up 29% year over year.
As regards new biosimilars, sales of Wezlana, a biosimilar version of J&J’s Stelara, were $61 million, compared with $47 million the previous quarter, entirely from ex-U.S. markets. Pavblu, a biosimilar of Regeneron’s Eylea, generated sales of $287 million in the quarter, up 2.5% sequentially, driven by increased adoption among retina specialists. Sales of Amjevita/Amgevita, a biosimilar of AbbVie’s Humira, were $155 million in the quarter, up 17% year over year.
AMGN’s Cost and Margin Discussion
Adjusted operating margin declined 0.5 percentage points year over year to 48.4% in the second quarter.
Adjusted operating expenses increased 11% to $5.44 billion. R&D expenses rose 10% year over year to $1.85 billion, reflecting higher spending on late-stage clinical programs, particularly MariTide. SG&A expenses increased 4% to $1.72 billion, mainly due to higher general and administrative expenses and increased commercial product-related spending.
AMGN Raises 2026 Guidance
Amgen raised its total revenue guidance for 2026 to a range of $38.2 billion to $39.4 billion. The company previously expected revenues between $37.1 billion and $38.5 billion.
Adjusted earnings guidance was increased to $22.30-$23.50 per share from the prior range of $21.70-$23.10. The improved outlook reflects strong first-half execution and continued momentum across the company’s key growth products.
Our Take on AMGN’s Q2 Results
Amgen delivered a strong second quarter, beating estimates for both earnings and revenues. Broad-based volume growth across Repatha, Evenity, Tezspire, Uplizna and oncology products more than offset biosimilar erosion for Prolia and Xgeva and weakness in mature brands like Otezla and Enbrel. New biosimilar products are also contributing to sales growth.
Twenty-two products achieved double-digit sales growth in the quarter.
Amgen’s key growth drivers, which include Repatha, Evenity, Tezspire and oncology and rare disease drugs, as well as biosimilar products, rose 26% year over year in the second quarter. These key growth drivers represented almost 70% of Amgen’s total product sales.
Amgen also raised its financial outlook for 2026, for the second time this year, reinforcing management’s confidence in the portfolio.
However, declining sales of mature products and intensifying biosimilar competition remain near-term challenges. Amgen faces a significant patent-expiration overhang as key products such as Prolia, Xgeva, Enbrel and Otezla have either already lost exclusivity or are expected to do so within the next few years.
Investors are keeping an eye on Amgen’s progress with its obesity candidate, MariTide.
Amgen is developing MariTide, a GIPR/GLP-1 receptor, as a single dose in a convenient autoinjector device with monthly and maybe less frequent dosing. This key feature differentiates it from Eli Lilly’s LLY and Novo Nordisk’s NVO popular GLP-1-based obesity drugs, Zepbound (tirzepatide) and Wegovy (semaglutide), respectively, which are weekly injections. A monthly therapy like MariTide may help reduce treatment burden for patients and improve persistence on treatment over time.
Amgen has nine global phase III studies underway with MariTide in obesity, type II diabetes and other obesity-related conditions.
Along with the earnings results, Amgen announced that it will discontinue further development of AMG 513, while its ongoing phase I obesity study will continue until all enrolled participants complete the study.
AMGN’s Zacks Rank
Amgen currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Amgen Inc. Price and Consensus
Amgen Inc. price-consensus-chart | Amgen Inc. Quote
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