Amgen (AMGN) Q2 2026 Financial Results Summary
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Amgen (AMGN) Q2 2026: Revenue Growth and Strong EPS Increase — Positive Outlook
Amgen (NASDAQ: AMGN) reported its financial results for the second quarter of 2026, showcasing a solid performance compared to the previous year. Total revenues increased by $925 million, or +10%, reaching $10.1 billion, driven by robust product sales and operational efficiencies.
Key Financial Metrics:
- Total Revenues: $10.1 billion, up from $9.2 billion in Q2 2025 (+10% YoY).
- Product Sales: Grew 9% year-over-year, contributing significantly to revenue growth.
- GAAP EPS: Increased 65% from $2.65 to $4.37.
- Non-GAAP EPS: Rose 4% from $6.02 to $6.29.
- GAAP Operating Income: Increased from $2.7 billion to $3.5 billion.
- GAAP Operating Margin: Improved by 6.5 percentage points to 36.8%.
- Free Cash Flow: Generated $3.5 billion, compared to $1.9 billion in Q2 2025.
Analyst View:
This quarter is a positive outcome for shareholders, reflecting Amgen's ability to drive revenue growth and improve profitability. The significant increase in GAAP EPS indicates strong operational performance, while the 10% revenue growth demonstrates resilience in a competitive market. The company’s focus on its six key growth drivers, which grew 26% year-over-year and accounted for nearly 70% of product sales, bodes well for future performance.
Dividend and Share Buyback:
Amgen declared a dividend of $2.52 per share, representing a 6% increase from the same period in 2025. However, there were no share repurchases during the quarter, which may indicate a strategic focus on maintaining liquidity and funding growth initiatives.
Guidance:
For the full year 2026, Amgen expects total revenues in the range of $38.2 billion to $39.4 billion. GAAP EPS is projected to be between $15.80 and $17.08, while non-GAAP EPS is expected to range from $22.30 to $23.50. This guidance reflects confidence in the company’s growth trajectory and operational efficiency.
Forward Catalyst:
Investors should closely monitor Amgen's pipeline developments and the performance of its key products in the upcoming quarters. The ongoing Phase 3 studies for MariTide and other pipeline candidates could significantly impact future revenue streams. Additionally, updates on regulatory interactions regarding TAVNEOS and other products will be crucial for assessing the company's market position.
In summary, Amgen's Q2 2026 results reflect a strong operational performance, with significant revenue growth and improved profitability metrics. The company's strategic focus on its growth drivers and robust pipeline positions it well for continued success in the coming quarters.
Note: The following tables represent amounts in millions.
| Consolidated Statements of Income - GAAP | Three months ended | June 30, 2026 | Six months ended | June 30, 2025 |
|---|---|---|---|---|
| Revenues | $9,537 | $8,771 | $17,755 | $16,644 |
| Product sales | ||||
| Other revenues | $517 | $408 | $917 | $684 |
| Total revenues | $10,054 | $9,179 | $18,672 | $17,328 |
| Operating expenses | ||||
| Cost of sales | $2,811 | $3,011 | $5,555 | $5,979 |
| Research and development | $1,868 | $1,744 | $3,587 | $3,230 |
| Selling, general and administrative expenses | $1,745 | $1,691 | $3,347 | $3,378 |
| Total operating expenses | $6,540 | $6,523 | $12,492 | $13,494 |
| Operating income | $3,514 | $2,656 | $6,180 | $3,834 |
| Other income (expense) | ||||
| Interest expense | -$673 | -$694 | -$1,330 | -$1,417 |
| Other income (expense) | -$73 | -$394 | $2 | $1,124 |
| Income before income taxes | $2,768 | $1,568 | $4,852 | $3,541 |
| Provision for income taxes | $393 | $136 | $658 | $379 |
| Net income | $2,375 | $1,432 | $4,194 | $3,162 |
| Earnings per share: | ||||
| Basic | $4.40 | $2.66 | $7.77 | $5.88 |
| Diluted | $4.37 | $2.65 | $7.71 | $5.84 |
| Weighted-average shares used in calculation of earnings per share: | ||||
| Basic | 540 | 538 | 540 | 538 |
| Diluted | 544 | 541 | 544 | 541 |
| Consolidated Balance Sheets - GAAP | June 30, 2026 | (Unaudited) | December 31, 2025 |
|---|---|---|---|
| Assets | |||
| Cash and cash equivalents | $13,989 | $9,129 | |
| Trade receivables, net | $10,227 | $9,570 | |
| Inventories | $6,220 | $6,225 | |
| Other current assets | $4,525 | $4,133 | |
| Total current assets | $34,961 | $29,057 | |
| Property, plant and equipment, net | $8,547 | $7,913 | |
| Intangible assets, net | $20,487 | $22,276 | |
| Goodwill | $18,668 | $18,680 | |
| Other noncurrent assets | $12,976 | $12,660 | |
| Total assets | $95,639 | $90,586 | |
| Liabilities and Stockholders' Equity | |||
| Current liabilities: | |||
| Accounts payable and accrued liabilities | $20,057 | $20,890 | |
| Current portion of long-term debt | $5,445 | $4,599 | |
| Total current liabilities | $25,502 | $25,489 | |
| Long-term debt | $51,859 | $50,005 | |
| Long-term deferred tax liabilities | $1,301 | $1,366 | |
| Other noncurrent liabilities | $2,844 | $2,690 | |
| Total stockholders’ equity | $11,688 | $8,658 | |
| Total liabilities and stockholders’ equity | $95,639 | $90,586 | |
| Shares outstanding | 541 | 539 |
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