Amgen Inc. earnings overview

AMGN FY2026 Q1 · Calendar Q2 2026

Amgen Inc.

Amgen's Q1 2026 reflects a multi-product growth strategy gaining traction — six growth drivers now account for 70% of revenue, and management raised full-year guidance on both revenue and EPS. The EPS beat was more pronounced than the modest revenue beat, suggesting improving operating leverage. Raised guidance to $37.1–$38.5 billion revenue and $21.70–$23.10 EPS signals confidence in sustained momentum through 2026. Pipeline highlights include Meritide switch studies testing extended dosing intervals (8- and 12-week) that could differentiate Amgen in a crowded obesity market, and Imdeltra's advancement into frontline small-cell lung cancer settings through an FDA real-time trial pilot. Counterbalancing these positives, patent expirations and biosimilar erosion — particularly for Prolia/XGEVA — remain a structural overhang, and the stock's roughly 5% decline on the report suggests…