Analyst Consensus ?
ConsensusHold41 ratings
Bullish2253.7%
Neutral1639.0%
Bearish37.3%
Amgen Inc. · AMGN · FY2026 Q1 · Calendar Q2 2026
Amgen Beats Q1 Estimates, Raises 2026 Guidance as Growth Drivers Deliver
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…
Reported After market closeNASDAQHealthcare
$203.07B market cap
90quality score
Company context
Snapshot as of publicationAmgen Inc., established in 1980 and headquartered in Thousand Oaks, California, is a global biotechnology leader focused on discovering, developing, manufacturing, and delivering groundbreaking human medicines. The company's scientific endeavors span several critical therapeutic categories, including inflammatory conditions, oncology and hematology, bone health, cardiovascular diseases, nephrology, and neuroscience. Its extensive portfolio features a range of significant pharmaceutical products. Notable examples include Enbrel, prescribed for conditions like plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Neulasta, which helps cancer patients by reducing the risk of infection linked to a low white blood cell count; Prolia, utilized in postmenopausal women to combat osteoporosis; and Xgeva, designed to prevent skeletal-related complications. Otezla offers relief for adult patients suffering from plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease.…
Earnings scorecard
Reported versus consensus
Reported EPS
$5.15
Consensus $5
EPS surprise
+8.0%
Reported versus consensus
Reported revenue
$8.62B
Consensus $8.58B
Revenue surprise
+0.5%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$377.35Current
$182Low
$337.91Average
$460High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 12, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| HSBC | Hold | Buy | Downgrade | Sep 10, 2026 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Sep 8, 2026 |
| BMO Capital | Market Perform | Outperform | Downgrade | Sep 8, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Sep 4, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Aug 20, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Aug 19, 2026 |
| Argus Research | Buy | Buy | Maintain | Aug 19, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Aug 18, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Aug 14, 2026 |
| Guggenheim | Neutral | Neutral | Maintain | Aug 10, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Aug 7, 2026 |
| Bernstein | Market Perform | Market Perform | Maintain | Aug 6, 2026 |
| UBS | Buy | Buy | Maintain | Aug 5, 2026 |
| Truist Securities | Hold | Hold | Maintain | Aug 5, 2026 |
| TD Cowen | Buy | Buy | Maintain | Aug 5, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Aug 5, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Aug 5, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Aug 5, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Aug 5, 2026 |
| Canaccord Genuity | Hold | Hold | Maintain | Aug 5, 2026 |
| Baird | Underperform | Underperform | Maintain | Aug 5, 2026 |
| B of A Securities | Underperform | Underperform | Maintain | Aug 5, 2026 |
| Freedom Broker | Hold | Buy | Downgrade | Feb 12, 2026 |
| Leerink Partners | Outperform | Outperform | Maintain | Feb 4, 2026 |
| Jefferies | Buy | Buy | Maintain | Nov 12, 2024 |
| Deutsche Bank | Hold | Hold | Maintain | Aug 7, 2024 |
| William Blair | Outperform | Market Perform | Upgrade | May 3, 2024 |
| Daiwa Capital | Buy | Neutral | Upgrade | Dec 21, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Jul 12, 2023 |
| SVB Leerink | Market Perform | Market Perform | Maintain | Feb 2, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 1, 2023 |
| Atlantic Equities | Underweight | Underweight | Maintain | Aug 9, 2022 |
| Raymond James | Outperform | Market Perform | Upgrade | Oct 26, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Jul 30, 2020 |
| JP Morgan | Neutral | Neutral | Maintain | Jul 29, 2020 |
| CFRA | Buy | Buy | Maintain | May 1, 2020 |
| Evercore ISI Group | Outperform | In Line | Upgrade | Jan 21, 2020 |
| PiperJaffray | Overweight | Overweight | Maintain | Jul 27, 2018 |
| Argus | Buy | Hold | Upgrade | May 5, 2018 |
| Bank of America | Buy | Neutral | Upgrade | Feb 1, 2017 |
| Nomura | Buy | Buy | Maintain | Sep 22, 2015 |
Named analyst price targets
Upside is calculated against the persisted current price $377.35. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Wells Fargo | Mohit Bansal | $435 | $444.12 | +15.3% | Sep 4, 2026 |
| Piper Sandler | David Amsellem | $457 | $442.36 | +21.1% | Aug 20, 2026 |
| Morgan Stanley | Analyst unavailable | $362 | $440.28 | -4.1% | Aug 19, 2026 |
| Argus Research | Analyst unavailable | $460 | $439.95 | +21.9% | Aug 19, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $400 | $419.38 | +6.0% | Aug 18, 2026 |
| Mizuho Securities | Analyst unavailable | $352 | $419.38 | -6.7% | Aug 18, 2026 |
| Barclays | Emily Field | $380 | $417.84 | +0.7% | Aug 14, 2026 |
| Guggenheim | Vamil Divan | $388 | $410.94 | +2.8% | Aug 10, 2026 |
| Bernstein | Analyst unavailable | $345 | $407.83 | -8.6% | Aug 6, 2026 |
| Scotiabank | Louise Chen | $450 | $406.25 | +19.3% | Aug 5, 2026 |
| Oppenheimer | Analyst unavailable | $450 | $390.02 | +19.3% | Aug 5, 2026 |
| RBC Capital | Analyst unavailable | $400 | $390.02 | +6.0% | Aug 5, 2026 |
| Robert W. Baird | Brian Skorney | $230 | $390.02 | -39.0% | Aug 5, 2026 |
| Canaccord Genuity | Gary Nachman | $384 | $390.02 | +1.8% | Aug 5, 2026 |
| BMO Capital | Evan Seigerman | $450 | $390.02 | +19.3% | Aug 5, 2026 |
| Barclays | Emily Field | $360 | $393.1 | -4.6% | Jul 29, 2026 |
| UBS | Analyst unavailable | $420 | $358.68 | +11.3% | Jul 13, 2026 |
| Guggenheim | Analyst unavailable | $343 | $363.39 | -9.1% | Jul 13, 2026 |
| Morgan Stanley | Analyst unavailable | $333 | $368.1 | -11.8% | Jul 8, 2026 |
| BMO Capital | Evan David Seigerman | $400 | $362.45 | +6.0% | Jul 1, 2026 |
| Mizuho Securities | Salim Syed | $303 | $350.53 | -19.7% | Jun 16, 2026 |
| Morgan Stanley | Analyst unavailable | $340 | $344.56 | -9.9% | Jun 9, 2026 |
| Goldman Sachs | Analyst unavailable | $389 | $352.62 | +3.1% | Jun 5, 2026 |
| Piper Sandler | Analyst unavailable | $427 | $336.45 | +13.2% | May 14, 2026 |
| Guggenheim | Analyst unavailable | $340 | $329.82 | -9.9% | May 4, 2026 |
| Morgan Stanley | Analyst unavailable | $332 | $329.3 | -12.0% | May 1, 2026 |
| Canaccord Genuity | Analyst unavailable | $366 | $350.16 | -3.0% | Apr 20, 2026 |
| Morgan Stanley | Terence Flynn | $326 | $352.59 | -13.6% | Apr 10, 2026 |
| Guggenheim | Analyst unavailable | $351 | $355.6 | -7.0% | Apr 9, 2026 |
| Truist Financial | Analyst unavailable | $325 | $349.81 | -13.9% | Apr 8, 2026 |
| Jefferies | Akash Tewari | $350 | $373.08 | -7.2% | Mar 10, 2026 |
| Leerink Partners | David Risinger | $355 | $367.6 | -5.9% | Mar 5, 2026 |
| Barclays | Analyst unavailable | $185 | $375.5 | -51.0% | Feb 19, 2026 |
| Wells Fargo | Analyst unavailable | $375 | $379.73 | -0.6% | Feb 19, 2026 |
| Piper Sandler | Analyst unavailable | $432 | $373.36 | +14.5% | Feb 18, 2026 |
| Mizuho Securities | Analyst unavailable | $295 | $364.65 | -21.8% | Feb 11, 2026 |
| RBC Capital | Analyst unavailable | $360 | $357.29 | -4.6% | Feb 4, 2026 |
| Morgan Stanley | Analyst unavailable | $309 | $351.81 | -18.1% | Feb 4, 2026 |
| Oppenheimer | Analyst unavailable | $400 | $343.57 | +6.0% | Jan 29, 2026 |
| UBS | Analyst unavailable | $390 | $348.99 | +3.4% | Jan 26, 2026 |
| Bernstein | Market Perform | $335 | $330.44 | -11.2% | Jan 20, 2026 |
| UBS | Analyst unavailable | $380 | $330.17 | +0.7% | Jan 6, 2026 |
| Morgan Stanley | Analyst unavailable | $304 | $317.67 | -19.4% | Dec 12, 2025 |
| HSBC | Analyst unavailable | $425 | $313.85 | +12.6% | Dec 10, 2025 |
| BMO Capital | Evan Seigerman | $372 | $338.36 | -1.4% | Dec 3, 2025 |
| Wells Fargo | Analyst unavailable | $400 | $334.3 | +6.0% | Nov 25, 2025 |
| Truist Financial | Analyst unavailable | $318 | $336.2 | -15.7% | Nov 24, 2025 |
| Piper Sandler | David Amsellem | $381 | $332.43 | +1.0% | Nov 14, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $315 | $318.4 | -16.5% | Nov 6, 2025 |
| Wells Fargo | Analyst unavailable | $300 | $296.7 | -20.5% | Nov 5, 2025 |
| Piper Sandler | Analyst unavailable | $342 | $288.47 | -9.4% | Aug 25, 2025 |
| UBS | Trung Huynh | $315 | $281.22 | -16.5% | May 2, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $305 | $278.4 | -19.2% | Apr 22, 2025 |
| Johnson Rice | Analyst unavailable | $294 | $316.57 | -22.1% | Mar 5, 2025 |
| Jefferies | Michael Yee | $380 | $298.84 | +0.7% | Nov 12, 2024 |
| Cantor Fitzgerald | Olivia Brayer | $405 | $298.84 | +7.3% | Nov 12, 2024 |
| Morgan Stanley | Terence Flynn | $319 | $316.74 | -15.5% | Oct 21, 2024 |
| Goldman Sachs | Salveen Richter | $369 | $325.09 | -2.2% | Oct 16, 2024 |
| Barclays | Carter Gould | $315 | $319.66 | -16.5% | Oct 7, 2024 |
| BMO Capital | Evan David Seigerman | $362 | $330.92 | -4.1% | Sep 25, 2024 |
| Raymond James | Christopher Raymond | $344 | $330.92 | -8.8% | Sep 25, 2024 |
| Robert W. Baird | Brian Skorney | $215 | $330.92 | -43.0% | Sep 25, 2024 |
| Wells Fargo | Mohit Bansal | $335 | $328.95 | -11.2% | Aug 7, 2024 |
| Morgan Stanley | Terence Flynn | $303 | $330.78 | -19.7% | Aug 6, 2024 |
| RBC Capital | Gregory Renza | $332 | $298.71 | -12.0% | Jun 14, 2024 |
| Oppenheimer | Jay Olson | $380 | $312.32 | +0.7% | May 17, 2024 |
| Mizuho Securities | Salim Syed | $235 | $307.31 | -37.7% | May 9, 2024 |
| Morgan Stanley | Terence Flynn | $310 | $315.19 | -17.8% | May 3, 2024 |
| BMO Capital | Evan David Seigerman | $355 | $278.39 | -5.9% | May 3, 2024 |
| UBS | Colin Bristow | $307 | $278.39 | -18.6% | May 3, 2024 |
| Barclays | Carter Gould | $300 | $278.39 | -20.5% | May 3, 2024 |
| Wells Fargo | Mohit Bansal | $320 | $265.1 | -15.2% | Apr 17, 2024 |
| Oppenheimer | Jay Olson | $280 | $260.31 | -25.8% | Sep 13, 2023 |
| Wells Fargo | Mohit Bansal | $265 | $251.08 | -29.8% | Apr 12, 2023 |
| Wells Fargo | Mohit Bansal | $275 | $228.84 | -27.1% | Mar 10, 2023 |
| Leerink Partners | Analyst unavailable | $267 | $246.41 | -29.2% | Feb 2, 2023 |
| RBC Capital | Analyst unavailable | $258 | $242.92 | -31.6% | Feb 1, 2023 |
| Oppenheimer | Analyst unavailable | $294 | $243.8 | -22.1% | Feb 1, 2023 |
| Cowen & Co. | Analyst unavailable | $289 | $243.47 | -23.4% | Feb 1, 2023 |
| BMO Capital | Analyst unavailable | $253 | $252.4 | -33.0% | Feb 1, 2023 |
| Wells Fargo | Analyst unavailable | $285 | $260.67 | -24.5% | Jan 3, 2023 |
| Leerink Partners | Analyst unavailable | $282 | $266.26 | -25.3% | Dec 22, 2022 |
| Piper Sandler | Analyst unavailable | $299 | $276.78 | -20.8% | Dec 13, 2022 |
| Oppenheimer | Analyst unavailable | $310 | $285.59 | -17.8% | Dec 6, 2022 |
| Raymond James | Christopher Raymond | $297 | $285.72 | -21.3% | Dec 5, 2022 |
| Credit Suisse | Analyst unavailable | $240 | $287.3 | -36.4% | Nov 18, 2022 |
| Barclays | Carter Gould | $234 | $273.81 | -38.0% | Oct 31, 2022 |
| Atlantic Equities | Analyst unavailable | $182 | $247.29 | -51.8% | Aug 9, 2022 |
| RBC Capital | Analyst unavailable | $236 | $246.98 | -37.5% | Aug 5, 2022 |
| Piper Sandler | Analyst unavailable | $265 | $246.98 | -29.8% | Aug 5, 2022 |
| Morgan Stanley | Analyst unavailable | $253 | $247.87 | -33.0% | Jul 15, 2022 |
| Oppenheimer | Jay Olson | $290 | $248.94 | -23.1% | Jun 3, 2022 |
| Mizuho Securities | Salim Syed | $208 | $239.24 | -44.9% | May 10, 2022 |
| BMO Capital | Evan Seigerman | $243 | $238.13 | -35.6% | Apr 29, 2022 |
| Barclays | Carter Gould | $236 | $254.02 | -37.5% | Apr 16, 2022 |
| BMO Capital | Evan David Seigerman | $240 | $220.77 | -36.4% | Feb 21, 2022 |
| UBS | Colin Bristow | $232 | $238.96 | -38.5% | Feb 8, 2022 |
| Piper Sandler | Christopher Raymond | $255 | $238.96 | -32.4% | Feb 8, 2022 |
| RBC Capital | Kennen MacKay | $218 | $238.96 | -42.2% | Feb 8, 2022 |
| Cowen & Co. | Yaron Werber | $275 | $222.1 | -27.1% | Jan 27, 2022 |
| Bank of America Securities | Geoff Meacham | $255 | $223.23 | -32.4% | Jan 5, 2022 |
| Goldman Sachs | Salveen Richter | $258 | $207.02 | -31.6% | Dec 6, 2021 |
| Wolfe Research | Tim Anderson | $230 | $214.47 | -39.0% | Nov 3, 2021 |
| DZ BANK AG | Elmar Kraus | $278 | $228.31 | -26.3% | Aug 5, 2021 |
| Atlantic Equities | Steve Chesney | $200 | $229.35 | -47.0% | Apr 28, 2021 |
| Credit Suisse | Tiago Fauth | $259 | $229.35 | -31.4% | Apr 28, 2021 |
Track every rating change on AMGN the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
-4.7%
Event window
SPY move
+0.3%
Same window
Abnormal move
-5.0%
Stock minus SPY
Volume
1.6×
Versus trailing sessions
Subsequent drift
-0.2%
Up to 20 sessions
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Try FN2 freeTranscript 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.
Related earnings events
HealthcareSources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-28T13:11:06.734976+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T13:11:06.732148+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.