Volume-led Revenue Growth
Total revenues increased 10% to $10.1B, driven by 9% product volume growth, with standout performances from Repatha (+37%), EVENITY (+38%), UPLIZNA (+90%), and IMDELLTRA (+115%).
Source: 10-Q Item 2 MD&A
Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Amgen’s Q2 FY2026 results were defined by robust volume-driven growth in its newer products, offset by severe erosion from biosimilar and regulatory pressures on legacy brands. Total revenues rose 10%, led by a 9% increase in product volume, with Repatha, EVENITY, UPLIZNA, and IMDELLTRA all posting strong gains. However, Prolia and XGEVA sales plunged 32% and 34% respectively due to the entry of multiple biosimilars, while ENBREL declined 4% as the IRA’s Medicare price setting slashed net selling prices by 22%. Operating margin expanded to 35.0% as lower amortization of acquisition-related assets more than offset higher R&D and profit share expenses. The sustainability of this performance will depend on whether the new product momentum can continue to outpace the accelerating declines in the legacy portfolio.
Revenue
$10.05B
+9.53% YoY
EPS (Diluted)
$4.37
+64.91% YoY
Operating Income
$3.51B
+32.30% YoY
Source: SEC XBRL
Amgen (AMGN) reported Q2 FY2026 revenue of $10.05B, up 9.5% year over year. Operating margin was 35.0%, up 6.1 points from 28.9% a year earlier. AMGN's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026This filing | 6.29 | 5.73 | Beat +9.8% |
| Mar 2026 | 5.15 | 4.85 | Beat +6.1% |
| Dec 2025 | 5.29 | 4.83 | Beat +9.6% |
| Sep 2025 | 5.64 | 5.11 | Beat +10.3% |
Adjusted (non-GAAP) EPS of $6.29 versus the $5.73 analyst consensus — a +9.8% beat for Jun 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was $4.37.
Compiled by AI from 10-Q Item 2 of this filing
Total revenues increased 10% to $10.1B, driven by 9% product volume growth, with standout performances from Repatha (+37%), EVENITY (+38%), UPLIZNA (+90%), and IMDELLTRA (+115%).
Source: 10-Q Item 2 MD&A
Cost of sales as a percentage of total revenues decreased to 28.0% from 32.8%, primarily due to lower amortization expense from acquisition-related assets, partially offset by higher profit share and manufacturing costs.
Source: 10-Q Item 2 MD&A
Prolia sales fell 32% to $759M and XGEVA fell 34% to $352M, driven by lower volume and net selling price following patent expiries in February 2025 (U.S.) and November 2025 (Europe). Management expects accelerated erosion for the remainder of 2026.
Source: 10-Q Item 2 MD&A
ENBREL sales declined 4% to $580M, with net selling price down 22% due to the new Medicare Part D price set under the IRA, effective January 1, 2026, and increased 340B Program mix.
Source: 10-Q Item 2 MD&A
IMDYLLTRA received European Commission marketing authorization in June 2026 for ES-SCLC, and R&D expenses increased 7% to $1.87B, driven by higher spend in later-stage programs, particularly MariTide.
Source: 10-Q Item 2 MD&A
Compiled by AI from 10-Q Item 1A of this filing · 2 high, 3 medium, 0 low
The IRA's Medicare price setting has significantly cut ENBREL's net selling price by 22%, and Otezla faces similar cuts in 2027. The MFN pricing initiative and GENEROUS Model for Medicaid could extend price controls, further reducing revenue and profitability.
Source: 10-Q Item 1A Risk Factors
State PDABs like Colorado's have set upper payment limits for ENBREL, and other states are following. Legislation in over 20 states mandates 340B contract pharmacy arrangements, increasing discount obligations and limiting pricing flexibility.
Source: 10-Q Item 1A Risk Factors
Consolidation among insurers, PBMs, and integrated delivery systems gives them greater leverage to demand higher rebates and impose restrictive formularies, significantly reducing net prices and patient access.
Source: 10-Q Item 1A Risk Factors
Our reliance on complex IT systems, including AI-enabled tools and cloud services, exposes us to increasing cyberattacks, including ransomware and data breaches, which could disrupt operations and compromise sensitive data.
Source: 10-Q Item 1A Risk Factors
Outside the U.S., governments use international reference pricing, tenders, and health technology assessments to limit coverage and impose price cuts, which could intensify as budgets face strain and could be influenced by U.S. MFN policies.
Source: 10-Q Item 1A Risk Factors
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 10.05 $B | 9.18 $B | +9.53% |
Cost of Revenue $B | 2.81 $B | 3.01 $B | -6.64% |
Operating Income $B | 3.51 $B | 2.66 $B | +32.30% |
Net Income $B | 2.38 $B | 1.43 $B | +65.85% |
EPS (Basic) $ | 4.40 $ | 2.66 $ | +65.41% |
EPS (Diluted) $ | 4.37 $ | 2.65 $ | +64.91% |
SG&A Expense $B | 1.75 $B | 1.69 $B | +3.19% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
Amgen delivered a strong Q1 2026 with revenue up 5.8% YoY to $8.62B, while operating income more than doubled (+126.3%) to $2.67B driven by lower cost of revenue and reduced SG&A, though net income grew more modestly at 5.1% to $1.82B.
Amgen delivered a strong FY2025 with revenue rising 10.0% to $36.8B and net income nearly doubling (+88.5%) to $7.7B, driven by improved cost efficiency and operating leverage, while long-term debt declined meaningfully to $54.6B.
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