10-QPeriod: Q2 FY2026

AMGEN INC Quarterly Report for Q2 Ended Jun 30, 2026

Filed August 5, 2026For Securities:AMGN

Summary

Amgen Inc. reported strong financial results for the second quarter and first half of 2026, with total revenues reaching $10.05 billion and $18.67 billion, respectively. This represents significant year-over-year growth, driven primarily by robust product sales, which increased by 9% in the quarter and 7% year-to-date. Net income also saw substantial increases, up 66% for the quarter to $2.38 billion and 33% year-to-date to $4.19 billion, leading to a diluted EPS of $4.37 and $7.71 for the respective periods. The company's balance sheet remains strong, with cash and cash equivalents growing to $13.99 billion. However, investors should note the ongoing significant U.S. tax dispute with the IRS, which could materially impact future financial results if an unfavorable outcome occurs. The company also faces continued pressure from biosimilar competition for certain key products like Prolia and XGEVA, which are impacting their sales.

Key Highlights

  • 1Total revenues increased by 9% to $10.05 billion for the three months ended June 30, 2026, and by 7% to $18.67 billion for the six months ended June 30, 2026.
  • 2Net income grew significantly, up 66% to $2.38 billion for the quarter and 33% to $4.19 billion year-to-date.
  • 3Diluted Earnings Per Share (EPS) rose to $4.37 for the quarter and $7.71 for the six months ended June 30, 2026.
  • 4Product sales demonstrated strong performance, with Repatha up 37% and EVENITY up 38% for the quarter.
  • 5Operating expenses remained relatively flat for the quarter, indicating effective cost management.
  • 6Cash and cash equivalents increased significantly to $13.99 billion as of June 30, 2026, reflecting healthy cash generation.
  • 7The company continues to face legal challenges, most notably a significant U.S. tax dispute with the IRS for prior years, with a decision expected in late 2026 or early 2027.

Frequently Asked Questions

Amgen's total revenues increased by 9% to $10.05 billion in the second quarter of 2026. This growth was primarily driven by a 9% increase in total product sales, totaling $9.54 billion. Key contributors to this growth included significant increases in sales for Repatha (up 37%), EVENITY (up 38%), UPLIZNA (up 90%), and IMDELLTRA/IMDYLLTRA (up over 100%). Other revenues also increased by 27% to $517 million.

Amgen demonstrated significant improvement in profitability. Net income rose by 66% to $2.38 billion for the three months ended June 30, 2026, and by 33% to $4.19 billion for the six months ended June 30, 2026. This profitability growth translated directly into higher earnings per share, with diluted EPS increasing by 65% to $4.37 for the quarter and by 32% to $7.71 year-to-date.

Amgen faces several material risks, including a significant ongoing U.S. tax dispute with the IRS concerning profit allocation, which could result in substantial additional tax liabilities. Additionally, the company is experiencing accelerated sales erosion for products like Prolia and XGEVA due to increasing biosimilar competition following patent expirations. Regulatory and pricing pressures, particularly from government actions like the Inflation Reduction Act (IRA) and potential Most-Favored-Nation (MFN) pricing policies, continue to pose challenges to pricing and reimbursement.

Amgen's financial position remains strong, with cash and cash equivalents increasing to $13.99 billion as of June 30, 2026. The company issued $4.0 billion in new debt during the first quarter of 2026 to fund its operations and strategic initiatives. While long-term debt stands at $51.86 billion, the company has sufficient liquidity and cash flow from operations to meet its obligations, including debt service, dividends, and stock repurchases, for which $6.8 billion in authorization remained available.