Amgen (NASDAQ:AMGN) Issues Quarterly Earnings Results

Key Points

• Q1 beat — Amgen reported EPS of $5.15 and revenue of $8.62B, topping estimates and raised FY‑2026 guidance to $21.70–$23.10 EPS and $37.1–$38.5B in revenue.
• Pipeline and commercial momentum — Six key growth drivers drove ~24% year‑over‑year growth (~$5.6B) and Amgen advanced weight‑loss candidate MariTide and Repatha uptake, supporting management's "springboard" strategy.
• Near‑term risks — The company faces accelerated loss‑of‑exclusivity erosion (e.g., Prolia/Xgeva), a proposed FDA withdrawal for Tavneos, and an IRS draft NOPA that could have material financial impact.

Amgen (NASDAQ:AMGN - Get Free Report) issued its earnings results on Thursday. The medical research company reported $5.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.74 by $0.41, Zacks reports. The company had revenue of $8.62 billion during the quarter, compared to analysts' expectations of $8.58 billion. Amgen had a net margin of 20.98% and a return on equity of 148.37%. The firm's quarterly revenue was up 5.8% compared to the same quarter last year. During the same period last year, the company posted $4.90 earnings per share. Amgen updated its FY 2026 guidance to 21.700-23.100 EPS.

Here are the key takeaways from Amgen's conference call:

• Q1 momentum — Six key growth drivers accounted for ~70% of product sales, growing 24% year-over-year and generating $5.6 billion, which management says validates the "springboard" strategy to offset losses of exclusivity.
• Raised 2026 outlook — Amgen increased full-year guidance to $37.1–$38.5 billion in revenue and non-GAAP EPS of $21.70–$23.10, signaling confidence that emerging growth drivers will offset legacy declines.
• MariTide advancement — New Phase III switch and long‑term maintenance studies (including every‑8 and every‑12‑week dosing) were initiated and 3‑step dose escalation appears to reduce GI side effects, with trials enrolling well ahead of potential launch planning.
• Repatha commercial and clinical momentum — VESALIUS‑CV subgroup data show a 31% MACE reduction in high‑risk diabetes patients without known atherosclerosis, uptake and new‑to‑brand prescribing are increasing, and Amgen is expanding access (including a simplified cash‑pay option).
• Risks to near‑term results — Management expects accelerated erosion of LOE brands (Prolia/Xgeva down 32% Y/Y), faces a proposed FDA withdrawal for Tavneos, and disclosed an IRS draft NOPA for 2016–2018 that, if sustained, could have a material financial impact.

Amgen Trading Up 2.4%

Shares of NASDAQ:AMGN traded up $8.23 during trading on Thursday, reaching $346.25. The stock had a trading volume of 3,587,935 shares, compared to its average volume of 2,266,551. The company has a quick ratio of 0.90, a current ratio of 1.14 and a debt-to-equity ratio of 5.78. The stock has a market cap of $186.86 billion, a P/E ratio of 24.33, a PEG ratio of 3.34 and a beta of 0.47. The business has a fifty day moving average price of $358.07 and a 200-day moving average price of $340.45. Amgen has a fifty-two week low of $261.43 and a fifty-two week high of $391.29.

Amgen Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 5th. Stockholders of record on Friday, May 15th will be issued a dividend of $2.52 per share. The ex-dividend date is Friday, May 15th. This represents a $10.08 dividend on an annualized basis and a dividend yield of 2.9%. Amgen's payout ratio is 70.84%.

Amgen News Roundup

Here are the key news stories impacting Amgen this week:

• Positive Sentiment: Q1 results: Amgen reported EPS of $5.15 vs. consensus ~$4.74 and revenue of $8.62B vs. ~$8.58B — beats on both lines and sales rose ~4%, supporting the near‑term earnings story. Amgen’s NASDAQ: AMGN Q1 CY2026 sales top estimates
• Positive Sentiment: Mgmt commentary/slides: Management framed 2026 as a “springboard” year and highlighted six growth drivers; investors may take this as confidence in product mix and pipeline execution. Amgen (AMGN) Q1 2026 Earnings Transcript
• Positive Sentiment: Pipeline progress: Amgen is advancing a broader development program for weight‑loss candidate MariTide and submitted a label update to the FDA for an autoimmune drug — signs of R&D activity that could drive medium‑term growth. Amgen sales rise 4% in first quarter, submits label update to FDA on autoimmune drug
• Neutral Sentiment: Guidance: FY‑2026 EPS guidance set to 21.700–23.100 (consensus ~22.29); revenue guidance $37.1B–$38.5B (consensus ~37.8B) — range leaves room for beats or misses, which could sustain volatility as analysts model the year. Amgen Q1 press release and slide deck
• Neutral Sentiment: Analyst sentiment: Wall Street remains moderately optimistic on targets but Amgen has underperformed the market over the past year — analysts will reassess models after the quarter. What Are Wall Street Analysts' Target Price for Amgen Stock?
• Negative Sentiment: Tavneos regulatory risk: An FDA advisory panel raised efficacy/data concerns for Tavneos and there have been reports of a proposed U.S. withdrawal — this is a material downside catalyst for a rare‑disease franchise and could pressure sentiment until resolved. Amgen faces U.S. withdrawal of rare disorder therapy Tavneos

Analyst Ratings Changes

A number of research analysts have recently weighed in on AMGN shares. The Goldman Sachs Group raised their price target on Amgen from $403.00 to $415.00 and gave the company a "buy" rating in a research report on Wednesday, February 4th. Oppenheimer set a $400.00 price objective on shares of Amgen and gave the company an "outperform" rating in a research note on Thursday, January 29th. Truist Financial raised their target price on shares of Amgen from $318.00 to $319.00 and gave the company a "hold" rating in a report on Thursday, January 8th. Canaccord Genuity Group initiated coverage on shares of Amgen in a research report on Monday, April 20th. They set a "hold" rating and a $366.00 target price for the company. Finally, Wall Street Zen downgraded shares of Amgen from a "buy" rating to a "hold" rating in a report on Saturday, April 25th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $356.62.

Hedge Funds Weigh In On Amgen

Institutional investors have recently added to or reduced their stakes in the business. Sfam LLC purchased a new stake in Amgen in the 4th quarter valued at about $38,000. Advocate Investing Services LLC acquired a new stake in shares of Amgen in the fourth quarter worth approximately $39,000. Garton & Associates Financial Advisors LLC purchased a new stake in Amgen in the fourth quarter valued at approximately $52,000. Itau Unibanco Holding S.A. grew its holdings in Amgen by 21.2% in the fourth quarter. Itau Unibanco Holding S.A. now owns 189 shares of the medical research company's stock valued at $62,000 after purchasing an additional 33 shares during the period. Finally, State of Wyoming acquired a new position in Amgen during the fourth quarter worth approximately $65,000. 76.50% of the stock is currently owned by institutional investors and hedge funds.

Amgen Company Profile

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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