Amgen Inc. (AMGN) Earnings
Amgen Inc. is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $5.55. AMGN has beaten EPS estimates in 12 of its last 12 reported quarters (average surprise +10.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $4.77 | $5.15 | +8.0% | $8.6B | +0.5% |
| Feb 3, 2026 | $4.73 | $5.29 | +11.8% | $9.9B | +4.5% |
| May 1, 2025 | $4.27 | $4.90 | +14.8% | $8.1B | +1.1% |
| Feb 4, 2025 | $5.04 | $5.31 | +5.4% | $9.1B | +2.3% |
| May 2, 2024 | $3.88 | $3.96 | +2.1% | $7.4B | -0.1% |
| Feb 6, 2024 | $4.59 | $4.71 | +2.6% | $8.2B | +0.9% |
| Oct 31, 2023 | $4.65 | $4.96 | +6.7% | $6.9B | +4.3% |
| Aug 3, 2023 | $4.44 | $5.00 | +12.6% | $7.0B | +4.6% |
| Apr 27, 2023 | $3.85 | $3.98 | +3.4% | $6.1B | -8.2% |
| Jan 31, 2023 | $4.04 | $4.09 | +1.2% | $6.8B | +1.4% |
| Nov 3, 2022 | $4.44 | $4.70 | +5.9% | $6.7B | +1.3% |
| Aug 4, 2022 | $4.40 | $4.65 | +5.7% | $6.6B | +1.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Robert A. Bradway noted a strong first quarter and that 2026 is a springboard year. Murdo Gordon discussed segment performance details. James E. Bradner talked about Meritide's Phase 3 studies, including switching and maintenance, and progress on other programs like olpasiran, rare disease, and oncology. Peter H. Griffith gave financial update, including non-GAAP operating margin, R&D spending, and guidance. Emphasis on AI and data progress, and pipeline execution.
Guidance
2026 total revenues expected in $37.1 billion to $38.5 billion range, non-GAAP earnings per share $21.70 to $23.10. Other revenue expected $1.7 billion to $1.8 billion. Non-GAAP OI&E expected $2.2 billion to $2.3 billion expense. Non-GAAP tax rate 15% to 16.5%. Capital expenditures expected $2.6 billion. Share repurchases not to exceed $3 billion. Tax litigation ongoing with IRS.
Segment performance
In Q1 2026, 16 products achieved double-digit or better sales growth and 17 products are annualizing at $1 billion or more. Product sales grew 4% driven by diversified fast-growing products. Six key growth drivers generated 70% of sales and grew 24%. Repatha sales were $876 million, up 34%, with strong growth in primary and secondary prevention. Evenity sales were $562 million, up 27%, leading the U.S. bone builder market. Test Buyer sales were $343 million, up 20%. Prolia and XGEVA combined sales were $1.1 billion, down 32%. Rare disease portfolio grew 25% to $1.2 billion, with Eplizna up 188%, TEPEZZA up 29%, TADNIO up 32%. Innovative oncology portfolio grew 25% to $1.8 billion. Biosimilar portfolio grew 14% to $835 million.
Risks & headwinds
Ongoing tax litigation with IRS for 2016 - 2018 tax years, draft NOPA from IRS asserting significant adjustments which could have material impact if sustained.
Analyst Q&A
Q: On Meritide switch studies, details on switching schedule, superiority/noninferiority.
A: SWITCH study has 300 subjects, primary endpoint change in body weight after 52 weeks.
Q: On Meritide switching study design and maintenance opportunity.
A: Switch study focuses on weekly to every 8/12 week, maintenance opportunity discussed.
Q: On INVELTRA next steps and real-time clinical trial pilot.
A: INVELTRA advancing to frontlines, collaboration with FDA on real-time trial.
Q: On Olpasiran and background therapies.
A: OCEANA-ACE study well-designed, Lp(a) not affected by GLP-1/PCSK9.
Q: On BD and M&A.
A: Active in business development, looking for innovation.
Q: On Repatha primary prevention penetration and olpasiran in primary prevention.
A: Repatha strong in primary care, olpasiran potential in Lp(a) primary prevention.
Q: On Repatha cash-pay uptake and ex-U.S. offering.
A: Amgen Now has interest, cash-pay component small.
Q: On blinatumomab SLE trial and subcu pause.
A: Blinatumomab studies paused for safety, expected to resume.
Q: On Meritide titration and side effects.
A: Three-step titration improves GI tolerability, side effects short.
Q: On DAZZO Phase III Sjogren's programs.
A: Segregated studies for systemic and symptomatic, dazodalibep unique.
Q: On Meritide approval and position.
A: Focus on best monthly/less frequent agent, helping patients.