Amgen Inc.

Amgen said Q2 2026 total revenues exceeded $10 billion, up 10% year over year. Non-GAAP operating margin was 48%, non-GAAP cost of sales as a percentage of product sales was 19.6%, non-GAAP R&D spending increased 10% year over year, and free cash flow was $3.5 billion. Specific product sales called out included Repatha at $953 million (+37%), EVENITY at $714 million (+38%), TEZSPIRE at $486 million (+42%), UPLIZNA at $335 million (+90%), TEPEZZA at $576 million (+14%), IMDELLTRA at $288 million (+115%), BLINCYTO at $472 million (+23%), and biosimilars at $855 million (+29%); Prolia/XGEVA combined were $1.1 billion (-33%). Management raised 2026 guidance to revenue of $38.2 billion to $39.4 billion and non-GAAP EPS of $22.30 to $23.50. Other full-year outlook items included roughly $1.9 billion of other revenue, non-GAAP R&D growth in the high single digits, non-GAAP other income and expense of $2.1 billion to $2.2 billion of expense, a non-GAAP tax rate of 15.0% to 16.5%, capex of about $2.6 billion in 2026, and share repurchases not to exceed $3 billion. The company also said it expects full-year non-GAAP operating margin to be roughly 45% to 46%.

Bob Bradway said the quarter showed Amgen can keep growing through patent expirations and competition because of the breadth and depth of its portfolio. He framed the business as having strong momentum, durable growth potential into the next decade, and the flexibility to invest in both internal and external innovation. He also highlighted that more patients are being reached through broader indications, geographic expansion, administration improvements and payer access.

Peter Griffith emphasized strong execution and financial discipline, citing a 48% non-GAAP operating margin, 19.6% non-GAAP cost of sales as a percentage of product sales, and $3.5 billion of free cash flow. He said R&D rose 10% year over year and that the company is investing in MariTide, Xaluritamig, Olpasiran and marketed brands while also spending $500 million on capex in the quarter and planning about $2.6 billion for 2026, including U.S. manufacturing sites. He also noted a 6% increase in the quarterly dividend to $2.52 per share and said share repurchases are expected not to exceed $3 billion.

Analysts focused heavily on Olpasiran/Lp(a), MariTide tolerability and dosing, dazodalibep, Repatha competition, Otezla, and IMDELLTRA monitoring. Management said OCEAN(a) enrolls patients with Lp(a) above 200 nmol/L and uses a 3-point MACE endpoint because stroke association was seen as less compelling; they also said a competitor Lp(a) readout would be interesting but not decisive. On business development, Bradway said Amgen is looking mainly at smaller, earlier-stage assets in its core therapeutic areas and that near-term BD is not directly tied to MariTide or Lp(a) readouts.