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:

Basic data (GAAP):

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

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

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

Guidance:

Conference Highlights:

Robert A. Bradway, CEO said ""

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

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

In Q2 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In April, Q2 2026, The FDA proposed Tavneos be withdrawn from the market because of hepatoxicity.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 $ billion, down % sequentially from $2.80 billion, and up % from $ billion year-earlier. EPS was $, down % sequentially from $5.15 and up % from $ year-earlier.

Product sales were $ billion, down % sequentially from $8.22 billion, and up % y/y from $ billion. Non-product revenue was $ million, down % sequentially from $400 million, and up % from $ million year-earlier.

Cash and equivalents balance ended at $ billion, up sequentially from $12.0 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 income $ million, income taxes $ million.

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