Amgen Q2 revenue rises on strong product sales growth

Amgen

04/08/2026 21:13

Overview
Biotechnology firm's Q2 revenue rose 10% yr/yr, with product sales up 9% on volume growth
Non-GAAP EPS for Q2 increased 4% yr/yr, mainly on higher revenues
Company generated $3.5 bln free cash flow in Q2, up from $1.9 bln last year

Outlook
Amgen expects 2026 revenue between $38.2 bln and $39.4 bln
Company sees 2026 GAAP EPS of $15.80 to $17.08 and non-GAAP EPS of $22.30 to $23.50
Amgen expects 2026 capital expenditures of about $2.6 bln

Result Drivers
VOLUME GROWTH - Co said product sales rose 9% in Q2, mainly driven by higher volumes across key products
KEY GROWTH DRIVERS - Six main growth drivers expanded 26% yr/yr, generating nearly 70% of Q2 product sales, per CEO Bradway
BIOSIMILAR COMPETITION - Sales of Prolia and XGEVA declined due to biosimilars launching globally and lower net selling prices

Company press release: ID:nPn8nCjd9a

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Adjusted Operating Expenses
 
$5.44 bln
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 16 "strong buy" or "buy", 18 "hold" and 3 "sell" or "strong sell"
The average consensus recommendation for the pharmaceuticals peer group is "buy."
Wall Street's median 12-month price target for Amgen Inc is $360.00, about 5% below its August 3 closing price of $378.87
The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 15 three months ago

Reuters Recommended Reads
Aug 4 - Pfizer Q2 results beat; raises 2026 revenue outlook
Aug 4 - Merck beats Q2 revenue estimates, raises FY revenue outlook
Aug 3 - Vertex Q2 revenue beats estimates on strong demand for cystic fibrosis therapies, lifts outlook

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)