Amgen reported second-quarter revenue of $10.05 billion, up 9% year on year, beating Wall Street expectations. Adjusted earnings reached $6.29 per share, surpassing the $5.62 consensus estimate. The biotech firm raised its full-year 2026 outlook, increasing expected revenue to $38.2 billion-$39.4 billion from $37.0 billion-$38.4 billion. Adjusted earnings guidance rose to $22.30-$23.50 per share. Repatha sales surged 37% to $953 million, whilst Evenity jumped 38% to $714 million. Rare-disease therapy Uplizna saw roughly 90% growth. These gains offset a 32% decline in Prolia sales due to biosimilar competition. Amgen discontinued obesity candidate AMG 513 but continues developing MariTide, with Phase 3 data expected in 2027. The stock trades at $406.17, approximately 14.75% above its estimated fair value.

Amgen reported second quarter 2026 revenues of $10.1 billion, a 10% increase year-over-year. Product sales grew 9%, driven by volume growth across 22 products that achieved double-digit sales growth. The company's six key growth drivers grew 26% year-over-year, generating nearly 70% of second quarter product sales. GAAP earnings per share increased 65% to $4.37, whilst non-GAAP EPS rose 4% to $6.29. Notable product performance included Repatha sales increasing 37% to $953 million and EVENITY growing 38% to $714 million. The company generated $3.5 billion in free cash flow, compared to $1.9 billion in the prior year period. For full year 2026, Amgen expects total revenues between $38.2 billion and $39.4 billion, with non-GAAP EPS guidance of $22.30 to $23.50.

Amgen secured a preliminary injunction in early June 2026 blocking Colorado's proposed 70% price cap on Enbrel, its rheumatoid arthritis drug. The federal judge's decision preserves pricing flexibility for the legacy asset. However, the company initiated several voluntary Class II recalls of Corlanor and Sensipar batches in the US due to foreign substances and manufacturing deviations. While not yet financially material, the recalls highlight ongoing operational risks. Amgen's investment case depends on its diversified portfolio offsetting pricing pressure and biosimilar competition. The company projects revenue of $40.1 billion and earnings of $9.9 billion by 2029, requiring 2.5% annual revenue growth. Current 2026 guidance stands at $37.1–$38.5 billion in revenue. The combination of pricing relief and quality concerns presents investors with a rebalanced risk-reward profile for the biotech company.