Amgen (AMGN) Q1 2026 Financial Results Summary

Release Date: April 30, 2026

Amgen (NASDAQ:AMGN) announced its financial results for the first quarter of 2026. The results indicate continued growth despite the challenging landscape of patent expirations and increased competition.

Key Financial Highlights

• Total Revenues: Increased 6% to $8.6 billion, compared to Q1 2025.
  • Product Sales: Grew 4%, supported by 9% volume growth, but was partially offset by a 2% decrease in net selling price and 2% from lower inventory levels.
  • Double-Digit Growth: Sixteen products achieved double-digit sales growth.
  • Billion-Dollar Club: Seventeen products are annualizing sales of over $1 billion based on Q1 figures.
• GAAP Earnings Per Share (EPS): Increased 4% from $3.20 to $3.34.
  • GAAP Operating Income: Rose from $1.2 billion to $2.7 billion.
  • GAAP Operating Margin: Jumped 17.4 percentage points to 32.4%.
• Non-GAAP EPS: Increased 5% from $4.90 to $5.15.
  • Non-GAAP Operating Income: Increased from $3.6 billion to $3.7 billion.
  • Non-GAAP Operating Margin: Decreased 0.4 percentage points to 45.3%.
• Free Cash Flow: Generated $1.5 billion, up from $1.0 billion in Q1 2025, driven by business performance and timing of working capital, despite higher capital expenditures.

Product Sales Performance

• General Medicine:
  • Repatha: Sales rose 34% to $876 million due to 35% volume growth, despite a 7% decrease in net selling price.
  • Evenity: Increased 27% to $562 million.
  • Prolia: Dropped 34% to $727 million due to 17% lower volume and pricing pressures.
• Rare Disease:
  • TEPEZZA: Sales increased 29% to $490 million.
  • UPLIZNA: Saw an impressive growth of 188% to $262 million.
• Inflammation:
  • TEZSPIRE: Grew 20% to $343 million.
  • Enbrel: Sales decreased 37% to $320 million due to unfavorable changes in price and sales deductions.
• Oncology:
  • BLINCYTO: Increased 12% to $415 million.
  • IMDELLTRA: Reported revenues of $258 million, representing a 219% growth.

Cost and Expenses Analysis

• Total Operating Expenses: Decreased 15% year-over-year.
• Cost of Sales: As a percentage of product sales decreased 4.3 percentage points.
• Research & Development (R&D): Increased 16%, reflecting higher spending on later-stage clinical programs.
• Selling, General & Administrative (SG&A): Decreased 5% overall.

Dividend and Share Repurchase

• Dividend: A dividend of $2.52 per share was declared on December 9, 2025, and paid on March 6, 2026. This represents a 6% increase compared to the same period in 2025.
• Share Repurchase: No shares were repurchased under the stock repurchase program during Q1 2026.

Cash Flow and Balance Sheet

• Cash and Cash Equivalents: Totaled $12.0 billion as of March 31, 2026.
• Debt Outstanding: Amounted to $57.3 billion.
• Operating Cash Flow: Increased to $2.2 billion from $1.4 billion in Q1 2025.

Outlook for 2026

• Total Revenues Guidance: Expected to be in the range of $37.1 billion to $38.5 billion.
• GAAP EPS Guidance: Projected between $15.62 and $17.10.
• Non-GAAP EPS Guidance: Expected in the range of $21.70 to $23.10.
• Capital Expenditures: Estimated to be approximately $2.6 billion.

Amgen continues to demonstrate resilience in market fluctuations and maintains confidence in its growth through a robust product pipeline and strategic clinical programs.

Consolidated Statements of Income - GAAP

(In millions, except per-share data)

(Unaudited)

Note: All amounts are in thousands.

Revenues:	2026	2025
Product sales	$8,218	$7,873
Other revenues	$400	$276
Total revenues	$8,618	$8,149
Operating expenses:
Cost of sales	$2,744	$2,968
Research and development	$1,719	$1,486
Selling, general and administrative	$1,602	$1,687
Other	-$113	$830
Total operating expenses	$5,952	$6,971
Operating income	$2,666	$1,178
Other income (expense):
Interest expense, net	-$657	-$723
Other income, net	$75	$1,518
Income before income taxes	$2,084	$1,973
Provision for income taxes	$265	$243
Net income	$1,819	$1,730
Earnings per share:
Basic	$3.37	$3.22
Diluted	$3.34	$3.20
Weighted-average shares used in calculation of earnings per share:
Basic	540	538
Diluted	544	541

Consolidated Balance Sheets - GAAP

(In millions)

Note: All amounts are in millions.

Assets	2026	2025
Current assets:
Cash and cash equivalents	$12,038	$9,129
Trade receivables, net	$9,138	$9,570
Inventories	$6,186	$6,225
Other current assets	$4,113	$4,133
Total current assets	$31,475	$29,057
Property, plant and equipment, net	$8,216	$7,913
Intangible assets, net	$21,379	$22,276
Goodwill	$18,674	$18,680
Other noncurrent assets	$12,760	$12,660
Total assets	$92,504	$90,586
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued liabilities	$19,518	$20,890
Current portion of long-term debt	$5,437	$4,599
Total current liabilities	$24,955	$25,489
Long-term debt	$51,886	$50,005
Long-term deferred tax liabilities	$1,344	$1,366
Long-term tax liabilities	$2,764	$2,690
Other noncurrent liabilities	$2,365	$2,378
Total stockholders’ equity	$9,190	$8,658
Total liabilities and stockholders’ equity	$92,504	$90,586
Shares outstanding	540	539

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