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Why Is Amgen (AMGN) Up 8.6% Since Last Earnings Report?
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A month has gone by since the last earnings report for Amgen (AMGN - Free Report) . Shares have added about 8.6% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Amgen due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.
Q2 Earnings & Sales Beat Estimates
Amgen reported second-quarter 2026 adjusted earnings of $6.29 per share, up 4% year over year. Earnings beat the Zacks Consensus Estimate of $5.60 as higher revenues were partially offset by higher operating costs and higher taxes.
Total revenues increased 10% to $10.1 billion and surpassed the consensus estimate of $9.44 billion.
Total product sales increased 9% year over year to $9.54 billion, driven by higher volumes.
Other revenues were $517 million in the quarter, up 26.7% year over year.
Broad-based volume growth across Repatha, Evenity, Tezspire, Uplizna and oncology products more than offset biosimilar erosion for Prolia and Xgeva and weakness in mature brands like Otezla and Enbrel. New biosimilar products are also contributing to sales growth.
Twenty-two products achieved double-digit sales growth in the quarter.
Amgen’s key growth drivers, which include Repatha, Evenity, Tezspire and oncology and rare disease drugs, as well as biosimilar products, rose 26% year over year in the second quarter. These key growth drivers represented almost 70% of Amgen’s total product sales.
Bone and Heart Drugs Top Expectations
Repatha sales surged 37% year over year to $953 million, exceeding the Zacks Consensus Estimate of $907 million. The increase was driven by volume growth. New-to-brand prescriptions in the United States rose more than 50%, supported by increased use in secondary prevention and high-risk primary prevention patients.
Evenity sales climbed 38% to $714 million, driven by solid volume growth. Evenity sales beat the Zacks Consensus Estimate of $636 million.
Prolia sales declined 32% to $759 million but exceeded the estimate of $728 million as multiple biosimilars affected volumes and pricing. Xgeva revenues fell 34% to $352 million, slightly missing the consensus mark of $356 million.
Patents for Prolia and Xgeva expired in 2025. Sales of these best-selling drugs are eroding significantly in 2026 as several biosimilars have been launched globally with more biosimilars expected.
Inflammation and Oncology Drugs’ Mix Performance
Tezspire sales rose 42% year over year to $486 million, marginally exceeding the Zacks Consensus Estimate of $483 million. Demand increased in severe uncontrolled asthma, while the uptake of its new indication of chronic rhinosinusitis with nasal polyps was encouraging.
Otezla sales declined 21% to $491 million, missing the consensus estimate of $562 million, due to lower pricing and volume.
Enbrel revenues decreased 4% to $580 million due to lower selling prices (including the impact from increased 340B program mix and Medicare Part D redesign), partially offset by favorable changes to estimated sales deductions. Enbrel sales topped the estimate of $466 million.
Nplate sales rose 17% year over year to $430 million.
In oncology, Blincyto sales increased 23% to $472 million, surpassing the consensus estimate of $457 million. Growth reflected broader prescribing in U.S. academic and community settings and strong international demand.
Kyprolis recorded sales of $314 million, down 17% year over year, due to lower volumes.
Vectibix revenues came in at $338.0 million, up 11% year over year. Lumakras/Lumykras sales rose 23% year over year to $111 million.
New cancer drug Imdelltra’s sales rose 11.6% sequentially to $288 million, supported by increased adoption in second-line small-cell lung cancer.
In oncology biosimilars, sales of Mvasi were $153 million in the quarter, down 20% year over year, due to lower selling prices and lower volume.
Rare Disease Drugs Sales Rise
Amgen’s rare-disease portfolio generated $1.6 billion in quarterly revenues, up 21%, supported by international expansion, additional indications and pricing.
Uplizna revenues increased 90% year over year to $335 million, beating the Zacks Consensus Estimate of $306 million. Performance reflected sustained momentum across its three approved indications, aided by broader physician adoption and the drug’s twice-yearly maintenance dosing.
On the conference call, Amgen said that growth continues for Uplizna in IgG4-related while uptake for Uplizna in generalized myasthenia gravis or gMG is increasing across both bio-naive and switch patients.
Tepezza sales advanced 14% to $576 million, driven by higher volumes and pricing.
On the call, the company mentioned that uptake in Japan following last year's launch remains strong. The company has launched Tepezza in 13 countries and expects to launch it in six additional markets in the near term.
Krystexxa revenues rose 15% to $400 million driven by higher pricing, partially offset by lower inventory levels. Tavneos sales increased 36% to $150 million driven by volume growth.
Ultra-rare products generated revenues of $149.0 million in the quarter, down 19% year over year.
Biosimilars
Total biosimilar sales were $855 million in the quarter, up 29% year over year.
Sales of Wezlana were $61 million, compared with $47 million in the previous quarter, entirely from ex-U.S. markets. Pavblu generated sales of $287 million in the quarter, up 2.5% sequentially, driven by increased adoption among retina specialists. Sales of Amjevita/Amgevita were $155 million in the quarter, up 17% year over year.
Established Products
Total sales of established products, which include Aranesp, Parsabiv and Neulasta, increased 19% year over year in the second quarter to $632 million.
Operating Margin Declines
Adjusted operating margin declined 0.5 percentage points year over year to 48.4% in the second quarter.
Adjusted operating expenses increased 11% to $5.44 billion. R&D expenses rose 10% year over year to $1.85 billion, reflecting higher spending on late-stage clinical programs, particularly MariTide. SG&A expenses increased 4% to $1.72 billion, mainly due to higher general and administrative expenses and increased commercial product-related spending.
The adjusted tax rate was 15.6% in the quarter, up 1.4 points from the year-ago quarter.
Raises 2026 Guidance
Amgen raised its financial outlook for 2026 for the second time this year.
Amgen raised its total revenue guidance for 2026 to a range of $38.2 billion to $39.4 billion. The company previously expected revenues between $37.1 billion and $38.5 billion.
Adjusted earnings guidance was increased to $22.30-$23.50 per share from the prior range of $21.70-$23.10. The improved outlook reflects strong first-half execution and continued momentum across the company’s key growth products.
Other revenues are expected to be approximately $1.9 billion compared with the prior expectation of being in the range of $1.7 billion to $1.8 billion in 2026.
Adjusted R&D is expected to increase in a high single-digit range year over year in 2026. Amgen expects a meaningful sequential increase in operating expenses in the third quarter.
Adjusted operating margin is expected to be roughly 45% to 46% for 2026.
The adjusted tax rate is expected to be in the range of 15.0% to 16.5%. Capital expenditures are expected to be approximately $2.6 billion.
Share repurchases are expected not to exceed $3 billion in 2026.
Pipeline Update
Amgen announced that it will discontinue further development of AMG 513, while its ongoing phase I obesity study will continue until all enrolled participants complete the study.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a downward trend in estimates review.
VGM Scores
Currently, Amgen has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. Following the exact same course, the stock was allocated a score of C on the value side, putting it in the middle 20% for value investors.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Amgen has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Amgen is part of the Zacks Medical - Biomedical and Genetics industry. Over the past month, Krystal Biotech, Inc. (KRYS - Free Report) , a stock from the same industry, has gained 13.3%. The company reported its results for the quarter ended June 2026 more than a month ago.
Krystal Biotech reported revenues of $119.22 million in the last reported quarter, representing a year-over-year change of +24.1%. EPS of $1.79 for the same period compares with $1.29 a year ago.
Krystal Biotech is expected to post earnings of $1.91 per share for the current quarter, representing a year-over-year change of -28.2%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.8%.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Krystal Biotech. Also, the stock has a VGM Score of D.
View the Zacks #1 Rank List
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Why Is Amgen (AMGN) Up 8.6% Since Last Earnings Report?
A month has gone by since the last earnings report for Amgen (AMGN - Free Report) . Shares have added about 8.6% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Amgen due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.
Q2 Earnings & Sales Beat Estimates
Amgen reported second-quarter 2026 adjusted earnings of $6.29 per share, up 4% year over year. Earnings beat the Zacks Consensus Estimate of $5.60 as higher revenues were partially offset by higher operating costs and higher taxes.
Total revenues increased 10% to $10.1 billion and surpassed the consensus estimate of $9.44 billion.
Total product sales increased 9% year over year to $9.54 billion, driven by higher volumes.
Other revenues were $517 million in the quarter, up 26.7% year over year.
Broad-based volume growth across Repatha, Evenity, Tezspire, Uplizna and oncology products more than offset biosimilar erosion for Prolia and Xgeva and weakness in mature brands like Otezla and Enbrel. New biosimilar products are also contributing to sales growth.
Twenty-two products achieved double-digit sales growth in the quarter.
Amgen’s key growth drivers, which include Repatha, Evenity, Tezspire and oncology and rare disease drugs, as well as biosimilar products, rose 26% year over year in the second quarter. These key growth drivers represented almost 70% of Amgen’s total product sales.
Bone and Heart Drugs Top Expectations
Repatha sales surged 37% year over year to $953 million, exceeding the Zacks Consensus Estimate of $907 million. The increase was driven by volume growth. New-to-brand prescriptions in the United States rose more than 50%, supported by increased use in secondary prevention and high-risk primary prevention patients.
Evenity sales climbed 38% to $714 million, driven by solid volume growth. Evenity sales beat the Zacks Consensus Estimate of $636 million.
Prolia sales declined 32% to $759 million but exceeded the estimate of $728 million as multiple biosimilars affected volumes and pricing. Xgeva revenues fell 34% to $352 million, slightly missing the consensus mark of $356 million.
Patents for Prolia and Xgeva expired in 2025. Sales of these best-selling drugs are eroding significantly in 2026 as several biosimilars have been launched globally with more biosimilars expected.
Inflammation and Oncology Drugs’ Mix Performance
Tezspire sales rose 42% year over year to $486 million, marginally exceeding the Zacks Consensus Estimate of $483 million. Demand increased in severe uncontrolled asthma, while the uptake of its new indication of chronic rhinosinusitis with nasal polyps was encouraging.
Otezla sales declined 21% to $491 million, missing the consensus estimate of $562 million, due to lower pricing and volume.
Enbrel revenues decreased 4% to $580 million due to lower selling prices (including the impact from increased 340B program mix and Medicare Part D redesign), partially offset by favorable changes to estimated sales deductions. Enbrel sales topped the estimate of $466 million.
Nplate sales rose 17% year over year to $430 million.
In oncology, Blincyto sales increased 23% to $472 million, surpassing the consensus estimate of $457 million. Growth reflected broader prescribing in U.S. academic and community settings and strong international demand.
Kyprolis recorded sales of $314 million, down 17% year over year, due to lower volumes.
Vectibix revenues came in at $338.0 million, up 11% year over year. Lumakras/Lumykras sales rose 23% year over year to $111 million.
New cancer drug Imdelltra’s sales rose 11.6% sequentially to $288 million, supported by increased adoption in second-line small-cell lung cancer.
In oncology biosimilars, sales of Mvasi were $153 million in the quarter, down 20% year over year, due to lower selling prices and lower volume.
Rare Disease Drugs Sales Rise
Amgen’s rare-disease portfolio generated $1.6 billion in quarterly revenues, up 21%, supported by international expansion, additional indications and pricing.
Uplizna revenues increased 90% year over year to $335 million, beating the Zacks Consensus Estimate of $306 million. Performance reflected sustained momentum across its three approved indications, aided by broader physician adoption and the drug’s twice-yearly maintenance dosing.
On the conference call, Amgen said that growth continues for Uplizna in IgG4-related while uptake for Uplizna in generalized myasthenia gravis or gMG is increasing across both bio-naive and switch patients.
Tepezza sales advanced 14% to $576 million, driven by higher volumes and pricing.
On the call, the company mentioned that uptake in Japan following last year's launch remains strong. The company has launched Tepezza in 13 countries and expects to launch it in six additional markets in the near term.
Krystexxa revenues rose 15% to $400 million driven by higher pricing, partially offset by lower inventory levels. Tavneos sales increased 36% to $150 million driven by volume growth.
Ultra-rare products generated revenues of $149.0 million in the quarter, down 19% year over year.
Biosimilars
Total biosimilar sales were $855 million in the quarter, up 29% year over year.
Sales of Wezlana were $61 million, compared with $47 million in the previous quarter, entirely from ex-U.S. markets. Pavblu generated sales of $287 million in the quarter, up 2.5% sequentially, driven by increased adoption among retina specialists. Sales of Amjevita/Amgevita were $155 million in the quarter, up 17% year over year.
Established Products
Total sales of established products, which include Aranesp, Parsabiv and Neulasta, increased 19% year over year in the second quarter to $632 million.
Operating Margin Declines
Adjusted operating margin declined 0.5 percentage points year over year to 48.4% in the second quarter.
Adjusted operating expenses increased 11% to $5.44 billion. R&D expenses rose 10% year over year to $1.85 billion, reflecting higher spending on late-stage clinical programs, particularly MariTide. SG&A expenses increased 4% to $1.72 billion, mainly due to higher general and administrative expenses and increased commercial product-related spending.
The adjusted tax rate was 15.6% in the quarter, up 1.4 points from the year-ago quarter.
Raises 2026 Guidance
Amgen raised its financial outlook for 2026 for the second time this year.
Amgen raised its total revenue guidance for 2026 to a range of $38.2 billion to $39.4 billion. The company previously expected revenues between $37.1 billion and $38.5 billion.
Adjusted earnings guidance was increased to $22.30-$23.50 per share from the prior range of $21.70-$23.10. The improved outlook reflects strong first-half execution and continued momentum across the company’s key growth products.
Other revenues are expected to be approximately $1.9 billion compared with the prior expectation of being in the range of $1.7 billion to $1.8 billion in 2026.
Adjusted R&D is expected to increase in a high single-digit range year over year in 2026. Amgen expects a meaningful sequential increase in operating expenses in the third quarter.
Adjusted operating margin is expected to be roughly 45% to 46% for 2026.
The adjusted tax rate is expected to be in the range of 15.0% to 16.5%. Capital expenditures are expected to be approximately $2.6 billion.
Share repurchases are expected not to exceed $3 billion in 2026.
Pipeline Update
Amgen announced that it will discontinue further development of AMG 513, while its ongoing phase I obesity study will continue until all enrolled participants complete the study.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a downward trend in estimates review.
VGM Scores
Currently, Amgen has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. Following the exact same course, the stock was allocated a score of C on the value side, putting it in the middle 20% for value investors.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Amgen has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Amgen is part of the Zacks Medical - Biomedical and Genetics industry. Over the past month, Krystal Biotech, Inc. (KRYS - Free Report) , a stock from the same industry, has gained 13.3%. The company reported its results for the quarter ended June 2026 more than a month ago.
Krystal Biotech reported revenues of $119.22 million in the last reported quarter, representing a year-over-year change of +24.1%. EPS of $1.79 for the same period compares with $1.29 a year ago.
Krystal Biotech is expected to post earnings of $1.91 per share for the current quarter, representing a year-over-year change of -28.2%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.8%.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Krystal Biotech. Also, the stock has a VGM Score of D.