Amgen (AMGN) Q1 2026 earnings summary

Executive summary

• Total revenue reached $8.6 billion in Q1 2026, up 6% year-over-year, with 16 brands achieving double-digit growth and six key growth drivers representing 70% of sales, growing 24% year-over-year.

• Maintained strong commercial momentum, offsetting patent expirations and increased competition.

• Advanced multiple late-stage clinical programs, including new Phase 3 studies for MariTide and other pipeline assets.

• Continued investment in AI and technology to accelerate R&D and operational efficiency.

Financial highlights

• Product sales grew 4% year-over-year to $8.2 billion, with total revenue at $8.6 billion (+6% YoY) and 16 products achieving double-digit growth.

• Non-GAAP operating margin was 45.3%; non-GAAP R&D spending increased 16% year-over-year to $1.7 billion.

• Non-GAAP EPS was $5.15 (+5% YoY); non-GAAP net income was $2.8 billion.

• Free cash flow reached $1.5 billion; capital expenditures were $700 million in Q1.

• Dividend per share increased 6% to $2.52.

Outlook and guidance

• 2026 revenue guidance raised to $37.1–$38.5 billion; non-GAAP EPS guidance increased to $21.70–$23.10.

• Full-year non-GAAP operating margin expected at 45–46% of product sales.

• Capital expenditures for 2026 expected at ~$2.6 billion, focused on manufacturing scale-up for MariTide.

• Share repurchases not to exceed $3 billion.

• Non-GAAP tax rate guidance lowered to 15.0–16.5%.