Revenue Growth Driven by Volume
Total revenue increased 5.8% YoY from $8.15B to $8.62B in Q1 2026, reflecting continued demand across Amgen's product portfolio. This top-line growth was achieved despite a competitive biopharmaceutical landscape.
AMGEN INC is expected to release its Q2 2026 10-Q filing in the upcoming earnings season. Last quarter: 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.
Drawn from management commentary in the Q1 2026 10-Q:
Total revenue increased 5.8% YoY from $8.15B to $8.62B in Q1 2026, reflecting continued demand across Amgen's product portfolio. This top-line growth was achieved despite a competitive biopharmaceutical landscape.
Operating income surged 126.3% YoY from $1.18B to $2.67B, pushing operating margin from approximately 14.5% to 30.9%. This was primarily driven by a 7.5% decline in cost of revenue (from $2.97B to $2.74B) and a 5.0% reduction in SG&A expenses (from $1.69B to $1.60B).
Operating cash flow grew 57.4% YoY to $2.19B from $1.39B, significantly outpacing net income growth and reflecting improved earnings quality and working capital management. Free cash flow (operating cash flow minus investing outflows) was approximately $1.47B.
Revenue
$8.62B
++5.76% YoY
EPS (Basic)
$3.37
++4.66% YoY
Operating Income
$2.67B
++126.32% YoY
Add AMGN to your watchlist to get the AI analysis in your inbox within minutes of the 10-Q filing.