Amgen Inc. Q1 2026 Earnings Recap

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.