Earnings Call
Aug 4, 2026
Q2 FY2026
EPS Estimate
5.62
EPS Actual
6.29
Post-Earnings Close
$407.83
Earnings Reaction
+4.6%
Amgen crossed the $10 billion quarterly revenue threshold for the first time in Q2 2026, posting total revenues of approximately $10 billion, a 10% year-over-year increase, and raising full-year guidance to $38.2, $39.4 billion in revenue and $22.30, $23.50 in non-GAAP EPS. The result is a testament to the breadth of the portfolio: 22 products delivered double-digit sales growth, 17 annualized above $1 billion, and the six designated growth drivers, Repatha, EVENITY, TEZSPIRE, Rare Disease, Innovative Oncology and Biosimilars, collectively grew 26% year-over-year and now represent nearly 70% of product sales. Non-GAAP operating margin held at 48%, free cash flow reached $3.5 billion in the quarter, and R&D spending rose 10% year-over-year, reflecting a deliberate choice to reinvest strength rather than simply harvest it.
Report generated on Aug 5, 2026
AI-generated earnings analysis. Not investment advice.
Chief Executive Officer
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
Read the full AMGN analysis
The complete report, with key themes, analyst Q&A summary, notable quotes, and market context — is free with an account. No password, no card.