WS Investor
04 Aug 2026, 20:09
Amgen Stock Edges Higher After Strong Q2 Earnings as Growth Portfolio Drives Double-Digit Revenue Increase
Amgen (NASDAQ: AMGN) shares rose about 1% in after-hours trading on Tuesday after the biotechnology company reported stronger second-quarter results, supported by broad-based product growth, expanding profitability, and solid cash generation.
Second-quarter revenue increased 10% year over year to $10.1 billion, while product sales climbed 9% on higher volumes. GAAP earnings per share surged 65% to $4.37, and non-GAAP EPS increased 4% to $6.29, exceeding the prior year's performance despite higher research and operating expenses. The company also generated $3.5 billion in free cash flow during the quarter, nearly doubling from a year earlier.
Growth was driven by Amgen's expanding portfolio, with six key growth products collectively rising 26% year over year and accounting for nearly 70% of total product sales. Twenty-two products delivered double-digit sales growth, while seventeen products are now generating annualized sales exceeding $1 billion.
Several blockbuster medicines posted particularly strong results. Repatha sales jumped 37%, EVENITY climbed 38%, TEZSPIRE gained 42%, and rare disease therapies continued to perform well, led by UPLIZNA, whose sales surged 90%. Oncology products also remained a key growth driver, with IMDELLTRA sales more than doubling, while BLINCYTO, Nplate, Vectibix and LUMAKRAS all delivered double-digit growth.
Not every product performed as strongly. Sales of Prolia and XGEVA declined sharply as biosimilar competition intensified, while Otezla, Enbrel and Kyprolis also posted lower sales.
Looking ahead, Amgen reaffirmed its full-year 2026 outlook, expecting revenue between $38.2 billion and $39.4 billion and non-GAAP earnings per share of $22.30 to $23.50. The company also continues advancing its late-stage pipeline, including obesity candidate MariTide and several Phase 3 programs, while expanding existing medicines into new indications.
Investors appeared encouraged by the combination of double-digit revenue growth, continued strength across Amgen's newer products, improving cash generation, and management's confidence in sustaining long-term growth despite increasing biosimilar competition across parts of its mature portfolio.
Amgen (NASDAQ: AMGN) shares rose about 1% in after-hours trading on Tuesday after the biotechnology company reported stronger second-quarter results, supported by broad-based product growth, expanding profitability, and solid cash generation.
Second-quarter revenue increased 10% year over year to $10.1 billion, while product sales climbed 9% on higher volumes. GAAP earnings per share surged 65% to $4.37, and non-GAAP EPS increased 4% to $6.29, exceeding the prior year's performance despite higher research and operating expenses. The company also generated $3.5 billion in free cash flow during the quarter, nearly doubling from a year earlier.
Growth was driven by Amgen's expanding portfolio, with six key growth products collectively rising 26% year over year and accounting for nearly 70% of total product sales. Twenty-two products delivered double-digit sales growth, while seventeen products are now generating annualized sales exceeding $1 billion.
Several blockbuster medicines posted particularly strong results. Repatha sales jumped 37%, EVENITY climbed 38%, TEZSPIRE gained 42%, and rare disease therapies continued to perform well, led by UPLIZNA, whose sales surged 90%. Oncology products also remained a key growth driver, with IMDELLTRA sales more than doubling, while BLINCYTO, Nplate, Vectibix and LUMAKRAS all delivered double-digit growth.
Not every product performed as strongly. Sales of Prolia and XGEVA declined sharply as biosimilar competition intensified, while Otezla, Enbrel and Kyprolis also posted lower sales.
Looking ahead, Amgen reaffirmed its full-year 2026 outlook, expecting revenue between $38.2 billion and $39.4 billion and non-GAAP earnings per share of $22.30 to $23.50. The company also continues advancing its late-stage pipeline, including obesity candidate MariTide and several Phase 3 programs, while expanding existing medicines into new indications.
Investors appeared encouraged by the combination of double-digit revenue growth, continued strength across Amgen's newer products, improving cash generation, and management's confidence in sustaining long-term growth despite increasing biosimilar competition across parts of its mature portfolio.
