Amgen Q2 2026 earnings beat, raises full-year outlook, drops AMG 513

Amgen Q2 2026 earnings beat, raises full-year outlook, drops AMG 513

Wed, August 5, 2026 at 4:22 PM GMT+3 2 min read

• AMGN -0.73%

Amgen reported second-quarter results on Tuesday that topped expectations, raised its full-year outlook, and disclosed it was ending development of an early-stage weight loss drug candidate.

The Thousand Oaks, California-based biotech earned $2.38 billion in the second quarter, translating to $4.37 per diluted share, a significant jump from the $1.43 billion, or $2.65 per share, it recorded in the year-ago period. On an adjusted basis, earnings came to $6.29 per share, up 4% year over year. Analysts had expected adjusted earnings of $5.62 per share, according to the Wall Street Journal.

Total revenue climbed 10% to $10.05 billion, compared with $9.18 billion in the second quarter of 2025, the company said. Product sales grew 9% to $9.54 billion, driven by volume growth. Analysts had expected revenue of $9.43 billion, according to the Journal.

Among the top performers, cholesterol drug Repatha posted sales of $953 million, up 37% year over year, while bone drug Evenity generated $714 million, up 38%. Rare disease treatment Uplizna grew 90% to $335 million. Cancer drug Imdelltra rose 115% to $288 million.

Amgen lifted its full-year 2026 guidance, now targeting total revenue in a range of $38.2 billion to $39.4 billion, which compares favorably to its previous forecast of $37.1 billion to $38.5 billion. On the earnings side, the company set an adjusted EPS target of $22.30 to $23.50, stepping up from its prior range of $21.70 to $23.10.

"Our six key growth drivers grew 26% year over year, generating nearly 70% of second-quarter product sales," Chief Executive Officer Robert Bradway said in a statement. "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."

Amgen also announced it is ending work on AMG 513, an early obesity candidate that had been undergoing Phase 1 testing. No explanation for the move was given. Amgen added that the existing Phase 1 trial would run its full course so that participants already in the study can be followed through to its conclusion.

With AMG 513 discontinued, MariTide stands as Amgen's sole remaining entry in the obesity space, advancing through Phase 3 trials that span chronic weight management, Type 2 diabetes, cardiovascular outcomes, and additional indications.

Amgen generated $3.5 billion in free cash flow during the quarter, up from $1.9 billion in the second quarter of 2025. Cash and cash equivalents totaled $14.0 billion as of June 30, 2026.