Amgen reported first‑quarter 2026 revenue of $8.62 billion, a 4% year‑over‑year increase that was driven by 16 brands posting double‑digit growth. Repatha grew 34% to $876 million and Evenity grew 27% to $562 million, while the rare‑disease and oncology portfolios each grew 25% to $1.2 billion and $1.8 billion respectively.
Adjusted earnings per share rose to $5.15, beating the consensus estimate of $4.77 by $0.38. The beat was largely a result of a favorable product mix, disciplined cost management, and maintained pricing power across the portfolio.
GAAP operating margin expanded to 32.4%, up 17.4 percentage points from the prior year, largely due to lower amortization expense. Non‑GAAP operating margin contracted slightly to 45.3%, a 0.4‑point decline driven by higher operating expenses, including increased R&D spend.
Management raised full‑year guidance to revenue of $37.1 billion to $38.5 billion and adjusted EPS of $21.70 to $23.10, an upward revision that reflects confidence in the company’s six growth engines—Repatha, Evenity, TEZSPIRE, the rare‑disease portfolio, innovative oncology, and biosimilars.
Prolia and XGEVA sales fell 34% and 27% respectively, totaling $1.1 billion in combined revenue, a 32% decline year‑over‑year. The company expects biosimilar competition to accelerate the erosion of these legacy products, but the growth engines are projected to offset the impact.
Investors reacted with mixed sentiment: the EPS beat and raised guidance were viewed positively, while concerns over a slight revenue miss in some estimates and increased R&D spending tempered enthusiasm.
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