10-QPeriod: Q1 FY2026

AMGEN INC Quarterly Report for Q1 Ended Mar 31, 2026

Filed May 1, 2026For Securities:AMGN

Summary

Amgen Inc. reported solid financial results for the first quarter of 2026, demonstrating growth in total revenues and net income compared to the prior year. Total revenues increased by 6% to $8.62 billion, driven by a 4% rise in product sales and a significant 45% surge in other revenues. Net income grew by 5% to $1.82 billion, resulting in diluted earnings per share of $3.34, up from $3.20 in the first quarter of 2025. The company experienced strong volume growth in key products such as Repatha, EVENITY, and TEPEZZA, while also seeing substantial increases in newer products like UPLIZNA and IMDELLTRA/IMDYLLTRA. Despite the positive top-line and bottom-line growth, investors should note the significant decline in sales for Prolia and XGEVA, which are facing increased biosimilar competition following patent expiries. Operating expenses decreased by 15%, largely due to the absence of a significant intangible asset impairment charge recorded in the prior year, and lower amortization expenses, which helped bolster profitability. However, ongoing litigation, particularly the significant U.S. tax dispute, remains a critical area to monitor, with a decision expected in the second half of 2026. The company also highlighted progress in its pipeline, including positive Phase 3 results for TEPEZZA administered subcutaneously.

Financial Highlights

53 data points
Beta

Revenue

$8.62B

68.2% Gross Margin

Net Income

$1.82B

21.1% Net Margin

EPS (Diluted)

$3.34

Total Assets

$92.50B

Cash & Equivalents

$12.04B

Free Cash Flow

$1.48B

Financial Statements
Beta
Revenue$8.62B
Cost of Revenue$2.74B
Gross Profit$5.87B
SG&A Expenses$1.60B
Operating Expenses$5.95B
Operating Income$2.67B
Interest Expense$657.00M
Net Income$1.82B
EPS (Basic)$3.37
EPS (Diluted)$3.34
Shares Outstanding (Basic)540.00M
Shares Outstanding (Diluted)544.00M

Key Highlights

  • 1Total revenues grew 6% year-over-year to $8.62 billion.
  • 2Net income increased 5% to $1.82 billion, with diluted EPS rising to $3.34.
  • 3Repatha sales surged 34% driven by strong volume growth.
  • 4Prolia and XGEVA sales declined significantly (34% and 27% respectively) due to biosimilar competition.
  • 5Operating expenses decreased 15%, largely due to the absence of a prior-year intangible asset impairment charge.
  • 6Cash and cash equivalents increased substantially to $12.04 billion.
  • 7Amgen is actively engaged in significant U.S. tax litigation with a decision anticipated in the latter half of 2026.

Frequently Asked Questions

Amgen's revenue growth was driven by a 4% increase in total product sales, largely due to volume growth in key products like Repatha, EVENITY, and TEPEZZA, as well as strong performance from newer products such as UPLIZNA and IMDELLTRA/IMDYLLTRA. Additionally, 'other revenues' saw a substantial 45% increase, primarily from higher corporate partner revenue and royalty income.

Biosimilar competition is significantly impacting Amgen's Prolia and XGEVA franchises. Prolia sales decreased by 34% and XGEVA sales by 27% in the first quarter of 2026. This erosion is expected to continue as multiple biosimilars have launched in both the United States and international markets following patent expiries in late 2025.

Amgen is involved in a significant tax dispute with the IRS regarding the allocation of profits between its U.S. and Puerto Rico entities for the years 2010-2015. The IRS is seeking substantial additional federal tax, plus interest and penalties. The trial concluded in January 2025, and a decision from the U.S. Tax Court is expected no earlier than the second half of 2026. While Amgen believes its positions are without merit, an adverse outcome could have a material adverse impact on its financial statements, as the ultimate outcome could result in payments substantially greater than amounts accrued.

Amgen intends to continue investing in innovation and returning capital to stockholders through dividends and stock repurchases. The company paid a quarterly cash dividend of $2.52 per share in March 2026 and declared another for June 2026. As of March 31, 2026, $6.8 billion remained available under its stock repurchase program. The company also issued $4.0 billion in new debt during the quarter.