Amgen (AMGN) — Q2 2026 Earnings Preview
Key Points
| Factor | Details |
|---|---|
| Guidance vs. Consensus | FY26 revenue guidance: $37.1B–$38.5B; consensus: $37.8B. Non-GAAP EPS guide: $21.70–$23.10; consensus: $22.9. |
| Q2 2026 Consensus | Revenue: $9,425M; EPS (GAAP): $3.75. |
| Q2 2025 Actuals | Revenue: $8,917M (restated); EPS (GAAP): $3.12. |
| YoY Comparable | Q2 2025 was a strong quarter (+9% revenue YoY), but Q2 2026 faces a tough comparable due to patent expirations and biosimilar competition. |
| Growth Drivers | Repatha, EVENITY, TEZSPIRE, rare disease, innovative oncology, and biosimilars portfolios—collectively +24% in Q1 2026, now ~70% of sales. |
| Headwinds | Accelerated erosion in Prolia/XGEVA (denosumab franchise), Otezla EU generics, Enbrel pricing pressure, and increased 340B utilization. |
| Operating Margin | FY26 guide: 45–46% non-GAAP; Q1 actual: 45.3%. Margins expected to remain stable as R&D investment continues. |
