Amgen (AMGN) Q1 2026 earnings summary

Executive summary

• Total revenues for Q1 2026 were $8.62 billion, up 6% year-over-year, with 16 brands achieving double-digit growth and 17 products annualizing at over $1 billion in sales.

• Six key growth drivers represented approximately 70% of Q1 sales, growing at an aggregate rate of 24%, offsetting legacy product declines.

• Maintained strong commercial momentum and advanced multiple late-stage clinical programs, including new Phase 3 studies for MariTide and other pipeline assets.

• AI and data science are increasingly embedded across R&D and operations, supporting productivity and long-term growth.

Financial highlights

• Product sales reached $8.22 billion, up 4% year-over-year; total revenue was $8.6B (+6% YoY); other revenues increased 45%.

• Non-GAAP operating margin was 45.3%; non-GAAP R&D spending increased 16% year-over-year to $1.7B.

• Free cash flow was $1.5B; capital expenditures were $700M in Q1, with $2.6B expected for 2026.

• Dividend per share increased 6% to $2.52 compared to Q1 2025.

• Cash and cash equivalents were $12.0B as of March 31, 2026; debt outstanding at $57.3B.

Outlook and guidance

• 2026 revenue guidance raised to $37.1B–$38.5B; non-GAAP EPS guidance increased to $21.70–$23.10.

• Full-year non-GAAP operating margin expected at 45%–46%; non-GAAP tax rate guided to 15.0%–16.5%.

• Capital expenditures for 2026 expected at ~$2.6B; share repurchases capped at $3B.

• GAAP EPS guidance is $15.62–$17.10 for 2026.