Amgen Inc. Earnings Recaps
Q1 2026
May 1, 2026
Amgen shares declined 2.4% following first-quarter earnings, as steady top-line growth from key products appeared insufficient to markedly impress investors amid ongoing patent headwinds and no significant upward revision to the company's outlook.
Key takeaways
- Product sales grew 4% year-over-year, led by six key growth drivers, which delivered 24% growth and accounted for nearly 70% of total product sales.
- Repatha posted $876 million in first-quarter sales, up 34% year-over-year, supported by new clinical data and expanded access options.
- EVENITY recorded $562 million in sales for the quarter, with U.S. sales up 35% and ongoing market share leadership in bone-building therapeutics.
- Management reiterated a focus on pipeline progress, highlighting new Phase III studies for MariTide and ongoing development of late-stage programs, but did not provide a notable change in forward guidance.
- The company continues to offset the impact of patent expirations and competitive pressures with its growing and diversified portfolio, though the market reaction suggests investors were looking for stronger positive catalysts or upgrades to the outlook.
Q3 2025
Nov 6, 2025
Amgen reported strong Q3 2025 earnings with a 12% year-over-year revenue increase to $9.6 billion, driven by robust volume growth across all therapeutic areas and significant pipeline advancements.
Key takeaways
- Revenue growth of 12% year-over-year, with volume up 14%, highlighting strong product demand.
- Six key growth drivers, including Repatha and EVENITY, contributed significantly, with annual sales of 14 products exceeding $1 billion.
- Non-GAAP operating margin maintained at 47%, supported by a 31% increase in R&D investment to enhance late-stage pipeline prospects.
- Launch of AmgenNow platform facilitates broader patient access to Repatha at competitive prices.
- Strong performance in biosimilars, with revenues up over 50% year-over-year, now annualizing at approximately $3 billion.