Amgen Q2 Earnings Call Highlights

Key Points

• Amgen reported strong second-quarter results, with revenue exceeding $10 billion, up 10% year over year, and raised its 2026 revenue and adjusted EPS guidance. Growth was led by Repatha, EVENITY, TEZSPIRE, rare-disease medicines, oncology products and biosimilars.
• The company is advancing major pipeline programs, including MariTide for obesity, olpasiran for cardiovascular disease and earlier-line applications of IMDELLTRA in small-cell lung cancer. Amgen is also increasing manufacturing and clinical-investment spending to support potential future launches.
• Bone-health products Prolia and XGEVA faced a 33% sales decline to $1.1 billion due to biosimilar competition, but Amgen generated $3.5 billion in free cash flow, raised its quarterly dividend 6% to $2.52 per share and expects 2026 revenue of $38.2 billion to $39.4 billion.

Amgen NASDAQ: AMGN reported second-quarter revenue above $10 billion, up 10% from a year earlier, as growth across several key medicines offset competitive pressure on its bone-health franchise. The company raised its full-year revenue and adjusted earnings outlook while continuing to increase spending on late-stage clinical programs and manufacturing capacity.

Chief Executive Officer Bob Bradway said 22 products posted double-digit sales growth during the quarter, while 17 products generated annualized sales of more than $1 billion based on second-quarter performance. Amgen’s six identified growth drivers increased at a combined 26% year over year and represented nearly 70% of product sales, he said.

Key products drive sales growth

Murdo Gordon, executive vice president of global commercial operations, said Amgen’s growth drivers included Repatha, EVENITY, TEZSPIRE, its rare-disease portfolio, innovative oncology products and biosimilars.

• Repatha: Sales rose 37% to $953 million. U.S. new-to-brand prescriptions increased more than 50%, supported by use in secondary prevention and high-risk primary prevention. Gordon said roughly half of Repatha’s growth came from existing cardiologists treating more patients, with the other half from expanding prescribing among primary-care physicians.
• EVENITY: Sales increased 38% to $714 million. Amgen said the drug has only reached mid-single-digit penetration among approximately 2 million U.S. women at very high fracture risk. In Japan, EVENITY held more than 55% volume share, and 1 million patients have been treated there.
• TEZSPIRE: Sales grew 42% to $486 million, driven by demand in severe uncontrolled asthma. The company cited expanded Medicare access, including coverage for self-administration, and early uptake in chronic rhinosinusitis with nasal polyps.
• Rare disease: Portfolio sales rose 21% to $1.6 billion. UPLIZNA revenue increased 90% to $335 million, while TEPEZZA sales rose 14% to $576 million. TEPEZZA has launched in 13 countries, with six additional launches planned in coming months.
• Innovative oncology: Revenue increased 18% to about $2 billion. IMDELLTRA sales rose 115% to $288 million, while BLINCYTO sales increased 23% to $472 million.
• Biosimilars: Sales grew 29% to $855 million. PAVBLU, Amgen’s biosimilar to EYLEA, posted 121% sales growth to $287 million.

Amgen said combined Prolia and XGEVA sales totaled $1.1 billion, down 33% year over year, in line with its expectations following launches by several biosimilar competitors. Gordon also said Otezla volume was holding up despite pricing pressure related to 340B exposure, adding that newer dermatology products were generally competing with each other after Otezla is used as a first systemic treatment.

Pipeline advances in cardiovascular disease and obesity

Jay Bradner, executive vice president of research and development and chief scientific officer, highlighted continuing development of olpasiran, MariTide and xaluritamig.

Olpasiran, which targets lipoprotein(a), is being studied in two phase III cardiovascular outcomes trials in primary and secondary prevention. Bradner said the OCEAN(a) trial enrolled 7,297 patients and uses a three-point major adverse cardiovascular event endpoint. Enrollment requires Lp(a) levels above 200 nanomoles per liter.

Bradner said Amgen expects olpasiran’s more than 95% Lp(a) reduction observed in phase II, together with quarterly dosing, could support a potentially best-in-class profile. He said the company did not expect excluding stroke from the primary endpoint to alter the OCEAN(a) trial’s modeled event rate.

MariTide, Amgen’s obesity candidate, has nine ongoing and three planned phase III studies across obesity and related chronic diseases. The company said the program will evaluate monthly initiation and maintenance schedules of as few as four or six doses annually, as well as switching patients from weekly GLP-1 therapies. Amgen discontinued development of AMG 513, a phase I obesity asset, citing its high bar for obesity medicines.

In rare autoimmune disease, Amgen initiated the registrational MERCURY study of UPLIZNA in autoimmune hepatitis and plans a phase III study in chronic inflammatory demyelinating polyneuropathy. The company expects phase III results for dazodalibep in symptomatic and systemic Sjögren’s disease later in 2026.

Amgen also expects its phase III TEZSPIRE study in eosinophilic esophagitis to complete in the second half of the year. For sunakiment, an inhaled anti-TSLP treatment being developed with AstraZeneca, Amgen said a phase II study showed numerical reductions in asthma exacerbation events but did not meet statistical significance for its primary endpoint. The companies are planning a phase III program.

Oncology expansion and financial outlook

Amgen is advancing IMDELLTRA into earlier lines of treatment for small cell lung cancer through three phase III studies. Bradner said the company is also evaluating more convenient dosing and monitoring approaches, including subcutaneous tarlatamab in the phase III DeLLphi-315 study. More than 2,000 U.S. accounts are currently using IMDELLTRA, Gordon said.

Chief Financial Officer Peter Griffith said Amgen generated $3.5 billion in second-quarter free cash flow and spent $500 million on capital expenditures. The company expects about $2.6 billion of capital expenditures for 2026, including investments in U.S. manufacturing sites and capacity for a potential MariTide launch.

Non-GAAP operating margin was 48% in the quarter, while non-GAAP research and development spending rose 10% year over year. Amgen expects full-year non-GAAP R&D expense to increase by a high-single-digit percentage and said a business-development transaction would add a $100 million upfront payment to third-quarter R&D expense.

Amgen raised its 2026 outlook, now forecasting:

• Total revenue of $38.2 billion to $39.4 billion.
• Non-GAAP earnings per share of $22.30 to $23.50.
• Non-GAAP operating margin of approximately 45% to 46% of product sales.
• A non-GAAP tax rate of 15.0% to 16.5%.

The company said it expects share repurchases not to exceed $3 billion and raised its quarterly dividend 6% from the prior-year period to $2.52 per share. Bradway also said Griffith was participating in his final earnings call as CFO and would be succeeded by Thomas Dietrich, a returning member of Amgen’s finance team.

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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