Amgen 8-K
PositiveEarningsNew guidance
Repatha and other growth drivers lifted product sales, while biosimilar competition and lower pricing weighed on Prolia.
Filed 2026-08-04 16:03 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results with FY2026 guidance. Revenue rose 9.5% Y/Y to $10.1B, with product sales up 9% on volume growth; six key growth drivers grew 26% and generated nearly 70% of product sales. Amgen also reported ongoing Phase 3 development of MariTide and continued engagement with the FDA over its request to withdraw TAVNEOS from the U.S. market.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| Revenue | $10.1B | $9.18B | 9.5% |
| Operating income, GAAP | $3.51B | $2.66B | 32.3% |
| Operating income, non-GAAP | $4.61B | $4.29B | 7.4% |
| Net income, GAAP | $2.38B | $1.43B | 65.8% |
| Diluted EPS, GAAP | $4.37 | $2.65 | 65% |
| Diluted EPS, non-GAAP | $6.29 | $6.02 | 4.5% |
| Operating cash flow | $4.0B | $2.28B | 75.5% |
| Free cash flow | $3.49B | $1.91B | 82.6% |
- Six key growth drivers grew 26%; 22 products had double-digit sales growth. Repatha sales increased 37% to $953M, while Prolia fell 32% to $759M amid lower volume, lower net selling price and biosimilar competition.
- GAAP operating margin increased 650 bp to 36.8%, partly reflecting lower amortization expense. Non-GAAP operating margin decreased 50 bp to 48.4%; non-GAAP operating expenses rose 11%, including higher R&D spending, primarily on MariTide and marketed-product support.
- At 6/30/2026, cash and cash equivalents were $14.0B and debt outstanding was $57.3B. There were no share repurchases; average diluted shares were 544M vs 541M. The quarterly dividend was $2.52 per share, up 6% Y/Y.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Total revenue | FY2026 | $38.2B-$39.4B | — | — |
| Diluted EPS, GAAP | FY2026 | $15.80-$17.08 | — | — |
| Tax rate, GAAP | FY2026 | 14.5%-16.0% | — | — |
| Diluted EPS, non-GAAP | FY2026 | $22.30-$23.50 | — | — |
| Tax rate, non-GAAP | FY2026 | 15.0%-16.5% | — | — |
| Capital expenditures | FY2026 | ≈$2.6B | — | — |
| Share repurchases | FY2026 | Not to exceed $3.0B | — | — |
Investor Takeaways
- Track full-year revenue and EPS against the FY2026 outlook.
- Watch the FDA’s next steps on TAVNEOS following Amgen’s hearing request and supporting submission; the company says it believes the medicine has a favorable benefit-risk profile.
- Watch the planned initiation of three Phase 3 MariTide studies in people with type 2 diabetes in 2026, alongside progress in its ongoing Phase 3 program.
The summary is written by an AI model reading the filing.
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