Amgen 8-K
EarningsNew guidance
FDA proposes withdrawing TAVNEOS approval; Amgen plans to contest as the drug stays on the market during the process.
Filed 2026-04-30 16:03 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q1 2026 results and FY2026 guidance. Revenue rose 6% Y/Y, with 9% product-sales volume growth partly offset by lower net selling prices and inventory. Separately, the FDA proposed withdrawing TAVNEOS approval; Amgen plans to contest the proposal, and the product remains on the market while the process proceeds.
Key Figures
| Metric | Q1 2026 | Q1 2025 | Y/Y |
|---|---|---|---|
| Revenue | $8.62B | $8.15B | 6% |
| Operating income, GAAP | $2.67B | $1.18B | 126% |
| Operating income, non-GAAP | $3.72B | $3.60B | 3% |
| Net income, GAAP | $1.82B | $1.73B | 5% |
| Net income, non-GAAP | $2.80B | $2.65B | 6% |
| Diluted EPS, GAAP | $3.34 | $3.20 | 4% |
| Diluted EPS, non-GAAP | $5.15 | $4.90 | 5% |
| Operating cash flow | $2.19B | $1.39B | 57% |
| Free cash flow | $1.48B | $0.98B | 51% |
- Product sales increased 4%; 9% volume growth was partly offset by 2% lower net selling price and 2% lower inventory levels. Sixteen brands achieved double-digit growth.
- Operating margin rose 17.4 percentage points to 32.4% on a GAAP basis and declined 0.4 percentage points to 45.3% on a non-GAAP basis. Free cash flow growth reflected business performance and working-capital timing, partly offset by higher capital expenditures.
- Cash was $12.0B and debt outstanding was $57.3B at 3/31/2026. Amgen made no share repurchases in the quarter; average diluted shares were 544M vs 541M. The $2.52-per-share dividend paid in the quarter was up 6% Y/Y.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue | FY2026 | $37.1B-$38.5B | — | — |
| EPS, GAAP | FY2026 | $15.62-$17.10 | — | — |
| Tax rate, GAAP | FY2026 | 14.5%-16.0% | — | — |
| EPS, non-GAAP | FY2026 | $21.70-$23.10 | — | — |
| Tax rate, non-GAAP | FY2026 | 15.0%-16.5% | — | — |
| Capital expenditures | FY2026 | ≈$2.6B | — | — |
| Share repurchases | FY2026 | Not to exceed $3.0B | — | — |
Investor Takeaways
- Watch the FDA’s decision on whether to hold a hearing and the eventual outcome of the proposed TAVNEOS withdrawal; Amgen says TAVNEOS will remain available during the process.
- Track full-year revenue and EPS against the FY2026 ranges, particularly as biosimilar competition is expected to accelerate sales erosion for Prolia and XGEVA.
- Watch progress in the MariTide Phase 3 program, including three studies in people with type 2 diabetes slated to begin in 2026.
The summary is written by an AI model reading the filing.
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