Amgen Eyes 2026 ‘Springboard’ as Growth Drugs Offset Patent Pressure

Key Points

• Amgen said its strong first-quarter results support the idea that 2026 could be a “springboard year”, with revenue up 6% and EPS up 5% as growth products offset patent and exclusivity pressure on older drugs.
• The company highlighted several major growth drivers — including Repatha, EVENITY, TEZSPIRE, oncology, rare disease and biosimilars — which together made up about 70% of first-quarter product sales and grew 24% year over year.
• Amgen is also leaning on its pipeline, especially MariTide for obesity and diabetes, plus late-stage programs like olpasiran and xaluritamig, while continuing to expand UPLIZNA and other rare-disease launches.

Amgen NASDAQ: AMGN executives said the company’s first-quarter performance supports its view that 2026 can serve as a “springboard year,” with growth products helping offset increased competition for the denosumab franchise and other losses of exclusivity.

Speaking at a Goldman Sachs event, Peter Griffith, Amgen’s chief financial officer, said first-quarter revenue rose 6% year-over-year and non-GAAP earnings per share increased 5%. He said 16 products delivered double-digit or better sales growth, while 17 products were annualizing at more than $1 billion in product sales based on first-quarter results.

Griffith said six key growth drivers — Repatha, EVENITY, TEZSPIRE, the company’s innovative oncology portfolio, rare disease portfolio and biosimilars portfolio — accounted for about 70% of product sales in the first quarter and grew 24% as a group year-over-year.

Executives Point to Breadth of Growth Drivers

Murdo Gordon, head of global commercial operations, said Amgen has a “set of prioritized growth drivers” that he believes can help the company manage the impact of current and future losses of exclusivity, including denosumab and Otezla in Europe.

Andrew Martin, head of U.S. business operations, highlighted Repatha, IMDELLTRA, PAVBLU and TEZSPIRE as major areas of commercial opportunity. On Repatha, Martin said there are more than 100 million people globally with elevated LDL, including about 50 million in the United States, and that PCSK9 penetration remains around 10% or slightly below among the relevant patient population.

Martin also said IMDELLTRA has become established as the standard of care in second-line small cell lung cancer, citing the durability of response and overall survival data from DeLLphi-304. He said Amgen has opened more than 1,800 sites of care for IMDELLTRA in the U.S., with more than half in community settings.

For EVENITY, Martin said osteoporosis remains “massively undertreated and under-penetrated,” noting that more than 2 million women in the U.S. have been diagnosed with post-menopausal osteoporosis and are at high or very high risk of fracture, while anabolic penetration in that group is below 10%.

Pipeline Focus Includes MariTide, Olpasiran and Oncology Assets

Griffith said confidence continues to build in MariTide as a potential treatment for obesity, type 2 diabetes and obesity-related conditions. He said Amgen is advancing a broad phase 3 program and preparing manufacturing capacity ahead of a potential launch.

Griffith said MariTide could have a role in weight loss induction, long-term weight maintenance and in patients transitioning from weekly GLP-1 therapies, with the potential for as few as four to six injections per year based on extended dosing.

Gordon said Amgen is preparing to compete in a dynamic obesity market and expects to build on its cardiovascular and primary care presence established through Repatha. He said the company is expanding medical efforts ahead of phase 3 data and potential regulatory approval.

Beyond MariTide, Griffith highlighted phase 3 programs including olpasiran for cardiovascular risk reduction in patients with elevated Lp(a), dazodalibep in Sjögren’s disease and xaluritamig in late-stage prostate cancer. He also said Amgen is studying xaluritamig in earlier-stage prostate cancer and pursuing additional indications for approved products, including UPLIZNA, TEZSPIRE and IMDELLTRA.

UPLIZNA Launches and Rare Disease Strategy

Gordon said UPLIZNA is gaining momentum across neuromyelitis optica spectrum disorder, IgG4-related disease and generalized myasthenia gravis. He described IgG4-related disease as a market Amgen is both creating and serving, noting that UPLIZNA is the only FDA-approved agent in that indication.

Gordon said the company estimates 30,000 to 40,000 patients may be eligible for UPLIZNA in IgG4-related disease, though he said epidemiology figures are “a little fuzzy.” In generalized myasthenia gravis, he said Amgen is seeing business from both biologic-naïve patients and patients switching from multiple existing treatment categories.

Asked about potential competition from a Regeneron C5 product, Gordon said he does not view it as a direct competitive threat because UPLIZNA has a differentiated mechanism and convenient profile. He also noted that Amgen is studying UPLIZNA in autoimmune hepatitis and chronic inflammatory demyelinating polyneuropathy.

IRS Dispute and Capital Allocation

Griffith addressed Amgen’s tax dispute with the Internal Revenue Service, saying the company continues to believe the IRS’s proposed adjustments are without merit and that its tax reserves are appropriate. He said the company will “vigorously defend” its position.

Griffith said the headline numbers associated with the 2010 to 2015 period do not translate directly into cash exposure. He said the proposed amounts include $2 billion in penalties Amgen believes are unwarranted, approximately $2 billion in calculation errors, up to $3.1 billion in previously accrued and paid repatriation taxes, and $1.9 billion in cash deposits already made with the IRS.

On capital allocation, Griffith said Amgen’s top priority is accessing the best innovation, whether internal or external. He said the company evaluates business development opportunities based on strategic fit, expected cash-on-cash returns above hurdle rates, Amgen’s scientific expertise in the area and the ability to integrate assets quickly.

Griffith said Amgen remains willing to consider transactions of varying sizes and structures, while Gordon said areas of interest include oncology, obesity, cardiovascular, metabolic disease, rare disease and rare autoimmune conditions. Griffith also said Amgen is guiding to $2.6 billion in capital expenditures this year and continues to invest in manufacturing capacity.

Margins and 2026 Outlook

Griffith said Amgen has guided to operating margins of about 45% to 46% this year as it invests in the late-stage pipeline. He said the company does not provide long-term operating margin guidance, but will continue to balance financial discipline with investment opportunities that can exceed shareholder return thresholds.

Asked about upside and downside drivers for 2026 guidance, Griffith pointed again to the six key growth drivers, the breadth of the commercial portfolio and execution in the pipeline. He said Amgen aims to continue generating value for patients, shareholders and staff through its combination of commercial execution, pipeline investment and financial discipline.

About Amgen NASDAQ: AMGN

Amgen Inc NASDAQ: AMGN is a global biotechnology company founded in 1980 and headquartered in Thousand Oaks, California. The company focuses on discovering, developing, manufacturing and delivering human therapeutics that address serious illnesses. Amgen's work centers on biologic medicines derived from cellular and molecular biology, with an emphasis on translating advances in human genetics and protein science into therapies for patients.

Amgen's commercial portfolio has historically included biologics used in oncology, supportive care, nephrology, bone health and cardiovascular disease.

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