Amgen’s second quarter results reflected broad-based portfolio momentum, with management crediting double-digit growth in key products like Repatha, EVENITY, and TEZSPIRE for the company’s outperformance versus Wall Street estimates. CEO Robert Bradway highlighted that 22 products achieved double-digit sales growth, and 17 products annualized over $1 billion in sales, noting, “Our strong results were driven by the breadth and depth of our portfolio and once again demonstrate our ability to grow through patent expirations and increased competition.” Management also pointed to the performance of its biosimilars and innovative oncology franchises as important contributors this quarter.
Is now the time to buy AMGN? Find out in our full research report (it’s free for active Edge members).
Amgen (AMGN) Q2 CY2026 Highlights:
- Revenue: $10.05 billion vs analyst estimates of $9.40 billion (9.5% year-on-year growth, 6.9% beat)
- Adjusted EPS: $6.29 vs analyst estimates of $5.62 (12% beat)
- Adjusted Operating Income: $4.61 billion vs analyst estimates of $4.15 billion (45.9% margin, 11.1% beat)
- The company lifted its revenue guidance for the full year to $38.8 billion at the midpoint from $37.8 billion, a 2.6% increase
- Management raised its full-year Adjusted EPS guidance to $22.90 at the midpoint, a 2.2% increase
- Operating Margin: 35%, up from 28.9% in the same quarter last year
- Market Capitalization: $225.6 billion
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Amgen’s Q2 Earnings Call
- Dina Elmonshed (UBS) asked about Olpasiran’s trial design and endpoints. Executive Vice President James Bradner clarified the rationale for using a three-point MACE endpoint, noting it should not impact event rates compared to studies with different endpoints.
- Salveen Richter (Goldman Sachs) inquired about business development and capital allocation. CEO Robert Bradway reiterated a focus on smaller, early-stage assets in core therapeutic areas, noting late-stage pipeline progress does not directly constrain business development activity.
- Umer Raffat (Evercore ISI) questioned the tolerability profile of MariTide and safety monitoring in ongoing trials. Bradner expressed confidence in current trial design and oversight, stating the data safety monitoring committee is fully engaged.
- Edward Polglase (Bernstein) probed the impact of new competitors like SOTYKTU on Otezla volumes. Commercial head Murdo Gordon said Otezla remains a first-line systemic option, with competitive pressure mainly affecting pricing rather than prescription volumes.
- Alexandria Hammond (Wolfe Research) asked about reducing monitoring requirements for IMDELLTRA in earlier oncology treatment lines. Bradner and Gordon explained that real-world data and new clinical experience could allow for reduced monitoring times as regulatory agencies review accumulated safety data.
Catalysts in Upcoming Quarters
Our analysts will be watching (1) the pace and outcome of pivotal clinical trial readouts for MariTide, Olpasiran, and Xaluritamig, (2) the impact of expanded manufacturing capacity on supply reliability and launch execution for new therapies, and (3) the continued uptake and payer access for core growth drivers like Repatha, EVENITY, and TEZSPIRE. Progress on AI integration and business development activity will also be key markers of Amgen’s execution.
Amgen currently trades at $415.25, up from $390.02 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it’s free).
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