Amgen (AMGN) Q2 2026 earnings summary

Executive summary

• Total revenues for Q2 2026 rose 10% year-over-year to $10.1 billion, with 22 products delivering double-digit sales growth and 17 products annualizing over $1 billion in sales.

• Six key growth drivers grew 26% year-over-year, accounting for nearly 70% of product sales.

• GAAP EPS increased 65% to $4.37, while non-GAAP EPS rose 4% to $6.29, reflecting higher revenues but offset by increased expenses and taxes.

• The business is investing in expanding indications, geographic reach, payer access, and advancing a robust late-stage pipeline including MariTide, olpasiran, and xaluritamig.

• Strong execution and portfolio breadth position the company for durable growth well into the next decade.

Financial highlights

• Q2 2026 product sales: $9.5 billion, up 9% year-over-year; total revenues: $10.1 billion, up 10% year-over-year.

• Non-GAAP operating margin was 48.4%; GAAP operating margin rose to 36.8%.

• Free cash flow reached $3.5 billion in Q2.

• Cash and cash equivalents were $14.0 billion, with debt outstanding at $57.3 billion as of June 30, 2026.

• Dividend per share increased 6% year-over-year to $2.52.

Outlook and guidance

• 2026 revenue guidance raised to $38.2–$39.4 billion; non-GAAP EPS expected between $22.30 and $23.50.

• Full-year non-GAAP R&D expense to grow high single digits year-over-year, including a $100 million upfront payment for a business development transaction in Q3.

• Non-GAAP operating margin expected at 45–46% of product sales for the year.

• Capital expenditures projected at $2.6 billion; share repurchases capped at $3.0 billion.

• Non-GAAP tax rate expected at 15.0–16.5%.