Jun 2026 (Q2 FY26) — Aug 4, 2026
Amgen Q2 FY26 — Strong Portfolio Performance and Raised Full-Year Guidance
Read the full callAmgen (AMGN) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Amgen earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 10,054 | +9.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 35.0 | +6.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 2,375 | +65.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
28 of 34 judged targets kept · 26 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Non-GAAP EPS | $21.60 to $23.00 | Dec 2025 | We now expect 2026 total revenues in the range of $38.2 billion to $39.4 billion and non-GAAP earnings per share between $22.30 and $23.50. | Revised Up |
| Total revenues growth (YoY) | lower mid-single-digit | Dec 2025 | Overall, we delivered 4% growth in product sales, driven by a diversified portfolio of fast-growing products that continues to outpace the impact of losses of exclusivity. | Achieved |
| Non-GAAP tax rate | 15% to 16% | Dec 2024 | Ghosted |
6 of AMGEN INC's 60 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 57 more targets are in the full ledger.
Claimed
- Total revenues exceeded $10 billion, a 10% year-over-year increase.
- Six key growth drivers (Repatha, EVENITY, TEZSPIRE, Rare Disease, Innovative Oncology, Biosimilars) grew at an aggregate rate of 26% year-over-year, representing nearly 70% of product sales.
- Repatha sales grew 37% year-over-year to $953 million, with new-to-brand prescriptions up over 50% in the U.S.
- UPLIZNA sales increased 90% year-over-year to $335 million, reflecting sustained momentum across all 3 approved indications.
- Biosimilar portfolio delivered 29% year-over-year growth, generating $855 million in sales, with PAVBLU up 121% to $287 million.
Qualified
- Prolia and XGEVA combined sales decreased 33% year-over-year to $1.1 billion due to biosimilar competition.
- AMG 513, a Phase I obesity asset, was discontinued from development.
- Otezla is experiencing some pressure on price due to 340B exposure.
Price
$424.94 −1.75% · −$7.55
Performance +42.2% 1Y
1Y: $298.81 on 17 Oct 2025 → $424.94. High $444.12 (3 Sept 2026), low $291.16 (27 Oct 2025).
- Previous close
- $432.49
- 52-week range
- $291.16 – $444.12
- One year
- +40.09%
Overview
- Symbol
- AMGN
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
28 of 34 judged targets kept · 26 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Non-GAAP EPS | $21.60 to $23.00 | Dec 2025 | We now expect 2026 total revenues in the range of $38.2 billion to $39.4 billion and non-GAAP earnings per share between $22.30 and $23.50. | Revised Up |
| Total revenues growth (YoY) | lower mid-single-digit | Dec 2025 | Overall, we delivered 4% growth in product sales, driven by a diversified portfolio of fast-growing products that continues to outpace the impact of losses of exclusivity. | Achieved |
| Non-GAAP tax rate | 15% to 16% | Dec 2024 | Ghosted |
Claimed
- Total revenues exceeded $10 billion, a 10% year-over-year increase.
- Six key growth drivers (Repatha, EVENITY, TEZSPIRE, Rare Disease, Innovative Oncology, Biosimilars) grew at an aggregate rate of 26% year-over-year, representing nearly 70% of product sales.
- Repatha sales grew 37% year-over-year to $953 million, with new-to-brand prescriptions up over 50% in the U.S.
- UPLIZNA sales increased 90% year-over-year to $335 million, reflecting sustained momentum across all 3 approved indications.
- Biosimilar portfolio delivered 29% year-over-year growth, generating $855 million in sales, with PAVBLU up 121% to $287 million.
Qualified
- Prolia and XGEVA combined sales decreased 33% year-over-year to $1.1 billion due to biosimilar competition.
- AMG 513, a Phase I obesity asset, was discontinued from development.
- Otezla is experiencing some pressure on price due to 340B exposure.
The full ledger
Open AMGEN INC’s full ledger
A free account opens 5 company ledgers a month. All 60 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
Amgen Q1 FY26 — springboard year on track as growth drivers offset biosimilar erosion, guidance raised
Read the full callDec 2025 (Q4 FY25) — Feb 3, 2026
Amgen Q4 FY25 — Strong Portfolio Performance and Pipeline Momentum
Read the full callEvery analysed call
Amgen earnings calls (AMGN)
Financials
What the filings say
Net profit, year on year: +66% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 8,503 | 9,086 | 8,149 | 9,179 | 9,557 | 9,866 | 8,618 | 10,054 |
| Expenses | 6,456 | 6,775 | 6,971 | 6,523 | 7,031 | 7,146 | 5,952 | 6,540 |
| Operating profit | 2,047 | 2,311 | 1,178 | 2,656 | 2,526 | 2,720 | 2,666 | 3,514 |
| Operating margin | 24.1% | 25.4% | 14.5% | 28.9% | 26.4% | 27.6% | 30.9% | 35.0% |
| Other income | 1,830 | -782 | 1,518 | -394 | 2,080 | -553 | 75 | -73 |
| Profit before tax | 3,101 | 782 | 1,973 | 1,568 | 3,921 | 1,514 | 2,084 | 2,768 |
| Tax rate | 8.7% | 19.8% | 12.3% | 8.7% | 18.0% | 12.0% | 12.7% | 14.2% |
| Net profit | 2,830 | 627 | 1,730 | 1,432 | 3,216 | 1,333 | 1,819 | 2,375 |
| EPS ($ per share) | 5.27 | — | 3.22 | 2.66 | 5.98 | — | 3.37 | 4.40 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 31,246 | 31,531 | 31,802 | 32,096 | 32,514 | 33,070 | 33,533 | 34,023 |
| Reserves | -17,977 | -21,330 | -21,408 | -24,600 | -28,622 | -26,549 | -27,590 | -25,107 |
| Total liabilities | 53,916 | 50,034 | 53,539 | 54,465 | 61,460 | 90,922 | 85,962 | 81,928 |
| Fixed assets | 4,958 | 4,928 | 4,889 | 5,184 | 5,427 | 5,941 | 6,543 | 7,913 |
| Total assets | 66,416 | 59,707 | 62,948 | 61,165 | 65,121 | 97,154 | 91,839 | 90,586 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 11,296 | 9,150 | 10,497 | 9,261 | 9,721 | 8,471 | 11,490 | 9,958 |
| Cash from investing | 14,339 | 5,709 | -5,401 | 733 | -6,044 | -26,204 | -1,046 | -1,943 |
| Cash from financing | -22,490 | -15,767 | -4,867 | -8,271 | -4,037 | 21,048 | -9,415 | -10,859 |
| Net cash flow | 3,145 | -908 | 229 | 1,723 | -360 | 3,315 | 1,029 | -2,844 |
| Capital expenditure | -738 | -618 | -608 | -880 | -936 | -1,112 | -1,096 | -1,858 |
| Free cash flow | 10,558 | 8,532 | 9,889 | 8,381 | 8,785 | 7,359 | 10,394 | 8,100 |
AMGN revenue by segment
| Segment | Q2 FY2024 | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Reportable | — | — | — | 100% | 100% | 100% | 100% | 100% | +9.5% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- US 139% ↓ 2 pt
- Non Us 51%
As AMGN cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
125 filings between Nov 5, 2025 and Aug 13, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$29.33M
14 sales by 6 insiders
Compensation
not trading decisions- 42
- Award — granted as compensation
- 10
- Option exercise — converted options into shares
- 57
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Santos Esteban | — | $20.77M | Feb 26, 2026 |
| Grygiel Nancy A. | — | $2.65M | Aug 6, 2026 |
| Gordon Murdo | — | $2.32M | Nov 12, 2025 |
| Khosla Rachna | — | $1.65M | Aug 13, 2026 |
| Miller Derek | — | $1.57M | Aug 6, 2026 |
| Busch Matthew C. | — | $375.8K | Feb 19, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 13, 2026 | Khosla Rachna SVP, Business Development | Sale | 1,252 | $521.4K |
| Aug 13, 2026 | Khosla Rachna SVP, Business Development | Option exercise | 1,252 | $203.6K |
| Aug 11, 2026 | Khosla Rachna SVP, Business Development | Sale | 2,000 | $825.1K |
| Aug 7, 2026 | Busch Matthew C. VP, Finance & CAO | Award | 730 | $0 |
| Aug 7, 2026 | Drake Michael V Director | Award | 64 | $0 |
| Aug 7, 2026 | ISHRAK OMAR Director | Award | 85 | $0 |
| Aug 7, 2026 | HOLLEY CHARLES M Director | Award | 103 | $0 |
| Aug 6, 2026 | Miller Derek SVP, Human Resources | Option exercise | 2,069 | $336.4K |
| Aug 6, 2026 | Grygiel Nancy A. SVP & CCO | Sale | 1,000 | $402.2K |
| Aug 6, 2026 | Grygiel Nancy A. SVP & CCO | Sale | 1,970 | $792.3K |
| Aug 6, 2026 | Grygiel Nancy A. SVP & CCO | Option exercise | 1,970 | $349.6K |
| Aug 6, 2026 | Grygiel Nancy A. SVP & CCO | Option exercise | 1,000 | $177.3K |
| Aug 6, 2026 | Miller Derek SVP, Human Resources | Sale | 2,069 | $832.9K |
| Aug 6, 2026 | Miller Derek SVP, Human Resources | Sale | 1,821 | $733.0K |
| Aug 6, 2026 | Miller Derek SVP, Human Resources | Option exercise | 1,821 | $323.2K |
| May 19, 2026 | Austin Wanda M Director | Award | 665 | $0 |
| May 19, 2026 | MILES AMY E Director | Award | 665 | $0 |
| May 19, 2026 | Kullman Ellen Jamison Director | Award | 665 | $0 |
| May 19, 2026 | Klotman Mary E. Director | Award | 665 | $0 |
| May 19, 2026 | ISHRAK OMAR Director | Award | 665 | $0 |
| May 19, 2026 | HOLLEY CHARLES M Director | Award | 665 | $0 |
| May 19, 2026 | Garland Greg C. Director | Award | 665 | $0 |
| May 19, 2026 | Jacks Tyler Director | Award | 665 | $0 |
| May 19, 2026 | ECKERT ROBERT Director | Award | 665 | $0 |
| May 19, 2026 | Drake Michael V Director | Award | 665 | $0 |
| May 19, 2026 | Druker Brian Director | Award | 665 | $0 |
| May 7, 2026 | Graham Jonathan P EVP & Gen. Counsel & Sec. | Tax withheld | 499 | $165.2K |
| May 7, 2026 | Gordon Murdo EVP, Global Commercial Ops | Tax withheld | 615 | $203.6K |
| May 7, 2026 | Bradway Robert A Chairman, CEO and President | Tax withheld | 2,079 | $688.4K |
| May 7, 2026 | Griffith Peter H. EVP & CFO | Tax withheld | 556 | $184.1K |
| May 7, 2026 | Santos Esteban EVP, Operations | Tax withheld | 522 | $172.8K |
| May 7, 2026 | Khosla Rachna SVP, Business Development | Tax withheld | 93 | $30.8K |
| May 7, 2026 | Busch Matthew C. VP, Finance & CAO | Tax withheld | 41 | $13.6K |
| May 7, 2026 | Grygiel Nancy A. SVP & CCO | Tax withheld | 88 | $29.1K |
| May 7, 2026 | REESE DAVID M EVP & Chief Technology Officer | Tax withheld | 556 | $184.1K |
| May 7, 2026 | Miller Derek SVP, Human Resources | Tax withheld | 151 | $50.0K |
| May 7, 2026 | Bradner James E. EVP, Research and Development | Tax withheld | 446 | $147.7K |
| May 6, 2026 | Khosla Rachna SVP, Business Development | Tax withheld | 79 | $26.0K |
| May 6, 2026 | Bradner James E. EVP, Research and Development | Tax withheld | 407 | $134.1K |
| May 6, 2026 | Graham Jonathan P EVP & Gen. Counsel & Sec. | Tax withheld | 408 | $134.5K |
| May 6, 2026 | REESE DAVID M EVP & Chief Technology Officer | Tax withheld | 454 | $149.6K |
| May 6, 2026 | Gordon Murdo EVP, Global Commercial Ops | Tax withheld | 502 | $165.5K |
| May 6, 2026 | Santos Esteban EVP, Operations | Tax withheld | 427 | $140.7K |
| May 6, 2026 | Grygiel Nancy A. SVP & CCO | Tax withheld | 76 | $25.0K |
| May 6, 2026 | Griffith Peter H. EVP & CFO | Tax withheld | 502 | $165.5K |
| May 6, 2026 | Miller Derek SVP, Human Resources | Tax withheld | 123 | $40.5K |
| May 6, 2026 | Busch Matthew C. VP, Finance & CAO | Tax withheld | 50 | $16.5K |
| May 6, 2026 | Bradway Robert A Chairman, CEO and President | Tax withheld | 1,702 | $561.0K |
| May 5, 2026 | Grygiel Nancy A. SVP & CCO | Award | 485 | $0 |
| May 5, 2026 | Khosla Rachna SVP, Business Development | Award | 500 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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