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Amgen's Q1 Earnings Top Estimates, 16 Drugs Deliver Double-Digit Gains
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Key Takeaways
Amgen beat Q1 estimates with EPS of $5.15 and revenues of $8.62B, both topping consensus.
AMGN saw 16 drugs deliver double-digit growth, led by Repatha, Evenity and Uplizna.
Amgen raised 2026 guidance as growth in key drugs offset Prolia/Xgeva erosion.
Amgen (AMGN - Free Report) reported first-quarter adjusted earnings of $5.15 per share, which beat the Zacks Consensus Estimate of $4.73 per share. Earnings rose 5% year over year as higher revenues were partially offset by higher operating costs.
Total revenues of $8.62 billion beat the Zacks Consensus Estimate of $8.47 billion. Total revenues rose 6% year over year, in line with the company’s expectation of growth in a mid-single-digit range.
Total product revenues increased 4% from the year-ago quarter to $8.23 billion as volume growth was partially offset by continued price declines and lower inventory levels. Volumes rose 9% in the quarter, backed by strong demand trends for Amgen’s drugs globally. Volume growth was partially offset by a 2% negative impact of pricing.
Performance of AMGN’s Key Drugs in Q1
Evenity recorded sales of $562 million in the quarter, up 27% year over year, driven by solid volume growth. Evenity sales missed the Zacks Consensus Estimate of $567 million.
Repatha generated revenues of $876 million, up 34% year over year, driven by higher volume growth and favorable changes to estimated sales deductions, partially offset by lower selling prices. Repatha sales beat the Zacks Consensus Estimate of $820 million.
Prolia revenues came in at $727 million, down 34% from the year-ago quarter due to lower pricing and decreased volume. Prolia sales missed the Zacks Consensus Estimate of $832 million.
Xgeva delivered revenues of $411 million, down 27% year over year, primarily due to lower volume. Xgeva sales beat the Zacks Consensus Estimate of $390 million.
Patents for 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 eroding significantly in 2026 as several biosimilars have been launched globally.
In oncology, the key revenue driver was Blincyto, which generated $415 million in sales, rising 12% from the year-ago period, driven by volume growth partially offset by unfavorable changes to estimated sales deductions. Blincyto sales beat the Zacks Consensus Estimate of $410 million.
Sales of Otezla were $431 million in the quarter, down 1% year over year. Otezla sales beat the Zacks Consensus Estimate of $420 million.
Enbrel revenues of $320 million declined 37% year over year due to lower selling prices (including the impact from increased 340B program mix and Medicare Part D redesign) as well as unfavorable changes to estimated sales deductions. Enbrel sales significantly missed the Zacks Consensus Estimate of $427 million.
Sales of Otezla and Enbrel were softer in the first quarter of 2026 relative to the other quarters, in line with historical seasonality. This was due to the impact of benefit plan resets, insurance re-verification processes and higher patient co-pay obligations.
Asthma drug Tezspire (tezepelumab) recorded sales of $343 million in the quarter, up 20% year over year, as volume growth was partially offset by lower inventory levels. Tezspire sales missed the Zacks Consensus Estimate of $423 million.
Amgen has a partnership with AstraZeneca (AZN - Free Report) for Tezspire. Amgen and AstraZeneca share costs and profits equally after AstraZeneca pays a mid-single-digit inventor royalty to Amgen.
While AstraZeneca leads development, Amgen leads manufacturing.
In rare disease, Tepezza sales rose 29% year over year to $490 million, driven by higher inventory levels and higher pricing. Uplizna sales were $262 million in the quarter, up 188% year over year, driven by volume growth. Uplizna sales beat the Zacks Consensus Estimate of $217 million.
Tavneos sales were $119 million, up 32% year over year, as volume growth was partially offset by lower inventory levels.
New cancer drug Imdelltra (tarlatamab) recorded sales of $258 million in the quarter, up 10% sequentially, driven by volume growth.
As regards new biosimilars, sales of Wezlana, a biosimilar version of J&J’s Stelara, were $47 million, compared with $44 million the previous quarter, mostly from ex-U.S. markets. Pavblu, a biosimilar of Regeneron’s Eylea, generated sales of $280 million in the quarter, up 9% sequentially, driven by volume growth partially offset by lower inventory levels. Sales of Amjevita/Amgevita, a biosimilar of AbbVie’s Humira, were $173 million in the quarter, up 27% year over year.
AMGN’s Established Products
Total sales of established products, which include Aranesp, Parsabiv and Neulasta, increased 1% year over year in the fourth quarter to $563 million.
AMGN’s Cost and Margin Discussion
Adjusted operating margin declined 0.4 percentage points to 45.3% in the first quarter.
Adjusted operating expenses increased 8% to $4.9 billion. R&D expenses rose 16% year over year to $1.7 billion, reflecting continued investment in the late-stage pipeline, most notably MariTide. SG&A declined 4% to $1.58 billion.
AMGN Slightly Ups 2026 Guidance
Amgen slightly raised its revenue guidance for 2026 from a range of $37.0 billion to $38.4 billion to $37.1 billion to $38.5 billion.
Adjusted earnings per share guidance was also raised from a range of $21.60 to $23.00 to $21.70 to $23.10.
Our Take on AMGN’s Q1 Results
Amgen’s first-quarter results were strong as it beat estimates for both earnings and sales. Sixteen products, including Repatha, Tezspire, Uplizna and Evenity, achieved double-digit sales growth in the quarter, more than offsetting patent erosion of Prolia/Xgeva and lower sales of mature products such as Enbrel. New biosimilar products are also contributing to sales growth. However, lower inventory levels hurt sales of some key drugs like Tezspire and Tavneos.
Amgen slightly raised its financial outlook for 2026. Amgen’s shares declined slightly more than 1% in after-hours trading on Thursday.
In the past year, shares of Amgen have risen 22.0% compared with the industry’s rise of 15.0%,
Image Source: Zacks Investment Research
Amgen's key drugs like Repatha, Evenity, Tezspire and oncology and rare disease drugs, as well as new biosimilars, are driving top-line growth. However, biosimilar erosion of Prolia/Xgeva, price declines and increased competition for some products are some key near-term headwinds. Investors are keeping an eye on Amgen’s progress with its obesity candidate, MariTide.
The company is developing MariTide, a GIPR/GLP-1 receptor, as a single dose in a convenient autoinjector device with a monthly and possibly less frequent dosing. This key feature differentiates it from Eli Lilly (LLY - Free Report) and Novo Nordisk’s (NVO - Free Report) popular GLP-1-based obesity drugs, Zepbound and Wegovy, which are weekly injections. Amgen has nine global phase III studies underway with MariTide in obesity, type II diabetes and other obesity-related conditions.
In clinical studies, MariTide has shown predictable and sustained weight loss and a meaningful impact on cardiometabolic parameters.
Several data readouts are expected over the next 6-12 months, which could be important catalysts for the stock.
View the Zacks #1 Rank List
Image: Shutterstock
Amgen's Q1 Earnings Top Estimates, 16 Drugs Deliver Double-Digit Gains
Key Takeaways
Amgen (AMGN - Free Report) reported first-quarter adjusted earnings of $5.15 per share, which beat the Zacks Consensus Estimate of $4.73 per share. Earnings rose 5% year over year as higher revenues were partially offset by higher operating costs.
Total revenues of $8.62 billion beat the Zacks Consensus Estimate of $8.47 billion. Total revenues rose 6% year over year, in line with the company’s expectation of growth in a mid-single-digit range.
Total product revenues increased 4% from the year-ago quarter to $8.23 billion as volume growth was partially offset by continued price declines and lower inventory levels. Volumes rose 9% in the quarter, backed by strong demand trends for Amgen’s drugs globally. Volume growth was partially offset by a 2% negative impact of pricing.
Performance of AMGN’s Key Drugs in Q1
Evenity recorded sales of $562 million in the quarter, up 27% year over year, driven by solid volume growth. Evenity sales missed the Zacks Consensus Estimate of $567 million.
Repatha generated revenues of $876 million, up 34% year over year, driven by higher volume growth and favorable changes to estimated sales deductions, partially offset by lower selling prices. Repatha sales beat the Zacks Consensus Estimate of $820 million.
Prolia revenues came in at $727 million, down 34% from the year-ago quarter due to lower pricing and decreased volume. Prolia sales missed the Zacks Consensus Estimate of $832 million.
Xgeva delivered revenues of $411 million, down 27% year over year, primarily due to lower volume. Xgeva sales beat the Zacks Consensus Estimate of $390 million.
Patents for 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 eroding significantly in 2026 as several biosimilars have been launched globally.
In oncology, the key revenue driver was Blincyto, which generated $415 million in sales, rising 12% from the year-ago period, driven by volume growth partially offset by unfavorable changes to estimated sales deductions. Blincyto sales beat the Zacks Consensus Estimate of $410 million.
Sales of Otezla were $431 million in the quarter, down 1% year over year. Otezla sales beat the Zacks Consensus Estimate of $420 million.
Enbrel revenues of $320 million declined 37% year over year due to lower selling prices (including the impact from increased 340B program mix and Medicare Part D redesign) as well as unfavorable changes to estimated sales deductions. Enbrel sales significantly missed the Zacks Consensus Estimate of $427 million.
Sales of Otezla and Enbrel were softer in the first quarter of 2026 relative to the other quarters, in line with historical seasonality. This was due to the impact of benefit plan resets, insurance re-verification processes and higher patient co-pay obligations.
Asthma drug Tezspire (tezepelumab) recorded sales of $343 million in the quarter, up 20% year over year, as volume growth was partially offset by lower inventory levels. Tezspire sales missed the Zacks Consensus Estimate of $423 million.
Amgen has a partnership with AstraZeneca (AZN - Free Report) for Tezspire. Amgen and AstraZeneca share costs and profits equally after AstraZeneca pays a mid-single-digit inventor royalty to Amgen.
While AstraZeneca leads development, Amgen leads manufacturing.
In rare disease, Tepezza sales rose 29% year over year to $490 million, driven by higher inventory levels and higher pricing. Uplizna sales were $262 million in the quarter, up 188% year over year, driven by volume growth. Uplizna sales beat the Zacks Consensus Estimate of $217 million.
Tavneos sales were $119 million, up 32% year over year, as volume growth was partially offset by lower inventory levels.
New cancer drug Imdelltra (tarlatamab) recorded sales of $258 million in the quarter, up 10% sequentially, driven by volume growth.
As regards new biosimilars, sales of Wezlana, a biosimilar version of J&J’s Stelara, were $47 million, compared with $44 million the previous quarter, mostly from ex-U.S. markets. Pavblu, a biosimilar of Regeneron’s Eylea, generated sales of $280 million in the quarter, up 9% sequentially, driven by volume growth partially offset by lower inventory levels. Sales of Amjevita/Amgevita, a biosimilar of AbbVie’s Humira, were $173 million in the quarter, up 27% year over year.
AMGN’s Established Products
Total sales of established products, which include Aranesp, Parsabiv and Neulasta, increased 1% year over year in the fourth quarter to $563 million.
AMGN’s Cost and Margin Discussion
Adjusted operating margin declined 0.4 percentage points to 45.3% in the first quarter.
Adjusted operating expenses increased 8% to $4.9 billion. R&D expenses rose 16% year over year to $1.7 billion, reflecting continued investment in the late-stage pipeline, most notably MariTide. SG&A declined 4% to $1.58 billion.
AMGN Slightly Ups 2026 Guidance
Amgen slightly raised its revenue guidance for 2026 from a range of $37.0 billion to $38.4 billion to $37.1 billion to $38.5 billion.
Adjusted earnings per share guidance was also raised from a range of $21.60 to $23.00 to $21.70 to $23.10.
Our Take on AMGN’s Q1 Results
Amgen’s first-quarter results were strong as it beat estimates for both earnings and sales. Sixteen products, including Repatha, Tezspire, Uplizna and Evenity, achieved double-digit sales growth in the quarter, more than offsetting patent erosion of Prolia/Xgeva and lower sales of mature products such as Enbrel. New biosimilar products are also contributing to sales growth. However, lower inventory levels hurt sales of some key drugs like Tezspire and Tavneos.
Amgen slightly raised its financial outlook for 2026. Amgen’s shares declined slightly more than 1% in after-hours trading on Thursday.
In the past year, shares of Amgen have risen 22.0% compared with the industry’s rise of 15.0%,
Image Source: Zacks Investment Research
Amgen's key drugs like Repatha, Evenity, Tezspire and oncology and rare disease drugs, as well as new biosimilars, are driving top-line growth. However, biosimilar erosion of Prolia/Xgeva, price declines and increased competition for some products are some key near-term headwinds. Investors are keeping an eye on Amgen’s progress with its obesity candidate, MariTide.
The company is developing MariTide, a GIPR/GLP-1 receptor, as a single dose in a convenient autoinjector device with a monthly and possibly less frequent dosing. This key feature differentiates it from Eli Lilly (LLY - Free Report) and Novo Nordisk’s (NVO - Free Report) popular GLP-1-based obesity drugs, Zepbound and Wegovy, which are weekly injections. Amgen has nine global phase III studies underway with MariTide in obesity, type II diabetes and other obesity-related conditions.
In clinical studies, MariTide has shown predictable and sustained weight loss and a meaningful impact on cardiometabolic parameters.
Several data readouts are expected over the next 6-12 months, which could be important catalysts for the stock.
AMGN’s Zacks Rank
Amgen currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Amgen Inc. Price and Consensus
Amgen Inc. price-consensus-chart | Amgen Inc. Quote