Amgen (Nasdaq: AMGN) lifts Q2 EPS as revenue reaches $10.1B
Rhea-AI Filing Summary
Amgen Inc. reported second-quarter 2026 results with total revenues up 10% to $10.1 billion and total product sales up 9% to $9,537 million versus the second quarter of 2025. GAAP earnings per share rose 65% from $2.65 to $4.37, while non-GAAP EPS increased 4% from $6.02 to $6.29.
GAAP operating income grew from $2.7 billion to $3.5 billion, expanding GAAP operating margin by 6.5 percentage points to 36.8%. On a non-GAAP basis, operating income increased to $4.6 billion, with operating margin of 48.4%. Free cash flow was $3.5 billion in the quarter, compared with $1.9 billion a year earlier, supported by higher operating cash flow and the absence of a prior-year repatriation tax payment.
Growth was supported by medicines such as Repatha, EVENITY, TEZSPIRE, BLINCYTO and IMDELLTRA, while products including Prolia, Otezla, XGEVA and Enbrel saw lower volume or net selling prices amid biosimilar competition and U.S. pricing dynamics. Amgen ended June 30, 2026 with $14.0 billion in cash and cash equivalents and $57.3 billion of debt, and provided 2026 diluted EPS guidance of $15.80–$17.08 GAAP and $22.30–$23.50 non-GAAP.
Positive
- Total revenues rose 10% to $10.1 billion, with product sales up 9%.
- GAAP EPS jumped 65% to $4.37, while non-GAAP EPS increased to $6.29.
- Free cash flow reached $3.5 billion, up from $1.9 billion year-over-year.
Negative
- Key products Prolia and XGEVA declined over 30% due to biosimilar competition.
- GAAP tax rate increased to 14.2% from 8.7%, driven by earnings mix.
- Debt outstanding rose to $57.3 billion from $54.6 billion at year-end 2025.
Filing Explained
The August 4 filing reports quarterly results and documents a paid dividend, with no second-quarter share repurchases.
Form 8-K reports specified material events, and this filing reports Amgen’s unaudited second-quarter results under Item 2.02; its disclosed state is a results release rather than a newly completed financing or ownership transaction.
For existing common holders, the release records a
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Total revenues: $10.1 billion
Total product sales: $9,537 million
GAAP EPS: $4.37
+5 more
8 metrics
Total revenues
$10.1 billion
Second quarter 2026, up 10% versus second quarter 2025
Total product sales
$9,537 million
Q2 2026, up 9% from $8,771 million in Q2 2025
GAAP EPS
$4.37
Q2 2026, increased 65% from $2.65 in Q2 2025
Non-GAAP EPS
$6.29
Q2 2026, up 4% from $6.02 in Q2 2025
Free cash flow
$3.5 billion
Q2 2026, versus $1.9 billion in the second quarter of 2025
GAAP operating margin
36.8%
Operating income as % of product sales in Q2 2026
Cash and cash equivalents
$14.0 billion
Balance as of June 30, 2026
Debt outstanding
$57.3 billion
As of June 30, 2026, up from $54.6 billion at December 31, 2025
Key Terms
non-GAAP financial measures, Free Cash Flow, Operating Margin, biosimilars, +1 more
5 terms
non-GAAP financial measures financial
"The non-GAAP financial measures included in the press release are non-GAAP earnings per share..."
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Free Cash Flow financial
"The Company included Free Cash Flow (FCF), computed by subtracting capital expenditures from operating cash flow..."
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Operating Margin financial
"Operating Margin as a percentage of product sales increased 6.5 percentage points to 36.8%."
Operating margin shows how much profit a company makes from its core business activities after paying for costs like wages and materials. It’s useful because it tells you how efficiently a company is running—higher margins mean it keeps more money from each dollar of sales, which can indicate better management or stronger products.
biosimilars medical
"as multiple biosimilars have launched globally with more biosimilars expected."
Biosimilars are medicines made to be highly similar to an already approved biological drug produced from living cells, with no meaningful differences in safety or effectiveness. They matter to investors because they introduce lower‑cost competition to expensive biologic treatments—similar to how generic drugs compete with brand drugs—but involve more complex manufacturing, regulatory review and patent risk, which can affect market share, pricing and profit margins across the sector.
Inflation Reduction Act regulatory
"reflects the impact of U.S. Medicare Part D price setting under the Inflation Reduction Act, effective January 1, 2026..."
The inflation reduction act is a law designed to lower the overall increase in prices for goods and services in an economy, helping to keep the cost of living more stable. For investors, it matters because reducing inflation can lead to a healthier economy, potentially making investments safer and more predictable by preventing prices from rising too quickly.
Earnings Snapshot
Total revenues: $10.1 billion · Guidance included
three months ended June 30, 2026
Total revenues
$10.1 billion
Increased 10% versus the second quarter of 2025.
GAAP EPS
$4.37
Increased 65% from $2.65 in the prior-year quarter.
Non-GAAP EPS
$6.29
Increased 4% from $6.02 in the prior-year quarter.
Free cash flow
$3.5 billion
Up from $1.9 billion in the second quarter of 2025.
GAAP operating margin
36.8%
Expanded by 6.5 percentage points from 30.3%.
Guidance
For 2026, the company guided to GAAP diluted EPS of $15.80–$17.08, non-GAAP diluted EPS of $22.30–$23.50, a GAAP tax rate of 14.5%–16.0%, and a non-GAAP tax rate of 15.0%–16.5%.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Amgen (AMGN) perform financially in Q2 2026?
Amgen delivered strong Q2 2026 results, with total revenues up 10% to $10.1 billion and product sales up 9% to $9,537 million. GAAP EPS rose 65% to $4.37, and non-GAAP EPS increased 4% to $6.29 versus Q2 2025.
What were Amgen (AMGN) Q2 2026 EPS results on GAAP and non-GAAP bases?
For Q2 2026, Amgen reported GAAP EPS of $4.37, up from $2.65, and non-GAAP EPS of $6.29, up from $6.02. The GAAP increase was driven mainly by higher revenues and margin expansion, while non-GAAP EPS growth reflected higher revenues partly offset by higher expenses and taxes.
Which Amgen (AMGN) drugs drove growth in Q2 2026?
Growth was led by products such as Repatha (up 37% to $953M), EVENITY (up 38% to $714M), TEZSPIRE (up 42% to $486M), and PAVBLU (up 121% to $287M), largely driven by volume growth across these key medicines.
How strong was Amgen (AMGN) free cash flow and balance sheet in Q2 2026?
Amgen generated $3.5 billion of free cash flow in Q2 2026, versus $1.9 billion a year earlier. As of June 30, 2026, it held $14.0 billion in cash and cash equivalents and had $57.3 billion of debt outstanding, reflecting a sizeable but leveraged balance sheet.
What 2026 EPS guidance did Amgen (AMGN) provide after Q2 2026?
For 2026, Amgen guided to GAAP diluted EPS of $15.80–$17.08 and non-GAAP diluted EPS of $22.30–$23.50. It also projected a GAAP tax rate of 14.5%–16.0% and a non-GAAP tax rate of 15.0%–16.5% for the year.
How did Amgen (AMGN) operating margins and tax rates change in Q2 2026?
GAAP operating margin improved to 36.8% in Q2 2026 from 30.3%, while non-GAAP operating margin was 48.4% versus 48.9%. The GAAP tax rate increased to 14.2% from 8.7%, and the non-GAAP tax rate rose to 15.6% from 14.2%.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
-
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
Registrant’s telephone number, including area code
(805 ) 447-1000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
Second Quarter 2026 Earnings Press Release and Reconciliation of Non-GAAP Financial Measures
On August 4, 2026 , the Company issued a press release announcing its unaudited results of operations for the three and six months ended June 30, 2026, and its unaudited financial position as of June 30, 2026. The full text of the press release is furnished as Exhibit 99.1 hereto.
In its press release the Company included certain non-U.S. Generally Accepted Accounting Principles (GAAP) financial measures as defined in Regulation G promulgated by the Securities and Exchange Commission. The non-GAAP financial measures included in the press release are non-GAAP earnings per share, non-GAAP operating income, non-GAAP operating margin, non-GAAP tax rate, non-GAAP operating expenses and sub-components of non-GAAP operating expenses such as non-GAAP cost of sales, non-GAAP research and development (R&D) expenses and non-GAAP selling, general and administrative expenses. Reconciliations for such non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the press release. The Company included Free Cash Flow (FCF), which is computed by subtracting capital expenditures from operating cash flow, each as determined in accordance with GAAP.
The Company believes that this presentation of non-GAAP financial measures provides useful supplementary information to and facilitates additional analysis by investors. The Company uses certain non-GAAP financial measures to enhance an investor’s overall understanding of the financial performance and prospects for the future of the Company’s ongoing business activities by facilitating comparisons of results of ongoing business operations among current, past and future periods. The Company believes that FCF provides a further measure of the Company’s liquidity. The Company uses non-GAAP financial measures in connection with its own budgeting and financial planning internally to evaluate the performance of the business, including to allocate resources and to evaluate results relative to incentive compensation targets. The non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
The following is a summary of the costs and other items excluded from the most directly comparable GAAP financial measures to calculate non-GAAP financial measures:
•Acquisition-related expenses: Acquisition-related charges are primarily associated with assets acquired in connection with business acquisitions, including intangible assets and acquired inventory. Such charges include amortization and impairment of developed-product-technology rights, licensing rights, R&D technology rights, marketing-related rights and step-up to fair value of acquired inventory, as well as net impairment charges of in-process R&D assets. Net charges for intangible assets are significantly impacted by the timing and magnitude of the Company’s acquisitions, potential product approvals and estimated future cash flows. Accordingly, these net charges may vary in amount from period to period. The Company excludes these net charges for purposes of calculating the non-GAAP financial measures presented to facilitate a more meaningful evaluation of the Company’s current operating performance and comparisons to past operating performance. The Company believes that excluding noncash net charges related to those intangible assets and inventory acquired in business acquisitions treats those assets as if the Company had developed them internally in the past and, thus, provides a supplemental measure of profitability in which these acquired assets are treated in a comparable manner to the Company's internally developed or produced assets.
•Net charges pursuant to the Company’s restructuring and cost savings initiatives: Costs from restructuring and cost savings initiatives are primarily related to facilities charges, including asset impairments and accelerated depreciation, and severance and benefits for employees terminated pursuant to our transformation and process improvement efforts. Costs from such initiatives are inconsistent in amount and are significantly impacted by the timing and nature of these events. Therefore, although the Company may incur these types of expenses in the future, it believes that eliminating these charges for purposes of calculating the non-GAAP financial measures provides a supplemental evaluation of the Company’s current operating performance and facilitates comparisons to past operating performance.
•Other items: The Company adjusts GAAP financial results for certain income and expenses (or gains and losses). These adjustments include: (1) gains and losses on our investments in equity securities; and (2) certain items associated with legal proceedings. The Company excludes these items for the purpose of calculating the non-GAAP financial measures presented because the Company believes these items are outside the ordinary course of business. The Company believes eliminating these items provides a supplemental evaluation of the Company’s current operating performance and facilitates comparisons to past operating performance.
•The tax effect of the adjustments between GAAP and non-GAAP results take into account the tax treatment and related tax rate(s) that apply to each adjustment in the applicable tax jurisdiction(s). Generally, the tax impact of adjustments, including the amortization and impairment of intangible assets and acquired inventory, gains and losses on our investments in equity securities and expenses related to restructuring and cost savings initiatives, depends on whether the amounts are deductible in the respective tax jurisdictions and the applicable tax rate(s) in those jurisdictions. Other income tax adjustments include the impact of tax law changes.
The press release also contains a discussion of the additional purposes for which the Company’s management uses these non-GAAP financial measures.
This information and the information contained in the press release shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in Item 2.02 of this Current Report is not incorporated by reference into any filings of the Company made under the Securities Act of 1933, as amended, whether made before or after the date of this Current Report, regardless of any general incorporation language in the filing unless specifically stated so therein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| 99.1 | Press Release dated August 4, 2026. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AMGEN INC. | |||||||||||||||||
| Date: | By: | /s/ Peter H. Griffith | |||||||||||||||
| Name: | Peter H. Griffith | ||||||||||||||||
| Title: | Executive Vice President and Chief Financial Officer | ||||||||||||||||
Exhibit 99.1
 News Release | One Amgen Center Drive Thousand Oaks, CA 91320-1799 Telephone 805-447-1000 www.amgen.com | |||||||
AMGEN REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS
THOUSAND OAKS, Calif. (Aug. 4, 2026) - Amgen (NASDAQ:AMGN) today announced financial results for the second quarter of 2026.
"Our results demonstrate strong performance across our business. Our six key growth drivers grew 26% year over year, generating nearly 70% of second-quarter product sales. As we expand the potential of our existing medicines through new indications and advance the next wave of pipeline molecules through Phase 3, we remain confident in our ability to deliver growth well into the next decade," said Robert A. Bradway, chairman and chief executive officer.
Key results include:
•For the second quarter, total revenues increased 10% to $10.1 billion in comparison to the second quarter of 2025.
◦Product sales grew 9%, driven by volume growth.
◦Twenty-two products delivered at least double-digit sales growth in the second quarter.
◦Seventeen products are annualizing at more than $1 billion based on second quarter sales.
•GAAP earnings per share (EPS) increased 65% from $2.65 to $4.37 for the second quarter, driven by higher revenues.
◦For the second quarter, GAAP operating income increased from $2.7 billion to $3.5 billion, and GAAP operating margin increased 6.5 percentage points to 36.8%.
•Non-GAAP EPS increased 4% from $6.02 to $6.29 for the second quarter, primarily driven by higher revenues, partially offset by higher operating expenses and higher income tax expense.
◦For the second quarter, non-GAAP operating income increased from $4.3 billion to $4.6 billion, and non-GAAP operating margin decreased 0.5 percentage points to 48.4%.
•The Company generated $3.5 billion of free cash flow in the second quarter of 2026 versus $1.9 billion in the second quarter of 2025. The increase reflects the final repatriation tax payment in the second quarter of 2025 and current period business performance, partially offset by timing of working capital.
AMGEN REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS
Page 2
References in this release to “non-GAAP” measures, measures presented “on a non-GAAP basis,” and “free cash flow” (computed by subtracting capital expenditures from operating cash flow) refer to non-GAAP financial measures. Adjustments to the most directly comparable GAAP financial measures and other items are presented on the attached reconciliations. Refer to Non-GAAP Financial Measures below for further discussion.
Product Sales Performance
General Medicine
•Repatha® (evolocumab) sales increased 37% year-over-year to $953 million in the second quarter, driven by volume growth.
•EVENITY® (romosozumab-aqqg) sales increased 38% year-over-year to $714 million in the second quarter, driven by volume growth.
•Prolia® (denosumab) sales decreased 32% year-over-year to $759 million in the second quarter, driven by 20% lower volume and 12% lower net selling price as multiple biosimilars have launched globally with more biosimilars expected.
Rare Disease
•TEPEZZA® (teprotumumab-trbw) sales increased 14% year-over-year to $576 million in the second quarter, primarily driven by 6% higher net selling price and 6% volume growth.
•KRYSTEXXA® (pegloticase) sales increased 15% year-over-year to $400 million in the second quarter, driven by 23% higher net selling price, partially offset by lower inventory levels.
•UPLIZNA® (inebilizumab-cdon) sales increased 90% year-over-year to $335 million in the second quarter, primarily driven by volume growth.
•TAVNEOS® (avacopan) sales increased 36% year-over-year to $150 million in the second quarter, driven by volume growth. We continue to engage with the U.S. Food and Drug Administration (FDA) and believe that TAVNEOS demonstrates clinical effectiveness and a favorable benefit-risk profile.
Inflammation
•TEZSPIRE® (tezepelumab-ekko) sales increased 42% year-over-year to $486 million in the second quarter, driven by volume growth.
•Otezla® (apremilast) sales decreased 21% year-over-year to $491 million in the second quarter, primarily driven by 9% lower net selling price and 6% lower volume.
•Enbrel® (etanercept) sales decreased 4% year-over-year to $580 million in the second quarter, primarily driven by 22% lower net selling price, partially offset by 16% favorable changes to estimated sales deductions. The decline in net selling price reflects the impact of U.S. Medicare Part D price setting under the Inflation Reduction Act, effective January 1, 2026, as well as an increased 340B Program mix.
•AMJEVITA® (adalimumab-atto)/AMGEVITA™ (adalimumab) sales increased 17% year-over-year to $155 million in the second quarter, primarily driven by volume growth.
AMGEN REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS
Page 3
•PAVBLU® (aflibercept-ayyh) sales increased 121% year-over-year to $287 million in the second quarter, primarily driven by volume growth based on its position as the only commercially available biosimilar to EYLEA® in the U.S. during this period.
Oncology
•BLINCYTO® (blinatumomab) sales increased 23% year-over-year to $472 million in the second quarter, primarily driven by 16% volume growth.
•IMDELLTRA® (tarlatamab-dlle)/IMDYLLTRA™ (tarlatamab) sales increased 115% year-over-year to $288 million in the second quarter, primarily driven by volume growth.
•Vectibix® (panitumumab) sales increased 11% year-over-year to $338 million in the second quarter, primarily driven by volume growth.
•KYPROLIS® (carfilzomib) sales decreased 17% year-over-year to $314 million in the second quarter, driven by lower volume.
•LUMAKRAS®/LUMYKRAS™ (sotorasib) sales increased 23% year-over-year to $111 million in the second quarter, primarily driven by volume growth.
•Nplate® (romiplostim) sales increased 17% year-over-year to $430 million in the second quarter, driven by 13% volume growth and higher net selling price.
•XGEVA® (denosumab) sales decreased 34% year-over-year to $352 million in the second quarter, primarily driven by 22% lower volume and 8% lower net selling price as multiple biosimilars have launched globally with more biosimilars expected.
•MVASI® (bevacizumab-awwb) sales decreased 20% year-over-year to $153 million in the second quarter, driven by 16% lower net selling price and lower volume.
Established Products
•Our established products, which consist of Aranesp® (darbepoetin alfa), Neulasta® (pegfilgrastim), and Parsabiv® (etelcalcetide), generated $632 million of sales in the second quarter. Sales increased 19% year-over-year, driven by 15% higher net selling price and 2% volume growth.
AMGEN REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS
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Product Sales Detail by Product and Geographic Region
| $Millions, except percentages | Q2 ’26 | Q2 ’25 | YOY Δ | |||||||||||||||||||||||||||||
U.S. | ROW | TOTAL | TOTAL | TOTAL | ||||||||||||||||||||||||||||
Repatha® | $ | 510 | $ | 443 | $ | 953 | $ | 696 | 37% | |||||||||||||||||||||||
EVENITY® | 550 | 164 | 714 | 518 | 38% | |||||||||||||||||||||||||||
Prolia® | 478 | 281 | 759 | 1,122 | (32%) | |||||||||||||||||||||||||||
TEPEZZA® | 520 | 56 | 576 | 505 | 14% | |||||||||||||||||||||||||||
KRYSTEXXA® | 399 | 1 | 400 | 349 | 15% | |||||||||||||||||||||||||||
UPLIZNA® | 317 | 18 | 335 | 176 | 90% | |||||||||||||||||||||||||||
TAVNEOS® | 143 | 7 | 150 | 110 | 36% | |||||||||||||||||||||||||||
Ultra-Rare products(1) | 144 | 5 | 149 | 183 | (19%) | |||||||||||||||||||||||||||
TEZSPIRE® | 486 | — | 486 | 342 | 42% | |||||||||||||||||||||||||||
Otezla® | 431 | 60 | 491 | 618 | (21%) | |||||||||||||||||||||||||||
Enbrel® | 574 | 6 | 580 | 604 | (4%) | |||||||||||||||||||||||||||
AMJEVITA®/AMGEVITA™ | 26 | 129 | 155 | 133 | 17% | |||||||||||||||||||||||||||
PAVBLU® | 280 | 7 | 287 | 130 | * | |||||||||||||||||||||||||||
WEZLANA®/WEZENLA™ | — | 61 | 61 | 35 | 74% | |||||||||||||||||||||||||||
BLINCYTO® | 285 | 187 | 472 | 384 | 23% | |||||||||||||||||||||||||||
IMDELLTRA®/IMDYLLTRA™ | 233 | 55 | 288 | 134 | * | |||||||||||||||||||||||||||
Vectibix® | 167 | 171 | 338 | 305 | 11% | |||||||||||||||||||||||||||
KYPROLIS® | 201 | 113 | 314 | 378 | (17%) | |||||||||||||||||||||||||||
LUMAKRAS®/LUMYKRAS™ | 62 | 49 | 111 | 90 | 23% | |||||||||||||||||||||||||||
Nplate® | 275 | 155 | 430 | 369 | 17% | |||||||||||||||||||||||||||
XGEVA® | 187 | 165 | 352 | 532 | (34%) | |||||||||||||||||||||||||||
MVASI® | 106 | 47 | 153 | 191 | (20%) | |||||||||||||||||||||||||||
Aranesp® | 94 | 258 | 352 | 359 | (2%) | |||||||||||||||||||||||||||
Neulasta® | 164 | 15 | 179 | 82 | * | |||||||||||||||||||||||||||
Parsabiv® | 54 | 47 | 101 | 92 | 10% | |||||||||||||||||||||||||||
Other products(2) | 304 | 47 | 351 | 334 | 5% | |||||||||||||||||||||||||||
| Total product sales | $ | 6,990 | $ | 2,547 | $ | 9,537 | $ | 8,771 | 9% | |||||||||||||||||||||||
| * Change in excess of 100% | ||||||||||||||||||||||||||||||||
(1) Ultra-Rare products consist of PROCYSBI®, RAVICTI®, ACTIMMUNE®, BUPHENYL®, and QUINSAIR®. | ||||||||||||||||||||||||||||||||
(2) Other products consist of Aimovig®, AVSOLA®, KANJINTI®, EPOGEN®, BKEMV®/BEKEMV™, RIABNI®, IMLYGIC®, NEUPOGEN®, RAYOS®, DUEXIS®, Sensipar®/Mimpara™, Corlanor®, and PENNSAID®. Biosimilars total $199 million in Q2 ’26 and $172 million in Q2 ’25. Rare Disease products total ($3) million in Q2 ’26 and $4 million in Q2 ’25. | ||||||||||||||||||||||||||||||||
AMGEN REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS
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Operating Expense, Operating Margin and Tax Rate Analysis
On a GAAP basis:
•Total Operating Expenses remained relatively unchanged year-over-year for the second quarter. Cost of Sales as a percentage of product sales decreased 4.8 percentage points, driven by lower amortization expense from acquisition-related assets, partially offset by higher profit share expense, higher manufacturing costs and changes in our sales mix. Research & Development (R&D) expenses increased 7% driven by higher spend in both Later-Stage Clinical Programs, primarily those related to MariTide, and Marketed Product Support. Selling, General & Administrative (SG&A) expenses increased 3% driven by higher general and administrative expenses and higher commercial product-related expenses. Other operating expenses for the second quarter included litigation expenses.
•Operating Margin as a percentage of product sales increased 6.5 percentage points to 36.8%.
•Tax Rate increased 5.5 percentage points for the second quarter primarily driven by the change in earnings mix, including lower amortization expense from acquisition-related assets.
On a non-GAAP basis:
•Total Operating Expenses increased 11% year-over-year for the second quarter. Cost of Sales as a percentage of product sales increased 1.9 percentage points, driven by higher profit share expense, higher manufacturing costs, and changes in our sales mix. R&D expenses increased 10% primarily driven by higher spend in both Later-Stage Clinical Programs, primarily those related to MariTide, and Marketed Product Support. SG&A expenses increased 4% primarily driven by higher general and administrative expenses and higher commercial product-related expenses.
•Operating Margin as a percentage of product sales decreased 0.5 percentage points for the second quarter to 48.4%.
•Tax Rate increased 1.4 percentage points for the second quarter primarily driven by the change in earnings mix and net unfavorable items in the current-year period.
| $Millions, except percentages | GAAP | Non-GAAP | ||||||||||||||||||||||||||||||||||||
| Q2 ’26 | Q2 ’25 | YOY Δ | Q2 ’26 | Q2 ’25 | YOY Δ | |||||||||||||||||||||||||||||||||
| Cost of Sales | $ | 2,811 | $ | 3,011 | (7%) | $ | 1,874 | $ | 1,551 | 21% | ||||||||||||||||||||||||||||
| % of product sales | 29.5 | % | 34.3 | % | (4.8) pts. | 19.6 | % | 17.7 | % | 1.9 pts. | ||||||||||||||||||||||||||||
| Research & Development | $ | 1,868 | $ | 1,744 | 7% | $ | 1,851 | $ | 1,685 | 10% | ||||||||||||||||||||||||||||
| % of product sales | 19.6 | % | 19.9 | % | (0.3) pts. | 19.4 | % | 19.2 | % | 0.2 pts. | ||||||||||||||||||||||||||||
| Selling, General & Administrative | $ | 1,745 | $ | 1,691 | 3% | $ | 1,717 | $ | 1,650 | 4% | ||||||||||||||||||||||||||||
| % of product sales | 18.3 | % | 19.3 | % | (1.0) pts. | 18.0 | % | 18.8 | % | (0.8) pts. | ||||||||||||||||||||||||||||
| Other | $ | 116 | $ | 77 | 51% | $ | — | $ | — | N/A | ||||||||||||||||||||||||||||
| Total Operating Expenses | $ | 6,540 | $ | 6,523 | 0% | $ | 5,442 | $ | 4,886 | 11% | ||||||||||||||||||||||||||||
| Operating Margin | ||||||||||||||||||||||||||||||||||||||
Operating income as % of product sales | 36.8 | % | 30.3 | % | 6.5 pts. | 48.4 | % | 48.9 | % | (0.5) pts. | ||||||||||||||||||||||||||||
| Tax Rate | 14.2 | % | 8.7 | % | 5.5 pts. | 15.6 | % | 14.2 | % | 1.4 pts. | ||||||||||||||||||||||||||||
| pts: percentage points | ||||||||||||||||||||||||||||||||||||||
| N/A = not applicable | ||||||||||||||||||||||||||||||||||||||
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Cash Flow and Balance Sheet
•The Company generated $3.5 billion of free cash flow in the second quarter of 2026 versus $1.9 billion in the second quarter of 2025. The increase reflects the final repatriation tax payment in the second quarter of 2025 and current period business performance, partially offset by timing of working capital.
•The Company declared a second quarter 2026 dividend on March 4, 2026 of $2.52 per share that was paid on June 5, 2026 to all stockholders of record as of May 15, 2026, representing a 6% increase from the same period in 2025.
•During the second quarter of 2026, there were no repurchases of shares of common stock under our stock repurchase program.
•Cash and cash equivalents totaled $14.0 billion and debt outstanding totaled $57.3 billion as of June 30, 2026.
| $Billions, except shares | Q2 ’26 | Q2 ’25 | YOY Δ | |||||||||||||||||
| Operating Cash Flow | $ | 4.0 | $ | 2.3 | $ | 1.7 | ||||||||||||||
| Capital Expenditures | $ | 0.5 | $ | 0.4 | $ | 0.1 | ||||||||||||||
| Free Cash Flow | $ | 3.5 | $ | 1.9 | $ | 1.6 | ||||||||||||||
| Dividends Paid | $ | 1.4 | $ | 1.3 | $ | 0.1 | ||||||||||||||
| Share Repurchases | $ | 0.0 | $ | 0.0 | $ | 0.0 | ||||||||||||||
| Average Diluted Shares (millions) | 544 | 541 | 3 | |||||||||||||||||
| Note: Numbers may not add due to rounding | ||||||||||||||||||||
| $Billions | 6/30/26 | 12/31/25 | YTD Δ | |||||||||||||||||
| Cash and Cash Equivalents | $ | 14.0 | $ | 9.1 | $ | 4.9 | ||||||||||||||
| Debt Outstanding | $ | 57.3 | $ | 54.6 | $ | 2.7 | ||||||||||||||
| Note: Numbers may not add due to rounding | ||||||||||||||||||||
2026 Guidance
For the full year 2026, the Company expects:
•Total revenues in the range of $38.2 billion to $39.4 billion.
•On a GAAP basis, EPS in the range of $15.80 to $17.08, and a tax rate in the range of 14.5% to 16.0%.
•On a non-GAAP basis, EPS in the range of $22.30 to $23.50, and a tax rate in the range of 15.0% to 16.5%.
•Capital expenditures to be approximately $2.6 billion.
•Share repurchases not to exceed $3.0 billion.
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Second Quarter Product and Pipeline Update
The Company provided the following updates on selected product and pipeline programs:
General Medicine
MariTide (maridebart cafraglutide/AMG 133)
•MariTide is a differentiated antibody-peptide conjugate that activates the glucagon-like peptide-1 (GLP-1) receptor and antagonizes the glucose-dependent insulinotropic polypeptide receptor (GIPR). MariTide's long-acting design supports starting with monthly dosing, and staying on MariTide with as few as 4 or 6 doses per year.
•MARITIME-1, a Phase 3 study of MariTide for chronic weight management, is ongoing in adults living with obesity or overweight, without Type 2 diabetes (T2D).
•MARITIME-2, a Phase 3 study of MariTide for chronic weight management, is ongoing in adults living with obesity or overweight, with T2D.
•MARITIME-CV, a Phase 3 study of MariTide on cardiovascular (CV) outcomes, is enrolling adults living with established atherosclerotic cardiovascular disease and obesity or overweight.
•MARITIME-HF, a Phase 3 study of MariTide on reduction of heart failure events and cardiovascular risk, is enrolling adults living with heart failure with preserved or mildly reduced ejection fraction and obesity.
•MARITIME-OSA-1, a Phase 3 study of MariTide, is enrolling adults living with obstructive sleep apnea on positive airway pressure therapy and living with obesity or overweight.
•MARITIME-OSA-2, a Phase 3 study of MariTide, is enrolling adults living with obstructive sleep apnea not on positive airway pressure therapy and living with obesity or overweight.
•MARITIME-SWITCH, a Phase 3 study of MariTide, is enrolling adults living with obesity or overweight who will be switching from weekly tirzepatide or weekly semaglutide to MariTide on an every eight-week or quarterly dosing schedule.
•MARITIME-1 EXTENSION, a Phase 3 long-term extension study of MariTide, to evaluate the maintenance of weight loss with monthly, every eight-week or quarterly dosing, is enrolling adults living with obesity or overweight without T2D who completed the MARITIME-1 study.
•MARITIME-2 EXTENSION, a Phase 3 long-term extension study of MariTide, to evaluate the maintenance of weight loss with monthly and every eight-week dosing, is enrolling adults living with obesity or overweight with T2D who completed the MARITIME-2 study.
•Three Phase 3 studies of MariTide in people living with T2D will be initiated in 2026.
•A Phase 2b study of MariTide to assess the effect of MariTide on liver fat reduction and weight loss is enrolling adults living with obesity or overweight with elevated liver fat.
AMG 513
•Future development of AMG 513 will be discontinued.
•A Phase 1 study of AMG 513 in adults living with obesity will remain ongoing to follow enrolled participants through completion of the study.
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Repatha
•In May, results from a new analysis of the Phase 3 VESALIUS-CV pre-cardiovascular event trial in a subgroup of patients who had a prior percutaneous coronary intervention (PCI) were presented at the European Paris Course on Revascularization (EuroPCR) and simultaneously published in Circulation. In this subset of 3,627 patients who had prior PCI, Repatha:
◦demonstrated a 30% relative reduction in the risk of a composite of coronary heart disease death, heart attack or ischemic stroke (3-P MACE).
◦demonstrated an 18% relative reduction in a broader composite that also included ischemia-driven revascularization (4-P MACE).
◦reduced the relative risk of heart attack by 50%, with the effect seen as soon as 6 months after randomization.
◦was associated with nominal 34% decreased risk of cardiovascular death and 24% decreased risk of all-cause death.
•In June, results from a new analysis of VESALIUS-CV in a subgroup of patients with high-risk diabetes with and without known atherosclerosis were presented at the American Diabetes Association Scientific Sessions and simultaneously published in Diabetes Care. In this subset of 6,002 patients with high-risk diabetes with and without known atherosclerosis, Repatha:
◦demonstrated a 29% relative reduction in the risk of a composite of coronary heart disease death, heart attack or ischemic stroke (3-P MACE).
◦demonstrated a 21% relative reduction in a broader composite that also included ischemia-driven revascularization (4-P MACE).
◦was associated with a nominal 21% decreased risk of all-cause death.
•Further data from three new pre-specified analyses of the VESALIUS-CV study demonstrating the protective effects of Repatha on total cardiovascular events, myocardial infarction, and fatal outcomes, will be presented as oral abstracts at the European Society of Cardiology (ESC) Congress in August 2026.
•EVOLVE-MI, a Phase 4 study of Repatha initiated within 10 days of an acute myocardial infarction to reduce the risk of cardiovascular events, is ongoing.
Olpasiran (AMG 890)
•Olpasiran is a potentially best-in-class small interfering ribonucleic acid (siRNA) molecule that reduces lipoprotein(a) (Lp(a)) synthesis in the liver.
•The OCEAN(a)-Outcomes trial, a Phase 3 secondary prevention CV outcomes study, is ongoing in patients with established atherosclerotic CV disease and elevated Lp(a).
•The OCEAN(a)-PreEvent trial, a Phase 3 primary prevention CV outcomes study, is enrolling patients with elevated Lp(a) at high risk for a first major CV event.
•The OCEAN(a)-Coronary Computed Tomography Angiography (CCTA), a Phase 3 coronary artery plaque study, is enrolling patients with atherosclerotic CV disease and elevated Lp(a).
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Rare Disease
UPLIZNA
•In June, new open-label extension data from the Phase 3 MITIGATE study in patients with immunoglobulin G4-related disease (IgG4-RD) were presented at the European Alliance of Associations for Rheumatology (EULAR) 2026 Congress. Key findings included:
◦sustained response and disease control with continued UPLIZNA treatment at Year 1 of the open label period (OLP).
◦100% of patients remained flare-free and 71.4% of patients achieved both flare-free and glucocorticoid-free complete remission with continued UPLIZNA treatment through Year 1 of the OLP.
◦UPLIZNA continued to demonstrate a safety profile consistent with the established safety profile of UPLIZNA across all approved indications.
◦efficacy and safety outcomes support the longer-term use of UPLIZNA for the treatment of IgG4-RD.
•MERCURY, a Phase 2/3 study of UPLIZNA, was initiated in patients with autoimmune hepatitis (AIH).
•A Phase 3 study of UPLIZNA in patients with chronic inflammatory demyelinating polyneuropathy (CIDP) will be initiated H2 2026 - H1 2027.
TEPEZZA
•A Phase 3 study of TEPEZZA in Japan is ongoing in patients with chronic/low clinical activity score thyroid eye disease (TED).
TAVNEOS
•TAVNEOS (avacopan), a product the Company acquired in connection with its acquisition of ChemoCentryx, Inc. in 2022, was approved by the FDA in October 2021. TAVNEOS is indicated for the adjunctive treatment of adult patients with severe active anti-neutrophil cytoplasmic autoantibody (ANCA)-associated vasculitis (AAV) in combination with standard therapy including glucocorticoids.
•The Company continues to engage the FDA regarding the Center for Drug Evaluation and Research’s request to voluntarily withdraw TAVNEOS from the U.S. market. On June 1, 2026, the Company requested a hearing to discuss this topic and submitted supporting materials to the FDA on July 23, 2026. The Company believes that these materials support a favorable benefit-risk profile of TAVNEOS for patients with AAV.
•A Phase 3, open-label study of TAVNEOS in combination with rituximab or a cyclophosphamide-containing regimen has completed enrollment of patients from 6 years to < 18 years of age with active AAV (Granulomatosis with Polyangiitis (GPA)/Microscopic Polyangiitis (MPA)).
Dazodalibep
•Dazodalibep is a fusion protein that inhibits CD40 ligand (CD40L).
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•Two Phase 3 studies of dazodalibep in Sjögren’s disease are underway. The first study is ongoing in patients with moderate-to-severe systemic disease activity. The second study is ongoing in patients with moderate to high symptom burden with low systemic disease activity. Completion of both studies is expected in H2 2026.
Daxdilimab
•Daxdilimab is a first-in-class plasmacytoid dendritic cell (pDC) depleting monoclonal antibody targeting immunoglobulin-like transcript 7 (ILT7).
•The Company is taking steps to advance daxdilimab to a registrational phase of development.
AMG 732
•AMG 732 is an insulin-like growth factor-1 receptor (IGF-1R) targeting monoclonal antibody.
•A Phase 2 study of AMG 732 has completed enrollment of patients with moderate-to-severe active TED.
Inflammation
TEZSPIRE
•A Phase 3 study of TEZSPIRE is ongoing in patients with eosinophilic esophagitis. Study completion is expected in H2 2026.
•Two Phase 3 studies of TEZSPIRE are enrolling adults with moderate to very severe chronic obstructive pulmonary disease (COPD) and a blood eosinophil count (BEC) ≥ 150 cells/µL.
Blinatumomab
•Blinatumomab is a bispecific T-cell engager (BiTE®) molecule targeting CD19.
•A Phase 2 study of blinatumomab in autoimmune disease is enrolling adults with refractory rheumatoid arthritis.
•A Phase 2 study of blinatumomab in autoimmune disease is ongoing in adults with systemic lupus erythematosus (SLE), with and without nephritis.
Inebilizumab
•Inebilizumab is a B-cell depleting monoclonal antibody targeting CD19.
•A Phase 2 study of inebilizumab in autoimmune disease is enrolling adults with SLE with nephritis.
Sunakiment (AMG 104/AZD8630)
•Sunakiment is an inhaled anti-thymic stromal lymphopoietin (TSLP) fragment antigen-binding (Fab) protein.
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•LEVANTE, a Phase 2 study of sunakiment in patients with asthma, is complete. The results of this dose-ranging study were encouraging and informative for dose selection. In collaboration with AstraZeneca, the Company is planning a Phase 3 development program in asthma.
Oncology
BLINCYTO/blinatumomab
•Golden Gate, a Phase 3 study of BLINCYTO alternating with low-intensity chemotherapy, has completed enrollment of older adult patients with newly diagnosed CD19-positive Ph-negative B-cell precursor acute lymphoblastic leukemia (B-ALL).
•A potentially registration-enabling Phase 2 study of subcutaneous blinatumomab in both adults and adolescents with relapsed or refractory CD19-positive Philadelphia chromosome (Ph) negative B-ALL has paused enrollment of new patients following a partial clinical hold by the FDA.
•A Phase 1b/2 study of subcutaneous blinatumomab in pediatric patients with relapsed or refractory and minimal residual disease positive (MRD+) B-ALL has paused enrollment of new patients following a partial clinical hold by the FDA.
•Discussions are underway with the FDA on a path forward to reopen both subcutaneous blinatumomab studies.
IMDELLTRA/tarlatamab
•IMDELLTRA is the first and only FDA-approved delta-like ligand 3 (DLL3) targeting BiTE molecule.
•In May, the European Commission approved IMDYLLTRA as a monotherapy for the treatment of adults with extensive-stage small cell lung cancer (ES-SCLC) who require systemic therapy following disease progression on or after first-line platinum-based chemotherapy.
•Also in May, the China National Medical Products Administration (NMPA) granted full approval to IMDELLTRA for the treatment of second-line ES-SCLC and will be commercialized by BeOne in China.
•The Company is advancing a comprehensive, global clinical development program across extensive-stage (ES) and limited-stage (LS) SCLC:
◦DeLLphi-303, a Phase 1b study of IMDELLTRA in combination with a programmed cell death protein ligand-1 (PD-L1) inhibitor, carboplatin and etoposide or separately in combination with a PD-L1 inhibitor alone, is ongoing in patients with first-line ES-SCLC.
◦DeLLphi-305, a Phase 3 study of IMDELLTRA and durvalumab, is ongoing in first-line ES-SCLC in the maintenance setting.
◦DeLLphi-306, a Phase 3 study of IMDELLTRA following concurrent chemoradiation therapy, is ongoing in patients with LS-SCLC.
◦DeLLphi-308, a Phase 1b study evaluating subcutaneous tarlatamab, is enrolling patients with second-line or later ES-SCLC.
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◦DeLLphi-309, a Phase 2 study evaluating alternative intravenous dosing regimens of IMDELLTRA, has completed its primary analysis. The primary analysis demonstrated that extended dosing intervals can result in durable responses with encouraging survival, with a safety profile in line with expectation. The Company will discuss these new data with regulators and detailed results will be presented at an upcoming medical congress.
◦DeLLphi-310, a Phase 1b study of IMDELLTRA in combination with YL201, a B7-H3 targeting antibody-drug conjugate (ADC), with or without a PD-L1 inhibitor, has completed enrollment of patients with ES-SCLC.
◦DeLLphi-311, a Phase 1b study of IMDELLTRA in combination with etakafusp alfa (AB248), a novel CD8+ T-cell selective interleukin-2 (IL-2), is enrolling patients with second-line or later ES-SCLC.
◦DeLLphi-312, a Phase 3 study of IMDELLTRA in combination with carboplatin, etoposide and durvalumab, is enrolling patients with first-line ES-SCLC.
◦DeLLphi-313, a Phase 1b study of IMDELLTRA in combination with zocilurtatug pelitecan, a DLL3 targeting ADC, with and without a PD-L1 inhibitor, is enrolling patients with ES-SCLC
◦DeLLphi-315, a Phase 3 study of subcutaneous tarlatamab, was initiated in patients with second-line ES-SCLC.
Xaluritamig (AMG 509)
•Xaluritamig is a first-in-class BiTE molecule targeting six-transmembrane epithelial antigen of the prostate 1 (STEAP1).
•XALute, a Phase 3 study of xaluritamig, has completed enrollment of patients with metastatic castration-resistant prostate cancer (mCRPC) who have previously been treated with taxane-based chemotherapy.
•XALience, a Phase 3 study of xaluritamig in combination with abiraterone, is enrolling patients with chemotherapy-naïve mCRPC.
•A Phase 1 study of xaluritamig monotherapy and xaluritamig in combination with abiraterone is enrolling patients with mCRPC who have not yet received taxane-based chemotherapy. This study is ongoing in patients with mCRPC who have previously received taxane-based chemotherapy in a fully outpatient treatment setting to further improve administration convenience.
•A Phase 1b study of neoadjuvant xaluritamig therapy prior to radical prostatectomy is enrolling patients with newly diagnosed localized intermediate or high‐risk prostate cancer.
•A Phase 1b study of xaluritamig is ongoing in patients with high-risk biochemically recurrent prostate cancer after definitive therapy.
•A Phase 1b study of xaluritamig in combination with androgen receptor pathway inhibitors is enrolling patients with metastatic hormone-sensitive prostate cancer.
•A Phase 1b study of xaluritamig is enrolling adults with mCRPC to evaluate an additional dosing regimen.
•A Phase 1b study of xaluritamig is enrolling adult, adolescent and pediatric patients with relapsed or refractory Ewing sarcoma.
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LUMAKRAS/LUMYKRAS
•CodeBreaK 301, a Phase 3 study of LUMAKRAS in combination with Vectibix and FOLFIRI vs. FOLFIRI with or without bevacizumab-awwb, is enrolling patients with first-line KRAS G12C–mutated metastatic colorectal cancer.
•CodeBreaK 202, a Phase 3 study of LUMAKRAS plus platinum doublet chemotherapy vs. pembrolizumab plus chemotherapy, is enrolling patients with first-line KRAS G12C–mutated and PD-L1 negative advanced non-small cell lung cancer (NSCLC).
Nplate
•PROCLAIM, a Phase 3 study of Nplate for the treatment of chemotherapy-induced thrombocytopenia (CIT), is ongoing in patients with NSCLC, ovarian cancer, or breast cancer.
•ROMISTER, a Phase 3 study of Nplate plus predniso(lo)ne compared with predniso(lo)ne alone, was initiated in patients with untreated primary immune thrombocytopenia (ITP).
Biosimilars
•A randomized, double-blind comparative clinical study of ABP 206 compared with OPDIVO® (nivolumab) is ongoing in patients with treatment-naïve unresectable or metastatic melanoma.
•A randomized, double-blind pharmacokinetic similarity study of ABP 234 compared with KEYTRUDA® (pembrolizumab) is ongoing in patients with early-stage non-squamous NSCLC as adjuvant treatment.
•A randomized, double-blind combined pharmacokinetic/comparative clinical study of ABP 234 compared with KEYTRUDA is ongoing in patients with advanced or metastatic non-squamous NSCLC.
•A randomized, double-blind, pharmacokinetic similarity/comparative clinical study of ABP 692 compared with OCREVUS® (ocrelizumab) has completed enrollment of patients with relapsing-remitting multiple sclerosis.
•A randomized, double-blind, comparative clinical study of ABP 938 (8 mg) compared with EYLEA HD® (aflibercept) was initiated and is enrolling patients with neovascular age-related macular degeneration.
TEZSPIRE is being developed in collaboration with AstraZeneca.
Sunakiment (AMG 104/AZD8630) is being developed in collaboration with AstraZeneca.
Xaluritamig, formerly AMG 509, is being developed pursuant to a research collaboration with Xencor, Inc.
YL201 is an investigational B7-H3 targeting antibody-drug conjugate being developed by MediLink.
Zocilurtatug pelitecan is an investigational DLL3 targeting antibody-drug conjugate being developed by Zai Lab Limited.
Etakafusp alfa (AB248) is a novel CD8+ T cell selective IL-2 being developed by Asher Biotherapeutics.
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OPDIVO is a registered trademark of Bristol-Myers Squibb Company.
KEYTRUDA is a registered trademark of Merck & Co., Inc.
OCREVUS is a registered trademark of Genentech, Inc.
EYLEA HD is a registered trademark of Regeneron Pharmaceuticals, Inc.
Non-GAAP Financial Measures
In this news release, management has presented its operating results for the second quarters of 2026 and 2025, in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and on a non-GAAP basis. In addition, management has presented its full year 2026 EPS and tax guidance in accordance with GAAP and on a non-GAAP basis. These non-GAAP financial measures are computed by excluding certain items related to acquisitions, restructuring and certain other items from the related GAAP financial measures. Management has presented Free Cash Flow (FCF), which is a non-GAAP financial measure, for the second quarters of 2026 and 2025. FCF is computed by subtracting capital expenditures from operating cash flow, each as determined in accordance with GAAP.
The Company believes that its presentation of non-GAAP financial measures provides useful supplementary information to and facilitates additional analysis by investors. The Company uses certain non-GAAP financial measures to enhance an investor’s overall understanding of the financial performance and prospects for the future of the Company’s normal and recurring business activities by facilitating comparisons of results of normal and recurring business operations among current, past and future periods. The Company believes that FCF provides a further measure of the Company’s liquidity.
The Company uses the non-GAAP financial measures set forth in the news release in connection with its own budgeting and financial planning internally to evaluate the performance of the business, including to allocate resources and to evaluate results relative to incentive compensation targets. The non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
About Amgen
Amgen discovers, develops, manufactures and delivers innovative medicines to fight some of the world’s toughest diseases. Harnessing the best of biology and technology, Amgen reaches millions of patients with its medicines.
More than 45 years ago, Amgen helped establish the biotechnology industry at its U.S. headquarters in Thousand Oaks, California, and it remains at the cutting edge of innovation, using technology and human genetic data to push beyond what is known today. Amgen is advancing a broad and deep pipeline and portfolio of medicines to treat cancer, heart disease, inflammatory conditions, rare diseases and obesity and obesity-related conditions.
Amgen has been consistently recognized for innovation and workplace culture, including honors from Fast Company and Forbes. Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average®, and it is also part of the Nasdaq-100 Index®, which includes the largest and most innovative non-financial companies listed on the Nasdaq Stock Market based on market capitalization.
For more information, visit Amgen.com and follow Amgen on X, LinkedIn, Instagram, YouTube, Facebook, TikTok and Threads.
AMGEN REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS
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Forward-Looking Statements
This news release contains forward-looking statements that are based on the current expectations and beliefs of Amgen. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including any statements on the outcome, benefits and synergies of collaborations, or potential collaborations, with any other company (including BeOne Medicines Ltd.), the performance of Otezla® (apremilast), our acquisitions of ChemoCentryx, Inc., Dark Blue Therapeutics, Ltd. or Horizon Therapeutics plc (including the prospective performance and outlook of Horizon's business, performance and opportunities, and any potential strategic benefits, synergies or opportunities expected as a result of such acquisition), as well as estimates of revenues, operating margins, capital expenditures, cash, other financial metrics, expected legal, arbitration, political, regulatory or clinical results or practices, customer and prescriber patterns or practices, reimbursement activities and outcomes, effects of pandemics or other widespread health problems on our business, outcomes, progress, and other such estimates and results. Forward-looking statements involve significant risks and uncertainties, including those discussed below and more fully described in the Securities and Exchange Commission reports filed by Amgen, including our most recent annual report on Form 10-K and any subsequent periodic reports on Form 10-Q and current reports on Form 8-K. Unless otherwise noted, Amgen is providing this information as of the date of this news release and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
No forward-looking statement can be guaranteed and actual results may differ materially from those we project. Our results may be affected by our ability to successfully market both new and existing products domestically and internationally, clinical and regulatory developments involving current and future products, sales growth of recently launched products, competition from other products including biosimilars, difficulties or delays in manufacturing our products and global economic conditions, including those resulting from geopolitical relations and government actions. In addition, sales of our products are affected by pricing pressure, political and public scrutiny and reimbursement policies imposed by third-party payers, including governments, private insurance plans and managed care providers and may be affected by regulatory, clinical and guideline developments and domestic and international trends toward managed care and healthcare cost containment. Furthermore, our research, testing, pricing, marketing and other operations are subject to extensive regulation by domestic and foreign government regulatory authorities. We or others could identify safety, side effects or manufacturing problems with our products, including our devices, after they are on the market. Our business may be impacted by government investigations, litigation and product liability claims. In addition, our business may be impacted by the adoption of new tax legislation or exposure to additional tax liabilities. Further, while we routinely obtain patents for our products and technology, the protection offered by our patents and patent applications may be challenged, invalidated or circumvented by our competitors, or we may fail to prevail in present and future intellectual property litigation. We perform a substantial amount of our commercial manufacturing activities at a few key facilities, including in Puerto Rico, and also depend on third parties for a portion of our manufacturing activities, and limits on supply may constrain sales of certain of our current products and product candidate development. An outbreak of disease or similar public health threat, and the public and governmental effort to mitigate against the spread of such disease, could have a significant adverse effect on the supply of materials for our manufacturing activities, the distribution of our products, the commercialization of our product candidates, and our clinical trial operations, and any such events may have a material adverse effect on our product development, product sales, business and results of operations. We rely on collaborations with third parties for the development of some of our product
AMGEN REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS
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candidates and for the commercialization and sales of some of our commercial products. In addition, we compete with other companies with respect to many of our marketed products as well as for the discovery and development of new products. Discovery or identification of new product candidates or development of new indications for existing products cannot be guaranteed and movement from concept to product is uncertain; consequently, there can be no guarantee that any particular product candidate or development of a new indication for an existing product will be successful and become a commercial product. Further, some raw materials, medical devices and component parts for our products are supplied by sole third-party suppliers. Certain of our distributors, customers and payers have substantial purchasing leverage in their dealings with us. The discovery of significant problems with a product similar to one of our products that implicate an entire class of products could have a material adverse effect on sales of the affected products and on our business and results of operations. Our efforts to collaborate with or acquire other companies, products or technology, and to integrate the operations of companies or to support the products or technology we have acquired, may not be successful, and may result in unanticipated costs, delays or failures to realize the benefits of the transactions. A breakdown, cyberattack or information security breach of our information technology systems could compromise the confidentiality, integrity and availability of our systems and our data. Our stock price is volatile and may be affected by a number of events. Our business and operations may be negatively affected by the failure, or perceived failure, of achieving our sustainability objectives. The effects of global climate change and related natural disasters could negatively affect our business and operations. Global economic conditions may magnify certain risks that affect our business. Our business performance could affect or limit the ability of our Board of Directors to declare a dividend or our ability to pay a dividend or repurchase our common stock. We may not be able to access the capital and credit markets on terms that are favorable to us, or at all.
###
CONTACT: Amgen, Thousand Oaks
Elissa Snook, 609-251-1407 (media)
Casey Capparelli, 805-447-1746 (investors)
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Amgen Inc.
Consolidated Statements of Income - GAAP
(In millions, except per-share data)
(Unaudited)
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Product sales | $ | 9,537 | $ | 8,771 | $ | 17,755 | $ | 16,644 | |||||||||||||||
| Other revenues | 517 | 408 | 917 | 684 | |||||||||||||||||||
| Total revenues | 10,054 | 9,179 | 18,672 | 17,328 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Cost of sales | 2,811 | 3,011 | 5,555 | 5,979 | |||||||||||||||||||
| Research and development | 1,868 | 1,744 | 3,587 | 3,230 | |||||||||||||||||||
| Selling, general and administrative | 1,745 | 1,691 | 3,347 | 3,378 | |||||||||||||||||||
| Other | 116 | 77 | 3 | 907 | |||||||||||||||||||
| Total operating expenses | 6,540 | 6,523 | 12,492 | 13,494 | |||||||||||||||||||
| Operating income | 3,514 | 2,656 | 6,180 | 3,834 | |||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||
| Interest expense, net | (673) | (694) | (1,330) | (1,417) | |||||||||||||||||||
| Other (expense) income, net | (73) | (394) | 2 | 1,124 | |||||||||||||||||||
| Income before income taxes | 2,768 | 1,568 | 4,852 | 3,541 | |||||||||||||||||||
| Provision for income taxes | 393 | 136 | 658 | 379 | |||||||||||||||||||
| Net income | $ | 2,375 | $ | 1,432 | $ | 4,194 | $ | 3,162 | |||||||||||||||
| Earnings per share: | |||||||||||||||||||||||
| Basic | $ | 4.40 | $ | 2.66 | $ | 7.77 | $ | 5.88 | |||||||||||||||
| Diluted | $ | 4.37 | $ | 2.65 | $ | 7.71 | $ | 5.84 | |||||||||||||||
| Weighted-average shares used in calculation of earnings per share: | |||||||||||||||||||||||
| Basic | 540 | 538 | 540 | 538 | |||||||||||||||||||
| Diluted | 544 | 541 | 544 | 541 | |||||||||||||||||||
AMGEN REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS
Page 18
Amgen Inc.
Consolidated Balance Sheets - GAAP
(In millions)
| June 30, | December 31, | ||||||||||
| 2026 | 2025 | ||||||||||
| (Unaudited) | |||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 13,989 | $ | 9,129 | |||||||
| Trade receivables, net | 10,227 | 9,570 | |||||||||
| Inventories | 6,220 | 6,225 | |||||||||
| Other current assets | 4,525 | 4,133 | |||||||||
| Total current assets | 34,961 | 29,057 | |||||||||
| Property, plant and equipment, net | 8,547 | 7,913 | |||||||||
| Intangible assets, net | 20,487 | 22,276 | |||||||||
| Goodwill | 18,668 | 18,680 | |||||||||
| Other noncurrent assets | 12,976 | 12,660 | |||||||||
| Total assets | $ | 95,639 | $ | 90,586 | |||||||
| Liabilities and Stockholders' Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable and accrued liabilities | $ | 20,057 | $ | 20,890 | |||||||
| Current portion of long-term debt | 5,445 | 4,599 | |||||||||
| Total current liabilities | 25,502 | 25,489 | |||||||||
| Long-term debt | 51,859 | 50,005 | |||||||||
| Long-term deferred tax liabilities | 1,301 | 1,366 | |||||||||
| Long-term tax liabilities | 2,844 | 2,690 | |||||||||
| Other noncurrent liabilities | 2,445 | 2,378 | |||||||||
| Total stockholders’ equity | 11,688 | 8,658 | |||||||||
| Total liabilities and stockholders’ equity | $ | 95,639 | $ | 90,586 | |||||||
| Shares outstanding | 541 | 539 | |||||||||
AMGEN REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS
Page 19
Amgen Inc.
GAAP to Non-GAAP Reconciliations
(Dollars in millions)
(Unaudited)
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| GAAP cost of sales | $ | 2,811 | $ | 3,011 | $ | 5,555 | $ | 5,979 | |||||||||||||||
| Adjustments to cost of sales: | |||||||||||||||||||||||
| Acquisition-related expenses (a) | (937) | (1,460) | (2,078) | (3,008) | |||||||||||||||||||
| Non-GAAP cost of sales | $ | 1,874 | $ | 1,551 | $ | 3,477 | $ | 2,971 | |||||||||||||||
| GAAP cost of sales as a percentage of product sales | 29.5 | % | 34.3 | % | 31.3 | % | 35.9 | % | |||||||||||||||
| Acquisition-related expenses (a) | (9.9) | (16.6) | (11.7) | (18.0) | |||||||||||||||||||
| Non-GAAP cost of sales as a percentage of product sales | 19.6 | % | 17.7 | % | 19.6 | % | 17.9 | % | |||||||||||||||
| GAAP research and development expenses | $ | 1,868 | $ | 1,744 | $ | 3,587 | $ | 3,230 | |||||||||||||||
| Adjustments to research and development expenses: | |||||||||||||||||||||||
| Acquisition-related expenses (b) | (17) | (59) | (25) | (70) | |||||||||||||||||||
| Non-GAAP research and development expenses | $ | 1,851 | $ | 1,685 | $ | 3,562 | $ | 3,160 | |||||||||||||||
| GAAP research and development expenses as a percentage of product sales | 19.6 | % | 19.9 | % | 20.2 | % | 19.4 | % | |||||||||||||||
| Acquisition-related expenses (b) | (0.2) | (0.7) | (0.1) | (0.4) | |||||||||||||||||||
| Non-GAAP research and development expenses as a percentage of product sales | 19.4 | % | 19.2 | % | 20.1 | % | 19.0 | % | |||||||||||||||
| GAAP selling, general and administrative expenses | $ | 1,745 | $ | 1,691 | $ | 3,347 | $ | 3,378 | |||||||||||||||
| Adjustments to selling, general and administrative expenses: | |||||||||||||||||||||||
| Acquisition-related expenses (c) | (6) | (30) | (12) | (62) | |||||||||||||||||||
| Certain net charges pursuant to our restructuring and cost-savings initiatives | (22) | (11) | (35) | (11) | |||||||||||||||||||
| Total adjustments to selling, general and administrative expenses | (28) | (41) | (47) | (73) | |||||||||||||||||||
| Non-GAAP selling, general and administrative expenses | $ | 1,717 | $ | 1,650 | $ | 3,300 | $ | 3,305 | |||||||||||||||
| GAAP selling, general and administrative expenses as a percentage of product sales | 18.3 | % | 19.3 | % | 18.9 | % | 20.3 | % | |||||||||||||||
| Acquisition-related expenses (c) | (0.1) | (0.3) | (0.1) | (0.3) | |||||||||||||||||||
| Certain net charges pursuant to our restructuring and cost-savings initiatives | (0.2) | (0.2) | (0.2) | (0.1) | |||||||||||||||||||
| Non-GAAP selling, general and administrative expenses as a percentage of product sales | 18.0 | % | 18.8 | % | 18.6 | % | 19.9 | % | |||||||||||||||
| GAAP operating expenses | $ | 6,540 | $ | 6,523 | $ | 12,492 | $ | 13,494 | |||||||||||||||
| Adjustments to operating expenses: | |||||||||||||||||||||||
| Adjustments to cost of sales | (937) | (1,460) | (2,078) | (3,008) | |||||||||||||||||||
| Adjustments to research and development expenses | (17) | (59) | (25) | (70) | |||||||||||||||||||
| Adjustments to selling, general and administrative expenses | (28) | (41) | (47) | (73) | |||||||||||||||||||
| Impairment of intangible assets (d) | — | — | — | (800) | |||||||||||||||||||
| Certain net charges pursuant to our restructuring and cost-savings initiatives | (1) | (24) | (21) | (23) | |||||||||||||||||||
| Certain other expenses (e) | (115) | (53) | 18 | (84) | |||||||||||||||||||
| Total adjustments to operating expenses | (1,098) | (1,637) | (2,153) | (4,058) | |||||||||||||||||||
| Non-GAAP operating expenses | $ | 5,442 | $ | 4,886 | $ | 10,339 | $ | 9,436 | |||||||||||||||
AMGEN REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS
Page 20
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| GAAP operating income | $ | 3,514 | $ | 2,656 | $ | 6,180 | $ | 3,834 | |||||||||||||||
| Adjustments to operating expenses | 1,098 | 1,637 | 2,153 | 4,058 | |||||||||||||||||||
| Non-GAAP operating income | $ | 4,612 | $ | 4,293 | $ | 8,333 | $ | 7,892 | |||||||||||||||
| GAAP operating income as a percentage of product sales | 36.8 | % | 30.3 | % | 34.8 | % | 23.0 | % | |||||||||||||||
| Adjustments to cost of sales | 9.9 | 16.6 | 11.7 | 18.0 | |||||||||||||||||||
| Adjustments to research and development expenses | 0.2 | 0.7 | 0.1 | 0.4 | |||||||||||||||||||
| Adjustments to selling, general and administrative expenses | 0.3 | 0.6 | 0.3 | 0.3 | |||||||||||||||||||
| Impairment of intangible assets (d) | 0.0 | 0.0 | 0.0 | 4.9 | |||||||||||||||||||
| Certain net charges pursuant to our restructuring and cost-savings initiatives | 0.0 | 0.2 | 0.1 | 0.2 | |||||||||||||||||||
| Certain other expenses (e) | 1.2 | 0.5 | (0.1) | 0.6 | |||||||||||||||||||
| Non-GAAP operating income as a percentage of product sales | 48.4 | % | 48.9 | % | 46.9 | % | 47.4 | % | |||||||||||||||
| GAAP other (expense) income, net | $ | (73) | $ | (394) | $ | 2 | $ | 1,124 | |||||||||||||||
| Adjustments to other (expense) income, net: | |||||||||||||||||||||||
| Net losses (gains) from equity investments (f) | 189 | 591 | 291 | (700) | |||||||||||||||||||
| Non-GAAP other income, net | $ | 116 | $ | 197 | $ | 293 | $ | 424 | |||||||||||||||
| GAAP income before income taxes | $ | 2,768 | $ | 1,568 | $ | 4,852 | $ | 3,541 | |||||||||||||||
| Adjustments to income before income taxes: | |||||||||||||||||||||||
| Adjustments to operating expenses | 1,098 | 1,637 | 2,153 | 4,058 | |||||||||||||||||||
| Adjustments to other (expense) income, net | 189 | 591 | 291 | (700) | |||||||||||||||||||
| Total adjustments to income before income taxes | 1,287 | 2,228 | 2,444 | 3,358 | |||||||||||||||||||
| Non-GAAP income before income taxes | $ | 4,055 | $ | 3,796 | $ | 7,296 | $ | 6,899 | |||||||||||||||
| GAAP provision for income taxes | $ | 393 | $ | 136 | $ | 658 | $ | 379 | |||||||||||||||
| Adjustments to provision for income taxes: | |||||||||||||||||||||||
| Income tax effect of the above adjustments (g) | 207 | 401 | 383 | 618 | |||||||||||||||||||
| Other income tax adjustments (h) | 32 | 1 | 33 | (5) | |||||||||||||||||||
| Total adjustments to provision for income taxes | 239 | 402 | 416 | 613 | |||||||||||||||||||
| Non-GAAP provision for income taxes | $ | 632 | $ | 538 | $ | 1,074 | $ | 992 | |||||||||||||||
| GAAP tax as a percentage of income before taxes | 14.2 | % | 8.7 | % | 13.6 | % | 10.7 | % | |||||||||||||||
| Adjustments to provision for income taxes: | |||||||||||||||||||||||
| Income tax effect of the above adjustments (g) | 0.6 | 5.5 | 0.7 | 3.8 | |||||||||||||||||||
| Other income tax adjustments (h) | 0.8 | 0.0 | 0.4 | (0.1) | |||||||||||||||||||
| Total adjustments to provision for income taxes | 1.4 | 5.5 | 1.1 | 3.7 | |||||||||||||||||||
| Non-GAAP tax as a percentage of income before taxes | 15.6 | % | 14.2 | % | 14.7 | % | 14.4 | % | |||||||||||||||
| GAAP net income | $ | 2,375 | $ | 1,432 | $ | 4,194 | $ | 3,162 | |||||||||||||||
| Adjustments to net income: | |||||||||||||||||||||||
| Adjustments to income before income taxes, net of the income tax effect | 1,080 | 1,827 | 2,061 | 2,740 | |||||||||||||||||||
| Other income tax adjustments (h) | (32) | (1) | (33) | 5 | |||||||||||||||||||
| Total adjustments to net income | 1,048 | 1,826 | 2,028 | 2,745 | |||||||||||||||||||
| Non-GAAP net income | $ | 3,423 | $ | 3,258 | $ | 6,222 | $ | 5,907 | |||||||||||||||
| Note: Numbers may not add due to rounding | |||||||||||||||||||||||
AMGEN REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS
Page 21
Amgen Inc.
GAAP to Non-GAAP Reconciliations
(In millions, except per-share data)
(Unaudited)
The following table presents the computations for GAAP and non-GAAP diluted earnings per share:
| Three months ended June 30, 2026 | Three months ended June 30, 2025 | ||||||||||||||||||||||
| GAAP | Non-GAAP | GAAP | Non-GAAP | ||||||||||||||||||||
| Net income | $ | 2,375 | $ | 3,423 | $ | 1,432 | $ | 3,258 | |||||||||||||||
| Shares (Denominator): | |||||||||||||||||||||||
| Weighted-average shares for diluted EPS | 544 | 544 | 541 | 541 | |||||||||||||||||||
| Diluted EPS | $ | 4.37 | $ | 6.29 | $ | 2.65 | $ | 6.02 | |||||||||||||||
| Six months ended June 30, 2026 | Six months ended June 30, 2025 | ||||||||||||||||||||||
| GAAP | Non-GAAP | GAAP | Non-GAAP | ||||||||||||||||||||
| Net income | $ | 4,194 | $ | 6,222 | $ | 3,162 | $ | 5,907 | |||||||||||||||
| Shares (Denominator): | |||||||||||||||||||||||
| Weighted-average shares for diluted EPS | 544 | 544 | 541 | 541 | |||||||||||||||||||
| Diluted EPS | $ | 7.71 | $ | 11.44 | $ | 5.84 | $ | 10.92 | |||||||||||||||
| (a) | The adjustments related primarily to noncash amortization of intangible assets and fair value step-up of inventory acquired from business combinations. | |||||||
| (b) | For the three months ended June 30, 2026, the adjustment related primarily to acquisition-related expenses related to our Horizon acquisition. For the six months ended June 30, 2026, the adjustment related primarily to noncash amortization of intangible assets acquired from business combinations. For the three and six months ended June 30, 2025, the adjustments related primarily to acquisition-related expenses related to our Horizon acquisition. | |||||||
| (c) | For the three and six months ended June 30, 2026 and 2025, the adjustments related primarily to acquisition-related expenses related to our Horizon acquisition. | |||||||
| (d) | For the six months ended June 30, 2025, the adjustment related to an intangible asset impairment charge for Otezla®. | |||||||
| (e) | For the three and six months ended June 30, 2026, the adjustments included litigation expenses and settlements, respectively. | |||||||
| (f) | For the three and six months ended June 30, 2026 and 2025, the adjustments related primarily to our BeOne Medicines Ltd. equity fair value adjustment. | |||||||
| (g) | The tax effect of the adjustments between our GAAP and non-GAAP results takes into account the tax treatment and related tax rate(s) that apply to each adjustment in the applicable tax jurisdiction(s). Generally, the tax impact of adjustments, including the amortization and impairments of intangible assets and acquired inventory, gains and losses on our investments in equity securities and expenses related to restructuring and cost-savings initiatives, depends on whether the amounts are deductible in the respective tax jurisdictions and the applicable tax rate(s) in those jurisdictions. Due to these factors, the effective tax rate for the adjustments to our GAAP income before income taxes for the three and six months ended June 30, 2026, was 16.1% and 15.7%, respectively, compared to 18.0% and 18.4%, respectively, for the corresponding periods of the prior year. | |||||||
| (h) | The adjustments related to certain acquisition-related, prior-period and other items excluded from GAAP earnings. | |||||||
AMGEN REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS
Page 22
Amgen Inc.
Reconciliations of Cash Flows
(In millions)
(Unaudited)
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net cash provided by operating activities | $ | 4,002 | $ | 2,280 | $ | 6,191 | $ | 3,671 | |||||||||||||||
| Net cash used in investing activities | (569) | (389) | (1,285) | (836) | |||||||||||||||||||
| Net cash used in financing activities | (1,482) | (2,673) | (46) | (6,780) | |||||||||||||||||||
| Increase (decrease) in cash and cash equivalents | 1,951 | (782) | 4,860 | (3,945) | |||||||||||||||||||
| Cash and cash equivalents at beginning of period | 12,038 | 8,810 | 9,129 | 11,973 | |||||||||||||||||||
| Cash and cash equivalents at end of period | $ | 13,989 | $ | 8,028 | $ | 13,989 | $ | 8,028 | |||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net cash provided by operating activities | $ | 4,002 | $ | 2,280 | $ | 6,191 | $ | 3,671 | |||||||||||||||
| Capital expenditures | (513) | (369) | (1,225) | (780) | |||||||||||||||||||
| Free cash flow | $ | 3,489 | $ | 1,911 | $ | 4,966 | $ | 2,891 | |||||||||||||||
AMGEN REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS
Page 23
Amgen Inc.
Reconciliation of GAAP EPS Guidance to Non-GAAP
EPS Guidance for the Year Ending December 31, 2026
(Unaudited)
| GAAP diluted EPS guidance | $ | 15.80 | — | $ | 17.08 | |||||||||||||||
| Known adjustments to arrive at non-GAAP*: | ||||||||||||||||||||
| Acquisition-related expenses (a) | 6.04 | — | 6.12 | |||||||||||||||||
| Net losses from equity investments | 0.42 | |||||||||||||||||||
| Other | (0.04) | |||||||||||||||||||
| Non-GAAP diluted EPS guidance | $ | 22.30 | — | $ | 23.50 | |||||||||||||||
* The known adjustments are presented net of their related tax impact, which amount to approximately $1.29 per share.
(a) The adjustment primarily includes noncash amortization of intangible assets and fair value step-up of inventory acquired in business combinations.
Our GAAP diluted EPS guidance does not include the effect of GAAP adjustments triggered by events that may occur subsequent to this press release such as acquisitions, asset impairments, litigation, changes in fair value of our contingent consideration obligations and changes in fair value of our equity investments.
Reconciliation of GAAP Tax Rate Guidance to Non-GAAP
Tax Rate Guidance for the Year Ending December 31, 2026
(Unaudited)
| GAAP tax rate guidance | 14.5% | — | 16.0% | |||||||||||||||||
| Tax rate of known adjustments discussed above | 0.5% | |||||||||||||||||||
| Non-GAAP tax rate guidance | 15.0% | — | 16.5% | |||||||||||||||||