Analyst Conference Summary

biotechnology

conference date: August 4, 2026 @ 1:30 PM Pacific Time
for quarter ending: June 30, 2026 (second quarter, Q2)

Forward-looking statements

Overview: Great quarter.

Basic data (GAAP):

Revenue was $10.05 billion, up 17% sequentially from $8.62 billion and up 9.5% from $9.18 billion in the year-earlier quarter.

Net income was $2.38 billion, up 31% sequentially from $1.82 billion, and up 66% from $1.43 million year-earlier.

Earnings Per Share (diluted EPS) were $4.37, up 31% sequentially from $3.34 and up 65% from $2.65 year-earlier.

Guidance:

Full year 2026 revenue range $38.2 to $39.4 billion. GAAP EPS $15.80 to $17.98. Non-GAAP EPS $22.30 to $23.50. Cap ex $2.6 billion. Share repurchases under $3.0 billion.

Conference Highlights:

Robert A. Bradway, CEO said "Our results demonstrate strong performance across our business. Our six key growth drivers grew 26% year over year, generating nearly 70% of second-quarter product sales. As we expand the potential of our existing medicines through new indications and advance the next wave of pipeline molecules through Phase 3, we remain confident in our ability to deliver growth well into the next decade." Continues to make pipeline investments to drive growth into 2027.

For Q3 2026 the dividend will be $2.52. Pay on September 11, to stockholders of record on August 21, 2026.

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

In Q3 2026 MariTide, a GLP-1 therapy for weight loss, continued multiple 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. Believes could show long-term persistent benefit. However, AMG-513 work will be stopped.

In April, Q2 2026, The FDA proposed Tavneos be withdrawn from the market because of hepatoxicity.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. On June 1, 2026, amgen requested an FDA hearing to discuss this topic and submitted supporting materials on July 23, 2026.

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.

Uplizna (inebilizumab) in Q2 2026 released positive Phase 3 open label ata for immunoglobulin G4-related disease. Also initiated a Phase 2/3 trial in autoimmune hepatitis. A Phase 3 study for chronic inflammatory demyelinating polyneuropathy (CIPD) will start late in 2026 or in H1 2027.

Dazodalibep Phase 3 studies for Sjogren's, one for moderate to severe systemic disease and the other for moderate to high symptom burden with low systemic disease, should complete in H2 2026.

In Q2 2026 Amgen was advancing a comprehensive clinical study program of Imdelltra for SCLC, including 4 Phase 3 trials, 1 Phase 2 trial, and 5 Phase 1 trials.

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 $3.42 billion, up 22% sequentially from $2.80 billion, and up 5% from $3.26 billion year-earlier. EPS was $6.29, up 22% sequentially from $5.15 and up 4% from $6.02 year-earlier.

Product sales were $9.54 billion, up 16% sequentially from $8.22 billion, and up 9% y/y from $8.77 billion. Non-product revenue was $517 million, up 29% sequentially from $400 million, and up 27% from $408 million year-earlier.

Cash and equivalents balance ended at $14.0 billion, up sequentially from $12.0 billion. Operating cash flow $4.0 billion. Capital expenditures $0.5 billion. Free cash flow was $3.5 billion. Long-term debt was $52 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 $2.81 billion. Research and development expense was $1.87 billion; selling general and administrative expense $1.75 billion; and other operating expense $116 million, for total operating expenses of $6.54 billion. Operating income was $3.51 billion. Interest expense was $673 million, other expense $73 million, income taxes $393 million.

Q&A selective summary:

Lpa protocol? Olpasiran siRNA for Lp(a) reduction are large trials, one for outcomes, one for primary prevention of CV outcomes. [Licensed from Arrowhead]

BD deal strategy? Focus on our four therapeutic areas. The industry is seeing some exciting, early stage progress, so mostly looking at those assets. Our late-stage plate is pretty full right now.

Maritide vomiting rates? We are noses down delivering a very compelling Phase 3 data package. There is unmet need. We are very confident in the profile of Maritide.

Dazodelibep differentiation? First in class FC chemeric protein, inhibits CD40L. Looking at two populations, high unmet need. Phase 2 signals were significant.

Otezla volumes in dermatology market? It has a broad label and clear payer coverage. The new entrants are mainly competing with each other after Otezla has been tried. We are seeing some pricing pressure.

PCSK9 label, competition? The two labels (Repatha) don't compare, we have much more data. It is a huge market, so an additional therapy may treat other patients without competing for share with Repatha. An injection every two weeks for Repatha can be more attractive than a daily oral therapy.

Imdeltra for earlier lines, monitoring? T-cell engagers is an area of Amgen expertise. Second line small cell lung cancer is showing effectiveness. Looking to do combinations and take to first line therapy. Monitoring real world experience has brought the time down to 2 hours. Getting more accounts ready to use Imdeltra, despite the operational complexities compared to chemo.

Maritide design? It is complicated, we would need more time and a white board to show how it works and the duration of its effects. But the two mechanisms are preserved through a long period of exposure, starting at one month but then going to two or more months. The molecule is persistent and very well tolerated.

Cardiovascular portfolio strategy? It is a nice opportunity given the strength we have. Repatha experience has been applied to the clinical programs. We intend to fully explore our unique medicines, including with combinations.

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