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Amgen to Report Q1 Earnings: Can It Keep the Beat Streak Alive?
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Key Takeaways
Amgen is set to report Q1 2026 results on April 30, with sales seen at $8.49B and EPS at $4.73.
AMGN's growth driven by Repatha, Evenity and new drugs, but pricing pressure and 340B impact loom.
AMGN faces erosion from Prolia/Xgeva patent expiry and rising biosimilar and competitive pressure.
Amgen (AMGN - Free Report) will report first-quarter 2026 results on April 30 after market close. In the last reported quarter, the company's earnings beat expectations by 11.13%. The Zacks Consensus Estimate for first-quarter sales and earnings is pegged at $8.49 billion and $4.73 per share, respectively.
Factors to Consider for Amgen
In the first quarter, Amgen’s total revenues are expected to have increased in a mid-single-digit range, which will be lower than 9% growth in the fourth quarter of 2025
Amgen’s product sales are expected to have been driven by strong volume growth of products like Repatha, Evenity and Blincyto, among others. However, price declines for some products and increases in 340B program utilization are likely to have offset some of the gains from volume increases.
Revenues in the fourth quarter benefited from approximately $250 million in inventory build across the portfolio. These benefits are likely to have reversed in the first quarter.
The Zacks Consensus Estimate for Evenity, Repatha and Blincyto sales is pegged at $567.0 million, $820.0 million and $410.0 million, respectively.
Newer drugs like Imdelltra, Tavneos and Tezspire are expected to have contributed to top-line growth driven by new patient volume growth.
Sales of rare disease drugs, mainly Uplizna, are also likely to have been a key contributor to top-line growth, backed by recent approvals for expanded use. The Zacks Consensus Estimate for Uplizna is $217.0 million.
In January 2026, the FDA requested that Amgen voluntarily withdraw Tavneos, another rare disease drug, from the market, citing concerns over clinical trial data integrity and potential liver toxicity risks. However, Amgen has not withdrawn the drug, and it remains available. Further updates are anticipated on the first-quarter conference call.
Patents for Amgen’s two key drugs, Prolia and Xgeva, expired in February 2025 in the United States and in some European countries in November 2025. Sales of these best-selling drugs are expected to have eroded significantly in the first quarter as several biosimilars have been launched globally. The Zacks Consensus Estimate for Prolia and Xgeva is pegged at $832.0 million and $390.0 million, respectively.
Competitive pressure hurt volume growth of Kyprolis in 2025, a trend likely to have continued in the first quarter.
The Zacks Consensus Estimate for Kyprolis’ sales is pegged at $329.0 million.
In its inflammation portfolio, Enbrel sales are likely to have declined due to lower prices. Otezla sales are likely to have been hurt by lower pricing in the United States and generic erosion in the EU.
The Zacks Consensus Estimate for Otezla is $420.0 million, while that for Enbrel is $427.0 million.
Sales of Otezla, Enbrel, and to a lesser extent, Krystexxa, Tezspire and Repatha are projected to have been softer in the first quarter of 2026 relative to the other quarters, in line with historical seasonality. This is due to the impact of benefit plan resets, insurance re-verification processes and higher patient co-pay obligations.
Amgen’s new biosimilar products, like the biosimilar version of J&J’s Stelara called Wezlana and Regeneron’s (REGN - Free Report) Eylea called Pavblu, are also likely to have contributed to sales growth.
Lower revenues from oncology biosimilars (Kanjinti and Mvasi) as well as Amjevita/Amgevita, a biosimilar version of AbbVie’s Humira, due to increased competitive pressure, are expected to have hurt the top line. Sales of legacy established products are also expected to have declined.
Adjusted operating margin is expected to be the lowest in the year and similar to the fourth quarter number of 42.8%.
Investors will look for updates on Amgen’s important pipeline candidate, MariTide (maridebart cafraglutide), a GIPR/GLP-1 receptor for obesity.
AMGN’s Earnings Surprise History
This large biotech’s performance has been strong, with earnings beating estimates in the trailing four quarters. The company delivered a four-quarter earnings surprise of 14.04%, on average.
Image Source: Zacks Investment Research
Amgen’s stock has risen 20.1% in the past year compared with an increase of 18.0% for the industry.
Image Source: Zacks Investment Research
What Our Model Says for AMGN
Our proven model does not conclusively predict an earnings beat for Amgen this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
Earnings ESP: Amgen’s Earnings ESP is -1.34%. The Zacks Consensus Estimate is pegged at $4.73 per share, while the Most Accurate Estimate is pegged lower at $4.67 per share. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Amgen has a Zacks Rank #3.
Stocks to Consider
Here are two drug/biotech stocks that have the right combination of elements to beat on earnings this time around:
Regeneron stock has risen 21.9% in the past year. REGN’s earnings performance has been mixed over the trailing four quarters. The company beat earnings estimates in three of the last four reported quarters while missing in one, delivering an earnings surprise of 22.92%, on average. Regeneron is scheduled to report first-quarter results on April 29.
Gilead Sciences (GILD - Free Report) has an Earnings ESP of +0.33% and a Zacks Rank #3 at present.
Shares of Gilead have risen 20.2% in the past year. Gilead beat earnings estimates in three of the last four reported quarters while missing in one, delivering an average earnings surprise of 4.76%. Gilead is scheduled to report first-quarter results on May 7.
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Amgen to Report Q1 Earnings: Can It Keep the Beat Streak Alive?
Key Takeaways
Amgen (AMGN - Free Report) will report first-quarter 2026 results on April 30 after market close. In the last reported quarter, the company's earnings beat expectations by 11.13%. The Zacks Consensus Estimate for first-quarter sales and earnings is pegged at $8.49 billion and $4.73 per share, respectively.
Factors to Consider for Amgen
In the first quarter, Amgen’s total revenues are expected to have increased in a mid-single-digit range, which will be lower than 9% growth in the fourth quarter of 2025
Amgen’s product sales are expected to have been driven by strong volume growth of products like Repatha, Evenity and Blincyto, among others. However, price declines for some products and increases in 340B program utilization are likely to have offset some of the gains from volume increases.
Revenues in the fourth quarter benefited from approximately $250 million in inventory build across the portfolio. These benefits are likely to have reversed in the first quarter.
The Zacks Consensus Estimate for Evenity, Repatha and Blincyto sales is pegged at $567.0 million, $820.0 million and $410.0 million, respectively.
Newer drugs like Imdelltra, Tavneos and Tezspire are expected to have contributed to top-line growth driven by new patient volume growth.
Sales of rare disease drugs, mainly Uplizna, are also likely to have been a key contributor to top-line growth, backed by recent approvals for expanded use. The Zacks Consensus Estimate for Uplizna is $217.0 million.
In January 2026, the FDA requested that Amgen voluntarily withdraw Tavneos, another rare disease drug, from the market, citing concerns over clinical trial data integrity and potential liver toxicity risks. However, Amgen has not withdrawn the drug, and it remains available. Further updates are anticipated on the first-quarter conference call.
Patents for Amgen’s two key drugs, Prolia and Xgeva, expired in February 2025 in the United States and in some European countries in November 2025. Sales of these best-selling drugs are expected to have eroded significantly in the first quarter as several biosimilars have been launched globally. The Zacks Consensus Estimate for Prolia and Xgeva is pegged at $832.0 million and $390.0 million, respectively.
Competitive pressure hurt volume growth of Kyprolis in 2025, a trend likely to have continued in the first quarter.
The Zacks Consensus Estimate for Kyprolis’ sales is pegged at $329.0 million.
In its inflammation portfolio, Enbrel sales are likely to have declined due to lower prices. Otezla sales are likely to have been hurt by lower pricing in the United States and generic erosion in the EU.
The Zacks Consensus Estimate for Otezla is $420.0 million, while that for Enbrel is $427.0 million.
Sales of Otezla, Enbrel, and to a lesser extent, Krystexxa, Tezspire and Repatha are projected to have been softer in the first quarter of 2026 relative to the other quarters, in line with historical seasonality. This is due to the impact of benefit plan resets, insurance re-verification processes and higher patient co-pay obligations.
Amgen’s new biosimilar products, like the biosimilar version of J&J’s Stelara called Wezlana and Regeneron’s (REGN - Free Report) Eylea called Pavblu, are also likely to have contributed to sales growth.
Lower revenues from oncology biosimilars (Kanjinti and Mvasi) as well as Amjevita/Amgevita, a biosimilar version of AbbVie’s Humira, due to increased competitive pressure, are expected to have hurt the top line. Sales of legacy established products are also expected to have declined.
Adjusted operating margin is expected to be the lowest in the year and similar to the fourth quarter number of 42.8%.
Investors will look for updates on Amgen’s important pipeline candidate, MariTide (maridebart cafraglutide), a GIPR/GLP-1 receptor for obesity.
AMGN’s Earnings Surprise History
This large biotech’s performance has been strong, with earnings beating estimates in the trailing four quarters. The company delivered a four-quarter earnings surprise of 14.04%, on average.
Amgen’s stock has risen 20.1% in the past year compared with an increase of 18.0% for the industry.
What Our Model Says for AMGN
Our proven model does not conclusively predict an earnings beat for Amgen this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
Earnings ESP: Amgen’s Earnings ESP is -1.34%. The Zacks Consensus Estimate is pegged at $4.73 per share, while the Most Accurate Estimate is pegged lower at $4.67 per share. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Amgen has a Zacks Rank #3.
Stocks to Consider
Here are two drug/biotech stocks that have the right combination of elements to beat on earnings this time around:
Regeneron Pharmaceuticals (REGN - Free Report) has an Earnings ESP of +5.87% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Regeneron stock has risen 21.9% in the past year. REGN’s earnings performance has been mixed over the trailing four quarters. The company beat earnings estimates in three of the last four reported quarters while missing in one, delivering an earnings surprise of 22.92%, on average. Regeneron is scheduled to report first-quarter results on April 29.
Gilead Sciences (GILD - Free Report) has an Earnings ESP of +0.33% and a Zacks Rank #3 at present.
Shares of Gilead have risen 20.2% in the past year. Gilead beat earnings estimates in three of the last four reported quarters while missing in one, delivering an average earnings surprise of 4.76%. Gilead is scheduled to report first-quarter results on May 7.