Analyst Conference Summary

biotechnology

conference date: April 30, 2026 @ 1:30 PM Pacific Time
for quarter ending: March 31, 2026 (first quarter, Q1)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, up % sequentially from $9.87 billion and up % from $ billion in the year-earlier quarter.

Net income was $ billion, down % sequentially from $1.33 billion, but up % from $ million year-earlier.

Earnings Per Share (diluted EPS) were $, down % sequentially from $2.45 and up % from $ year-earlier.

Guidance:

Conference Highlights:

Robert A. Bradway, CEO said ""

For Q2 2025 the dividend will be $2.52 (increased). Pay on June , to stockholders of record on May , 2026.

In Q1 2026 a Phase 3 study of xaluritamig, is enrolling patients with metastatic castrate resistant prostate cancer (mCRPC) who have previously been treated with taxane-based chemotherapy. Also a Phase 3 study of xaluritamig in combination with abiraterone versus investigator choice of therapy is enrolling patients with chemotherapy-naive mCRPC.

On January 16, 2026, the FDA requested that ChemoCentryx voluntarily withdraw Tavneos from the U.S. market. But on January 28, 2026, following FDA regulatory process, Amgen informed the Agency that it did not intend to withdraw Tavneos from the market. Amgen is evaluating next steps with the FDA to determine a path forward, while keeping patient safety, needs and support at the forefront.

In Q4 2025 MariTide, a GLP-1 therapy for weight loss, continued two full enrolled Phase 3 trials, and continued to enroll 2 other Phase 3 trials, for obesity or cardiovascular risk. Phase 2 results were positive. If approved would have compelling advantages over competitors.

In Q4 2025 Uplizna was approved in the EU for immunoglobulin G4-related disease. In December approved by the FDA for generalized myasthenia gravis. Two Phase 3 trials, for autoimmune hepatitis, and chronic inflammatory demyelinating polyneuropathy should start in 2026.

Rocatinlimab is a first-in-class T-cell rebalancing monoclonal antibody targeting the OX40 receptor to treat atopic dermatitis. Seven of eight Phase 3 studies have completed enrollment. Data readouts from 3 Phase 3 studies were released in March 2025: Eczema, Atopic Dermatitis, and in combination with topical corticosteroids or calcineurin inhibitors. More readouts are expected in 2026.

Many other studies are ongoing.

Non-GAAP numbers: net income was $ billion, down % sequentially from $2.88 billion, and flat from $ billion year-earlier. EPS was $, down % sequentially from $5.29 and down % from $ year-earlier.

Product sales were $ billion, up % sequentially from $9.37 billion, and up % y/y from $ billion. Non-product revenue was $ million, up % sequentially from $499 million, and up % from $ million year-earlier.

Cash and equivalents balance ended at $billion, down sequentially from $9.1 billion. Operating cash flow $ billion. Capital expenditures $ billion. Free cash flow was $ billion. Long-term debt was $ billion. $0 billion in shares were repurchased in the quarter. Dividend payments were $ billion.

See also the Amgen pipeline.

GAAP cost of sales was $ billion. Research and development expense was $ billion; selling general and administrative expense $ billion; and other operating expense $ million, for total operating expenses of $ billion. Operating income was $ billion. Interest expense was $ million, other expense $ billion, income taxes $ million.

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