Detailed Narrative
Portfolio Strength and Growth Drivers
Amgen's Q2 FY26 performance was driven by the breadth and depth of its portfolio, with 22 products achieving double-digit sales growth and 17 products annualizing at over $1 billion. Six key growth drivers—Repatha, EVENITY, TEZSPIRE, Rare Disease, Innovative Oncology, and Biosimilars—collectively grew 26% year-over-year and accounted for nearly 70% of product sales. This broad-based performance underscores the company's strategy to deliver durable growth despite patent expirations and increased competition.
Cardiovascular and Cardiometabolic Pipeline Advancements
Amgen is advancing its leadership in cardiovascular disease with Repatha, Olpasiran, and MariTide. Repatha, the only PCSK9 inhibitor with Phase III outcomes data in both primary and secondary prevention, continues to see strong momentum. Olpasiran, targeting Lp(a), is in two Phase III outcome studies, positioned for a best-in-class profile with >95% Lp(a) reduction. MariTide, a differentiated GLP-1 therapy, is progressing rapidly with 9 ongoing and 3 planned Phase III studies across obesity and related diseases, aiming for monthly or less frequent dosing.
Rare Disease Portfolio Expansion
The Rare Disease portfolio grew 21% year-over-year to $1.6 billion, driven by additional indications and international expansion. UPLIZNA sales increased 90%, reflecting sustained momentum across NMOSD, myasthenia gravis, and IgG4-related disease. The company is extending UPLIZNA's impact with new registrational studies in autoimmune hepatitis and chronic inflammatory demyelinating polyneuropathy. Dazodalibep for Sjögren's disease is also in two Phase III studies, with results expected later this year.
Oncology and Inflammation Progress
Innovative Oncology grew 18% year-over-year, generating $2 billion in sales. IMDELLTRA sales increased 115%, establishing itself as a best-in-class treatment for second-line small cell lung cancer, with efforts underway to expand into earlier treatment lines and more convenient administration. BLINCYTO sales grew 23%, driven by broad prescribing in the U.S. and international adoption. TEZSPIRE sales grew 42% in severe uncontrolled asthma, with encouraging uptake in chronic rhinosinusitis with nasal polyps and a Phase III study in eosinophilic esophagitis expected to complete in H2.
Biosimilars and Future Growth
Amgen's biosimilar portfolio delivered 29% year-over-year growth, reaching $855 million in sales. PAVBLU, a biosimilar to EYLEA, saw sales increase 121%. The company highlights its biologics expertise and manufacturing scale as differentiators. A next wave of biosimilar candidates for EYLEA HD, OPDIVO, KEYTRUDA, and OCREVUS are in late-stage clinical development, representing significant future market opportunities and patient access expansion.
Financial Discipline and Capital Allocation
The company reported a non-GAAP operating margin of 48% and generated $3.5 billion in free cash flow in Q2. Non-GAAP R&D spending increased 10% year-over-year, reflecting continued investment in the pipeline and marketed medicines. Capital expenditures of $500 million were driven by investments in U.S. manufacturing sites to scale capacity, particularly for MariTide's launch. Amgen returned capital to shareholders through dividends and expects share repurchases not to exceed $3 billion for the full year.
Technology and AI Integration
Amgen is strategically applying AI across discovery, development, manufacturing, and access to medicines. The company has established a frontier AI laboratory to combine advanced models with proprietary data and scientific capabilities, aiming to augment insights and accelerate research. These investments are already proving valuable in advancing promising medicines more efficiently.