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: Modest revenue growth as pipeline continues to develop.

Basic data (GAAP):

Revenue was $8.62 billion, down 13% sequentially from $9.87 billion and up 6% from $8.15 billion in the year-earlier quarter.

Net income was $1.82 billion, up 37% sequentially from $1.33 billion, and up 5% from $1.73 million year-earlier.

Earnings Per Share (diluted EPS) were $3.34, up 36% sequentially from $2.45 and up 4% from $3.20 year-earlier.

Guidance:

Raised. Full year 2026 revenue range $37.1 to $38.5 billion. GAAP EPS $15.62 to $17.10. Non-GAAP EPS $21.70 to $23.10. Cap ex $2.6 billion.

Conference Highlights:

Robert A. Bradway, CEO said "Our first quarter results demonstrate the strength of our business, with 16 brands achieving double-digit growth, enabling us to grow through expected patent expirations and increased competition. With a new wave of molecules progressing in Phase 3 clinical development, we are confident in our ability to deliver attractive long-term growth." On track to achieve long-term growth objectives. Increasing use of AI.

For Q2 2026 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 Q2 2026 Amgen announced positive topline results from the Phase 3 trial of subcutaneous Tepezza for active thyroid eye disease.

Amgen is halting development of AMG 193 for cancers. AMG 329 for Sjogren's disease had its Phase 2 study stopped after meeting pre-defined futility criteria.

In Q1 2026 Repatha reported subgroup analysis results of the Phase 3 trial of patients with diabetes without significant atherosclerosis. It showed 31% reductions in the risk of heart diseases. More data will be reported in May and June. A Phase 4 study of patients following acute myocardial infarction is ongoing.

In Q1 2026 Olpasiran for Lp(a) reduction continued 3 Phase 3 studies.

In Q1 the EU approved Uplinza as an add-on therapy for greating myasthenia gravis.

In Q1 2026 MariTide, a GLP-1 therapy for weight loss, continued ten Phase 3 trials for obesity or cardiovascular risk. Prior Phase 2 results were positive. If approved would have compelling advantages over competitors. Also a Phase 2b study of MariTide's liver fat reduction and weight loss was initiated and is enrolling adults living with obesity or overweight with elevated liver fat. Confidence in MariTide continues to build. One version could be injected every two or even every three months.

In April, Q2 2026, The FDA proposed Tavneos be withdrawn from the market because of hepatoxicity. Amgen decided to continue to market Tavneos while engaging with the FDA. There is already a warning label about hepatoxicity.

In Q2 2026 three biosimilars were in studies: ABP 206 for nivolomab for melanoma; ABP 234 for pembrolizumab for NSCLC; and ABP 692 for Ocrevus for multiple sclerosis.

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. Tax litigation is ongoing.

Non-GAAP numbers: net income was $2.80 billion, down 3% sequentially from $2.88 billion, and up 6% from $2.65 billion year-earlier. EPS was $5.15, down 3% sequentially from $5.29 and up 5% from $4.90 year-earlier.

Product sales were $8.22 billion, down 12% sequentially from $9.37 billion, and up 4% y/y from $7.87 billion. Non-product revenue was $400 million, down 20% sequentially from $499 million, and up 45% from $276 million year-earlier.

Cash and equivalents balance ended at $12.0 billion, up sequentially from $9.1 billion. Operating cash flow $2.2 billion. Capital expenditures $0.7 billion. Free cash flow was $1.5 billion. Long-term debt was $57.3 billion. $0 billion in shares were repurchased in the quarter. Dividend payments were $1.4 billion.

See also the Amgen pipeline.

GAAP cost of sales was $2.74 billion. Research and development expense was $1.72 billion; selling general and administrative expense $1.60 billion; and other operating expense $113 million, for total operating expenses of $5.95 billion. Operating income was $2.67 billion. Interest expense was $657 million, other income $75 million, income taxes $265 million.

Q&A selective summary:

MariTide switch studies? 300 subjects, every 8 or 12 weeks, will look at change of body weight after 52 weeks of MariTide treatment. We have a lot of experience with once-monthly dosing. Goal is sustained weight loss over many years. Could be helpful in a very competitive market.

Imdelltra going forward? It has emerged as the standard for second-line lung cancer. Could confer more benefit in front line therapy. Studies are rapidly progressing. Hopefull for these trials. Seeing good uptake in current label. Seems to have very durable survival.

Olpasiran? Competition? Looking forward to trial data. One in five individuals has elevated Lp(a), and it is not well-treated by current therapies.

Amgen business development landscape? We are actively looking.

Lp(a) for primary care? We are already preparing for Olpasirin in primary care market. Clear opportunity, including for diabetes patients, with Repatha. Testing for Lp(a) is now recommended and affordable.

Update on Repatha for cash pay patients? We are pleased with the $239 per month cash payment program. Many patients can now get Repatha without problems, so do not think the direct cash program will be a significant percent of sales.

Blinatumomab? This is an important potential therapy, could show high remission rates for SLE and rheumatoid arthritis. We stopped because we observed some inflatmatory reactions, but expect to be able to resume enrollment soon.

MariTide nausea and vomiting tends to be short-term. Could be avoided with a long-acting medicine like MariTide.

Sjogren's disease has proven hard to treat, but dazodalibep shows promise. We are doing two Phase 3 trials because the two population likely vary in response. Results due in H2 2026. Differentiated from the Novertis product.

Search

More Analyst Conference Pages: