Amgen Beats Q1 Estimates, Raises 2026 Guidance as Growth Drivers Deliver

Transcript intelligence

What changed

Q1 2026 product sales grew 4% year over year, with six growth drivers — Repatha, Evenity, Imdeltra, TEPEZZA, and others — contributing 70% of total revenue. Management raised full-year 2026 revenue guidance to $37.1–$38.5 billion and EPS to $21.70–$23.10. Capex is planned at $2.6 billion for the year, an increase reflecting manufacturing scale-up for upcoming launches. On the pipeline front, Meritide Phase III switch studies will evaluate 8-week and 12-week dosing versus weekly GLP-1 injectables, Imdeltra advanced into frontline and maintenance settings for small-cell lung cancer, and AI-driven manufacturing automation reduced line clearance time from approximately 30 minutes to roughly 2 minutes per batch.

Guidance delta

Management raised its full-year 2026 outlook: revenue to $37.1–$38.5 billion and EPS to $21.70–$23.10. Guidance sentiment was characterized as raised and management tone as confident. Capex is set at $2.6 billion, up from prior levels, reflecting investment in manufacturing capacity for forthcoming product launches. Prior-quarter guidance figures were not available for direct comparison.

Key takeaways

• Q1 sales grew 4% with six growth drivers delivering 70% of total revenue.
• Repatha continues strong growth, with additional primary-prevention market opportunity following guideline updates.
• Meritide shows promising less-frequent dosing (8- and 12-week intervals) and improved GI tolerability in early studies.
• Imdeltra is now standard of care in second-line small-cell lung cancer and advancing into frontline indications.
• Full-year 2026 guidance raised: revenue to $37.1–$38.5 billion, EPS to $21.70–$23.10, with $2.6 billion capex planned.

Management priorities

• Seek regulatory approval for Meritide with launch planned for later in 2026.
• Global rollout of TEPEZZA following the Japan launch.
• Advance Imdeltra into frontline and maintenance settings for small-cell lung cancer.
• Scale AI-enabled drug discovery and manufacturing across the enterprise.
• Expand Amgen Now cash-pay access model and evaluate international opportunities.