Amgen’s first quarter results reflected the company’s ability to outpace the impact of ongoing patent expirations and increased competition. Management credited strong sales growth in key products—particularly Repatha, Evenity—as well as momentum in rare disease and biosimilars, for offsetting declines in legacy brands. CEO Robert Bradway highlighted, “Our six key growth drivers generated 70% of our sales in the quarter and grew in aggregate by 24%.” Despite this performance, the market responded negatively to the results, likely reflecting concerns about ongoing exclusivity losses and future sales erosion in mature products.
Is now the time to buy AMGN? Find out in our full research report (it’s free for active Edge members).
Amgen (AMGN) Q1 CY2026 Highlights:
- Revenue: $8.62 billion vs analyst estimates of $8.50 billion (5.8% year-on-year growth, 1.4% beat)
- Adjusted EPS: $5.15 vs analyst estimates of $4.77 (8% beat)
- Adjusted EBITDA: $4.98 billion vs analyst estimates of $5.07 billion (57.8% margin, 1.7% miss)
- The company slightly lifted its revenue guidance for the full year to $37.8 billion at the midpoint from $37.7 billion
- Management slightly raised its full-year Adjusted EPS guidance to $22.40 at the midpoint
- Operating Margin: 30.9%, up from 14.5% in the same quarter last year
- Market Capitalization: $178.7 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Amgen’s Q1 Earnings Call
- Yaron Werber (TD Cowen): Asked about Meritide switch study design and endpoints; Dr. James Bradner detailed the 300-patient trial transitioning from weekly to less frequent dosing, focusing on weight change after 52 weeks.
- Salveen Richter (Goldman Sachs): Inquired why the Meritide switch study evaluates only two- and three-month dosing; Bradner explained existing monthly data and the aim to maximize convenience, while Murdo Gordon described the importance of supporting both new and switching patients.
- Luca Issi (RBC Capital Markets): Asked about Imdeltra’s path in oncology and its selection for the FDA’s real-time clinical trial pilot; Bradner and Gordon explained ongoing frontline studies and how the pilot could streamline real-world data integration for regulatory submissions.
- Michael Yee (UBS): Questioned the impact of background therapies on olpasiran trials; Bradner clarified that GLP-1s and statins do not affect Lp(a), reinforcing olpasiran’s differentiated role in high-risk cardiovascular disease populations.
- David Risinger (Leerink Partners): Sought quantification of Repatha’s cash-pay uptake through Amgen Now; Gordon disclosed that cash-pay patients remain a small percentage but interest is rising, with the majority still covered through traditional access routes.
Catalysts in Upcoming Quarters
Looking ahead, the StockStory team will be monitoring (1) the enrollment and readout of Meritide’s pivotal Phase III trials, especially for less frequent dosing and switch studies, (2) the pace of adoption and access expansion for key growth drivers like Repatha and Evenity in new and existing markets, and (3) further integration of artificial intelligence into R&D and manufacturing workflows. The outcome of ongoing tax disputes and regulatory reviews will also be important markers for business stability.
Amgen currently trades at $331.13, down from $346.25 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).
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