Amgen Q2 Earnings Preview: Will the Beat Streak Continue?

In the second quarter, Amgen’s product sales are expected to have been driven by strong volume growth of products like Repatha, Tezspire, Uplizna and Evenity, among others. However, price declines for some products and increases in 340B program utilization are likely to have offset some of the gains from volume increases.

The Zacks Consensus Estimate for Repatha, Tezspire, Uplizna and Evenity sales is pegged at $907.0 million, $483.0 million, $306 million and $636.0 million, respectively.

Sales of key drugs, Prolia and Xgeva, are likely to have declined as they have lost patent exclusivity.

Patents for Prolia and Xgeva expired in February 2025 in the United States, while the same expired in some European countries in November 2025. The erosion in their sales was in line with expectations in the first quarter. Accelerated sales erosion is expected over the remainder of 2026 as several biosimilars have been launched globally. The Zacks Consensus Estimate for Prolia and Xgeva is pegged at $728.0 million and $356.0 million, respectively.

Sales of some other drugs like Kyprolis, Vectibix, Nplate and Lumakras/Lumykras are likely to have risen in the quarter. Sales of new cancer drug Imdelltra (tarlatamab) are likely to have risen sequentially, driven by volume growth. The drug was approved by the name of Imdylltra in the EU in June.

In Amgen’s inflammation portfolio, Enbrel sales are likely to have declined due to declining prices. Otezla sales are likely to have been hurt by lower pricing in the United States and generic erosion in the EU.

The Zacks Consensus Estimate for Otezla is $562.0 million, while that for Enbrel is $466.0 million.

Amgen’s new biosimilar products like a biosimilar version of J&J’s Stelara called Wezlana and Regeneron’s REGN Eylea called Pavblu are also likely to have contributed to sales growth like the past few quarters.  Wezlana’s sales are expected mostly from ex-U.S. markets while Pavblu’s sales are expected to have risen sequentially, driven by volume growth.

Lower revenues from oncology biosimilars (Kanjinti and Mvasi) due to increased competitive pressure are expected to have hurt the top line. Sales of legacy established products are also expected to have declined.

In the second quarter, adjusted operating margin is expected to be in line with the first-quarter operating margin of 45.3%.

Investors will look for updates on Amgen’s important pipeline candidate, MariTide (maridebart cafraglutide), a GIPR/GLP-1 receptor for obesity, on the second-quarter conference call.

AMGN’s Earnings Surprise History

This large biotech’s performance has been strong, with earnings beating estimates in the trailing four quarters. The company delivered a four-quarter earnings surprise of 11.82%, on average.

Amgen’s stock has risen 18.4% so far this year compared with an increase of 2.8% for the industry.

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What Our Model Says for AMGN

Our proven model predicts an earnings beat for Amgen this time around. The combination of a positive Earnings ESPand a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is the case here.

Earnings ESP: Amgen’s Earnings ESP is +0.70%. The Zacks Consensus Estimate is pegged at $5.60 per share, while the Most Accurate Estimate is pegged higher at $5.64 per share. You can uncover the best stocks to buy or sell before they’re reported with our  Earnings ESP Filter.

Zacks Rank: Amgen has a Zacks Rank #3.

Other Stocks to Consider

Here are two drug/biotech stocks that also have the right combination of elements to beat on earnings this time around:

Jazz Pharmaceuticals JAZZ has an Earnings ESP of +0.41% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.

Jazz stock has risen 52% so far this year. JAZZ beat estimates in three of the last four quarters while missing in one. The company has a four-quarter earnings surprise of 10.73%, on average. Jazz is scheduled to report second-quarter results on Aug. 3.

Pfizer PFE has an Earnings ESP of +2.07% and a Zacks Rank #3 at present.

Shares of Pfizer have risen 0.1% so far this year. Pfizer beat earnings estimates in each of the last four reported quarters, delivering an average earnings surprise of 21.93%. Pfizer is scheduled to report second-quarter results on Aug. 4.

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