AMGN Q2 Earnings Call Centers on Raised Outlook and Pipeline

AMGN Raises 2026 Outlook

AMGN reported non-GAAP earnings of $6.29 per share, above the Zacks Consensus Estimate of $5.60. Revenue of $10.05 billion also surpassed the $9.44 billion estimate.

Executive vice president and CFO Peter Griffith raised 2026 revenue guidance to $38.2 billion-$39.4 billion and non-GAAP earnings guidance to $22.30-$23.50 per share.

Griffith said non-GAAP R&D spending should grow by a high-single-digit percentage. A $100 million business-development payment and incremental investments will lift third-quarter operating expenses sequentially. Amgen maintained a 45-46% non-GAAP operating-margin outlook and approximately $2.6 billion in capital spending.

Amgen's Growth Drivers Offset Legacy Pressure

Chairman and CEO Robert Bradway said six key growth drivers grew 26% year over year and generated nearly 70% of second-quarter product sales.

Executive vice president of Global Markets and Policy Murdo Gordon highlighted growth of 37% for Repatha, 38% for EVENITY and 42% for TEZSPIRE. Rare Disease, Innovative Oncology and biosimilars grew 21%, 18% and 29%, respectively.

The portfolio also showed the cost of competition. Gordon said combined Prolia and XGEVA sales fell 33% as biosimilars launched, a decline management characterized as consistent with expectations.

AMGN Frames MariTide Around Flexible Dosing

Executive vice president of Research & Development, Artificial Intelligence and Data James Bradner said MariTide has nine ongoing and three planned Phase 3 studies across obesity and related diseases.

The program uses a three-step escalation to reach the target dose within two months, followed by monthly treatment. Maintenance studies are evaluating schedules requiring as few as four or six doses annually.

A Leerink Partners analyst questioned the durability of MariTide's dual mechanism. Bradner said the intact molecule has an approximately 21-day half-life and retains both GLP-1 agonism and GIP receptor antagonism. In response to Evercore ISI on vomiting rates, he reiterated confidence without giving a forecast.

Amgen Defends Its Cardiovascular Position

A UBS analyst pressed management on Olpasiran's Phase 3 design. Bradner said OCEAN(a) enrolled 7,297 patients with Lp(a) above 200 nanomoles per liter and uses three-point MACE as the primary endpoint.

He said Amgen's modeling showed that excluding stroke should not reduce the event rate. A JPMorgan analyst also asked about competitor data, and Bradner argued that Olpasiran's greater than 95% Lp(a) reduction and study design limit direct read-throughs.

On Repatha, Gordon told a Wells Fargo analyst that roughly half of prescription growth came from existing cardiologists treating more patients, while the other half came from broader primary-care adoption, particularly among high-risk patients with diabetes.

AMGN Pushes Oncology and Rare Disease Expansion

Gordon said IMDELLTRA sales rose 115% to $288 million, with more than 2,000 U.S. accounts operationally ready to use the therapy.

Asked by Wolfe Research about monitoring requirements, Bradner said clinical and real-world experience now extends to one or two hours in some settings compared with 16 hours in the second-line Phase 3 study. Amgen plans further prospective work and regulatory engagement.

In rare disease, Bradner pointed to two Phase 3 dazodalibep studies in systemic and symptomatic Sjögren's disease, with results expected in the second half of 2026. Gordon said the programs use distinct endpoints tailored to the two patient populations.

Amgen Keeps Investment Priorities Disciplined

A Goldman Sachs analyst asked whether business development depends on upcoming MariTide and Olpasiran readouts. Bradway said the strategy remains focused on four therapeutic areas and primarily on smaller, earlier-stage assets.

Management's posture combined higher internal investment with selective external innovation. Bradway stressed growth through patent expirations, while executive vice president and CFO Peter Griffith tied current spending to longer-term portfolio and manufacturing needs.

What AMGN's Zacks Signals Indicate

AMGN currently carries a Zacks Rank #3 (Hold), which indicates a Hold rating in the Rank framework rather than the stronger near-term signal assigned to Zacks Rank #1 or #2 stocks. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Its Value, Growth, Momentum and VGM Scores are all C, placing each measure in the middle of the A-to-F scale. Because Style Scores complement the Zacks Rank, this combination lacks the stronger alignment of top ranks with A or B scores. The Zacks Rank can change as analysts revise estimates after the just-reported results.

Research Chief Names "Single Best Pick to Double"

From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.

This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research