second quarter of 2026
Filed Aug 4, 2026AMGEN REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS
Total revenues increased 10% to $10.1 billion, product sales grew 9%, GAAP EPS increased 65% to $4.37, and free cash flow rose to $3.5 billion. Non-GAAP operating margin decreased 0.5 percentage points and several mature products declined amid biosimilar competition and pricing pressure.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenuesGAAP | $10.1 billion | – | 10% |
| Total product salesGAAP | $9,537 million | – | 9% |
| GAAP earnings per shareGAAP | $4.37 | – | 65% |
| Non-GAAP earnings per sharenon-GAAP | $6.29 | – | 4% |
| GAAP operating incomeGAAP | $3.5 billion | – | – |
| Non-GAAP operating incomenon-GAAP | $4.6 billion | – | – |
| GAAP cost of salesGAAP | $2,811 million | – | (7%) |
| Non-GAAP cost of salesnon-GAAP | $1,874 million | – | 21% |
| GAAP cost of sales as a percentage of product salesGAAP | 29.5 % | – | (4.8) pts. |
| Non-GAAP cost of sales as a percentage of product salesnon-GAAP | 19.6 % | – | 1.9 pts. |
| GAAP Research & Development expensesGAAP | $1,868 million | – | 7% |
| Non-GAAP Research & Development expensesnon-GAAP | $1,851 million | – | 10% |
| GAAP Research & Development expenses as a percentage of product salesGAAP | 19.6 % | – | (0.3) pts. |
| Non-GAAP Research & Development expenses as a percentage of product salesnon-GAAP | 19.4 % | – | 0.2 pts. |
| GAAP Selling, General & Administrative expensesGAAP | $1,745 million | – | 3% |
| Non-GAAP Selling, General & Administrative expensesnon-GAAP | $1,717 million | – | 4% |
| GAAP Selling, General & Administrative expenses as a percentage of product salesGAAP | 18.3 % | – | (1.0) pts. |
| Non-GAAP Selling, General & Administrative expenses as a percentage of product salesnon-GAAP | 18.0 % | – | (0.8) pts. |
| GAAP other operating expensesGAAP | $116 million | – | 51% |
| GAAP total operating expensesGAAP | $6,540 million | – | 0% |
| Non-GAAP total operating expensesnon-GAAP | $5,442 million | – | 11% |
| GAAP operating marginGAAP | 36.8% | – | 6.5 percentage points |
| Non-GAAP operating marginnon-GAAP | 48.4% | – | (0.5) percentage points |
| GAAP tax rateGAAP | 14.2 % | – | 5.5 pts. |
| Non-GAAP tax ratenon-GAAP | 15.6 % | – | 1.4 pts. |
| Free cash flownon-GAAP | $3.5 billion | – | – |
| Cash and cash equivalentsGAAP | $14.0 billion | – | – |
| Debt outstandingGAAP | $57.3 billion | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| RepathaVolume growth. | $953 million | – | 37% |
| EVENITYVolume growth. | $714 million | – | 38% |
| Prolia20% lower volume and 12% lower net selling price as multiple biosimilars have launched globally with more biosimilars expected. | $759 million | – | (32%) |
| TEPEZZAPrimarily driven by 6% higher net selling price and 6% volume growth. | $576 million | – | 14% |
| KRYSTEXXA23% higher net selling price, partially offset by lower inventory levels. | $400 million | – | 15% |
| UPLIZNAPrimarily driven by volume growth. | $335 million | – | 90% |
| TAVNEOSVolume growth. | $150 million | – | 36% |
| Ultra-Rare productsPROCYSBI, RAVICTI, ACTIMMUNE, BUPHENYL, and QUINSAIR. | $149 million | – | (19%) |
| TEZSPIREVolume growth. | $486 million | – | 42% |
| OtezlaPrimarily driven by 9% lower net selling price and 6% lower volume. | $491 million | – | (21%) |
| EnbrelPrimarily driven by 22% lower net selling price, partially offset by 16% favorable changes to estimated sales deductions. The decline in net selling price reflects the impact of U.S. Medicare Part D price setting under the Inflation Reduction Act, effective January 1, 2026, as well as an increased 340B Program mix. | $580 million | – | (4%) |
| AMJEVITA/AMGEVITAPrimarily driven by volume growth. | $155 million | – | 17% |
| PAVBLUPrimarily driven by volume growth based on its position as the only commercially available biosimilar to EYLEA in the U.S. during this period. | $287 million | – | Change in excess of 100% |
| WEZLANA/WEZENLANot provided. | $61 million | – | 74% |
| BLINCYTOPrimarily driven by 16% volume growth. | $472 million | – | 23% |
| IMDELLTRA/IMDYLLTRAPrimarily driven by volume growth. | $288 million | – | Change in excess of 100% |
| VectibixPrimarily driven by volume growth. | $338 million | – | 11% |
| KYPROLISLower volume. | $314 million | – | (17%) |
| LUMAKRAS/LUMYKRASPrimarily driven by volume growth. | $111 million | – | 23% |
| Nplate13% volume growth and higher net selling price. | $430 million | – | 17% |
| XGEVAPrimarily driven by 22% lower volume and 8% lower net selling price as multiple biosimilars have launched globally with more biosimilars expected. | $352 million | – | (34%) |
| MVASI16% lower net selling price and lower volume. | $153 million | – | (20%) |
| AranespNot provided. | $352 million | – | (2%) |
| NeulastaNot provided. | $179 million | – | Change in excess of 100% |
| ParsabivNot provided. | $101 million | – | 10% |
| Other productsAimovig, AVSOLA, KANJINTI, EPOGEN, BKEMV/BEKEMV, RIABNI, IMLYGIC, NEUPOGEN, RAYOS, DUEXIS, Sensipar/Mimpara, Corlanor, and PENNSAID. | $351 million | – | 5% |
| BiosimilarsBiosimilars total $199 million in Q2 ’26 and $172 million in Q2 ’25. | $199 million | – | – |
| Rare Disease productsRare Disease products total ($3) million in Q2 ’26 and $4 million in Q2 ’25. | ($3) million | – | – |
| Established products15% higher net selling price and 2% volume growth. | $632 million | – | 19% |
Capital returns
- The Company declared a second quarter 2026 dividend on March 4, 2026 of $2.52 per share that was paid on June 5, 2026 to all stockholders of record as of May 15, 2026, representing a 6% increase from the same period in 2025.
- During the second quarter of 2026, there were no repurchases of shares of common stock under our stock repurchase program.
What drove it
- Product sales grew 9%, driven by volume growth.
- Twenty-two products delivered at least double-digit sales growth in the second quarter.
- Seventeen products are annualizing at more than $1 billion based on second quarter sales.
- The six key growth drivers grew 26% year over year, generating nearly 70% of second-quarter product sales.
- GAAP cost of sales as a percentage of product sales decreased 4.8 percentage points, driven by lower amortization expense from acquisition-related assets, partially offset by higher profit share expense, higher manufacturing costs and changes in sales mix.
- Free cash flow increased reflecting the final repatriation tax payment in the second quarter of 2025 and current period business performance, partially offset by timing of working capital.
Concerns
- Non-GAAP operating margin decreased 0.5 percentage points to 48.4%.
- Non-GAAP total operating expenses increased 11% year-over-year, including a 10% increase in R&D expenses.
- Prolia sales decreased 32% and XGEVA sales decreased 34% as multiple biosimilars have launched globally with more biosimilars expected.
- Enbrel sales decreased 4%, reflecting U.S. Medicare Part D price setting under the Inflation Reduction Act and an increased 340B Program mix.
- Otezla sales decreased 21%, KYPROLIS sales decreased 17%, and MVASI sales decreased 20%.
What to watch
- Volume growth across Repatha, EVENITY, UPLIZNA, TEZSPIRE, PAVBLU, BLINCYTO and IMDELLTRA.
- The impact of biosimilar launches on Prolia and XGEVA sales.
- R&D spending in Later-Stage Clinical Programs, primarily those related to MariTide, and Marketed Product Support.
- The effect of higher profit share expense, manufacturing costs and sales mix on non-GAAP cost of sales and operating margin.
- TAVNEOS engagement with the U.S. Food and Drug Administration.
Balance sheet and cash flow
- The Company generated $3.5 billion of free cash flow in the second quarter of 2026 versus $1.9 billion in the second quarter of 2025.
- Cash and cash equivalents totaled $14.0 billion and debt outstanding totaled $57.3 billion as of June 30, 2026.
Analysis
Amgen reported total revenues of $10.1 billion, up 10%, while total product sales increased 9% to $9,537 million. The release attributes product-sales growth to volume growth, with twenty-two products delivering at least double-digit sales growth. Repatha, EVENITY, UPLIZNA, TEZSPIRE, PAVBLU, BLINCYTO and IMDELLTRA were among the products posting material growth.
The sales mix also contains substantial pressure points. Prolia sales decreased 32% and XGEVA sales decreased 34%, with both declines tied to lower volume and lower net selling price following global biosimilar launches. Enbrel sales decreased 4%, driven primarily by lower net selling price associated with U.S. Medicare Part D price setting under the Inflation Reduction Act and a higher 340B Program mix. Otezla, KYPROLIS and MVASI also posted year-over-year sales declines.
Profitability was stronger on a GAAP basis but softer on a non-GAAP margin basis. GAAP operating income increased from $2.7 billion to $3.5 billion, GAAP operating margin increased 6.5 percentage points to 36.8%, and GAAP EPS increased from $2.65 to $4.37. Lower amortization expense from acquisition-related assets helped reduce GAAP cost of sales as a percentage of product sales by 4.8 percentage points. Non-GAAP operating income increased from $4.3 billion to $4.6 billion and non-GAAP EPS increased from $6.02 to $6.29, but non-GAAP operating margin decreased 0.5 percentage points to 48.4% as non-GAAP operating expenses increased 11%.
Cash generation improved materially, with free cash flow of $3.5 billion versus $1.9 billion. The company attributed the increase to the final repatriation tax payment in the second quarter of 2025 and current-period business performance, partly offset by working-capital timing. Amgen paid a $2.52 per share dividend, representing a 6% increase from the same period in 2025, made no share repurchases during the quarter, and reported $14.0 billion of cash and cash equivalents against $57.3 billion of debt outstanding. The filing provided no forward guidance.
Management, verbatim
Our results demonstrate strong performance across our business. Our six key growth drivers grew 26% year over year, generating nearly 70% of second-quarter product sales. As we expand the potential of our existing medicines through new indications and advance the next wave of pipeline molecules through Phase 3, we remain confident in our ability to deliver growth well into the next decade.
Robert A. Bradway, chairman and chief executive officer
Not in the filing
stated, not guessed- Forward guidance for revenue, gross margin, operating expenses, tax rate, EPS, cash flow, capital returns and other metrics.
- Prior guidance for comparison.
- GAAP net income and non-GAAP net income.
- Operating cash flow and capital expenditures.
- Gross margin.
- Prior-quarter comparisons for reported operating metrics and product sales.
- Prior-year dollar amount for total revenues.
- Prior-year cash and debt balances.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.