Amgen : Q1 2026 Earnings Slides FINAL 04.30.26

Published: 2026-04-30 16:36:49 ET AMGN

Published on 04/30/2026 at 04:36 pm EDT

Q1 2026 Earnings Call

APRIL 30, 2026

Robert A. Bradway

Chairman and CEO Amgen Inc.

Q1 2026 Financial Highlights

Six Key Growth Drivers in Q1 2026

$8.6B

▲ 6% YoY

Total Revenue

RARE DISEASE

+34%**

+25%**

EPS*

$5.15

▲ 5% YoY

+27%**

INNOVATIVE ONCOLOGY***

+25%**

$1.7B

▲ 16% YoY

R&D Expense*

BIOSIMILARS

Operating Margin*

45%

+20%**

+14%**

Q1 2026 R&D Highlights

MariTide

Initiated Ph3 MARITIME-Switch & two Ph3 MARITIME CWM

maintenance extensions

Repatha® Presented High-Risk Primary

Prevention subanalysis of Ph3 VESALIUS-CV

Olpasiran Initiated Ph3 OCEAN(a)-CCTA

UPLIZNA®

Approved in EU for gMG

TEPEZZA®

Announced topline Ph3 OBI data

IMDELLTRA® Approved in China for 3L ES-SCLC & initiated Ph1b combination with zocilurtatug pelitecan in ES-SCLC

General Medicine

Inflammation

Oncology Rare Disease

*Non-GAAP financial measure-if this slide is in hard copy, see reconciliations accompanying the presentation, or if this slide is delivered electronically, see reconciliations available at: https://www.amgen.com within the Investors section; **Q1 '26 YoY growth; ***Innovative Oncology does not include XGEVA®.

Zocilurtatug pelitecan is being developed by Zai Lab Limited.

EPS = earnings per share; YoY = year over year; Ph3 = Phase 3; CWM = chronic weight management; CCTA = Coronary Computed Tomography Angiography; gMG = generalized myasthenia gravis; OBI = on-body injector; 3L = third-line; Ph1b = Phase 1b; ES-SCLC = extensive stage-small cell lung cancer.

Provided April 30, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. 3

Commercial Update

Total Revenues

$8.6B

$8.1B

$7.4B

Q1 2024

Q1 2025

Q1 2026

6% Total Revenue Growth

Products with at least double-digit sales growth

Products annualizing at

$1B+ based on Q1 2026 sales

$8.2B

Product Sales

$0.9B $0.6B $0.3B

Q1'26

+4% YoY

Rare Disease Innovative Oncology*

Biosimilars

$1.2B $1.8B $0.8B

*Innovative Oncology does not include XGEVA®.

Actively engaging with both primary

care physicians and cardiologists

Significant room for growth with

~100M patients not at LDL-C goal

Differentiated bone building therapy for ~2M women in the

U.S. at high fracture risk

Expanding options for patients with severe uncontrolled asthma

CRSwNP launch underway

*Q1 '26 YoY growth

EVENITY® is developed and commercialized in collaboration with UCB globally, as well as our collaboration partner Astellas in Japan.

RARE DISEASE

INNOVATIVE ONCOLOGY

BIOSIMILARS

UPLIZNA® serving patients in NMOSD, IgG4-RD, gMG

TEPEZZA® expanding ex-U.S.

Bispecific T-cell engagers (BiTE®s) that are changing the paradigm of cancer treatment

PAVBLU® grew 9% QoQ supported by our convenient pre-filled syringe

R&D Update

THERAPEUTIC AREAS MODALITIES AI & DATA

General Medicine | Rare Disease Inflammation | Oncology

Small Molecules | siRNA | Biologics Accelerating Discovery & Development

with AI at Scale

UPLIZNA® (Chronic inflammatory demyelinating polyneuropathy)*

UPLIZNA® (Autoimmune hepatitis)*

TEPEZZA® (Thyroid eye disease)

TEPEZZA® (Subcutaneous administration with on-body injector)

TAVNEOS®

(ANCA-associated vasculitis in 6 to

<18 years of age)

Dazodalibep

(Systemic Sjögren's disease)

Dazodalibep

(Symptomatic Sjögren's disease)

TEZSPIRE® (Chronic obstructive pulmonary disease)

TEZSPIRE® (Eosinophilic esophagitis)

MariTide (Chronic weight management)

MariTide (Chronic weight management maintenance extensions)

MariTide (Switching from weekly GLP-1 therapies)

MariTide (Heart failure)

MariTide

(Obstructive sleep apnea) MariTide (Type 2 diabetes)* Repatha® (Hypercholesterolemia)

Olpasiran

(Cardiovascular disease)

BLINCYTO® (B-ALL)

IMDELLTRA® (First-line maintenance in ES-SCLC)

IMDELLTRA® (First-line induction & maintenance in ES-SCLC)

IMDELLTRA® (LS-SCLC)

Xaluritamig (Post-taxane mCRPC) Xaluritamig (Chemo-naïve mCRPC) LUMAKRAS® (Metastatic CRC) LUMAKRAS® (NSCLC)

Nplate® (Chemo-induced thrombocytopenia)

General Medicine

Rare Disease

Inflammation

Oncology

Biosimilars

ABP 206

(Investigational biosimilar to OPDIVO®, nivolumab)

ABP 234

(Investigational biosimilar to KEYTRUDA®, pembrolizumab)

ABP 692

(Investigational biosimilar to OCREVUS®, ocrelizumab)

Pursuing Novel Innovative Molecules and Late-Stage Expansions in Phase 3 Studies

39K

PATIENTS ON STUDY

273

CLINICAL TRIALS*

Snapshot as of March 31, 2026.

MariTide ✓ Initiated a Phase 3 MARITIME-SWITCH study

Initiated two Phase 3 MARITIME CWM maintenance extension studies

Announced plans to initiate three Phase 3 MARITIME T2D studies

Repatha® ✓ Presented additional VESALIUS-CV subgroups results at American College of Cardiology

Olpasiran ✓ Initiated a Phase 3 OCEAN(a)-CCTA study

UPLIZNA® ✓ Approved by European Commission for generalized myasthenia gravis (gMG)

TEPEZZA® ✓ Announced positive topline results of the Phase 3 subcutaneous administration with on-body injector (OBI) study

IMDELLTRA® ✓ Approved by China NMPA for third-line ES-SCLC

Initiated and enrolling a Phase 1b study in combination with

zocilurtatug pelitecan, a DLL-3 ADC, in ES-SCLC

AMG 193 ✓ Discontinued further development following portfolio review

General Medicine

Rare Disease

Oncology

High-Risk Primary Prevention Subgroup Analysis

In the 3,655 high-risk patients with diabetes without known significant atherosclerosis, results were:

31% ↓ in 3-P MACE and 4-P MACE

31% ↓ in risk of heart attack

Associated with a nominal:

32% ↓ in CV death

24% ↓ in all-cause death

Repatha reduced the risk of 4-P MACE by 31%

MAJOR APPROVALS

✓

UPLIZNA®

Generalized myasthenia gravis

STUDY INITIATIONS STUDY COMPLETIONS

✓

MARITIDE

✓

Phase 3 Switching from weekly GLP-1 therapies

MARITIDE

Phase 3 CWM maintenance extensions (2 studies)

Phase 3 type 2 diabetes mellitus

(3 studies)

Phase 3 chronic inflammatory demyelinating polyneuropathy (CIDP) in H2

Phase 3 autoimmune hepatitis (AIH) in H2

✓

Phase 3 on-body injector (OBI) in H1

Phase 3 symptomatic Sjögren's disease in H2

Phase 3 systemic Sjögren's disease in H2

Phase 3 eosinophilic esophagitis (EoE) in H2

General Medicine

Rare Disease

Inflammation

Oncology

Phase 2 asthma in H1

(gMG) in EU

IMDELLTRA®

Approvals and label updates in multiple geographies, including

EU, China ✓, and Japan ✓

Financial Update

$8.6B

$1.7B

$5.15

(% of product sales)

R&D investment* of $1.7B, up 16% YoY, while maintaining an operating margin* of 45%

$ Billions, Except Non-GAAP EPS

Q1 '26

Q1 '25

% Inc./(Decr.)

Revenue

Product Sales Other Revenues

$8.6

8.2

0.4

$8.1

7.9

0.3

45%

Operating Expenses

4.9

4.6

Operating Income

3.7

3.6

% of product sales

45.3%

45.7%

Net Income

2.8

2.6

EPS

$5.15

$4.90

$ Billions, Except Dividends Paid Per Share

Cash Flow Data

QQ11'2'266

QQ11 ''2255

Capital Expenditures

$0.7

$0.4

Free Cash Flow*

$1.5

$1.0

Share Repurchases

$0.0

YoY Dividend Increase

Dividends Paid Per Share

$2.52

$2.38

Balance Sheet Data

3/33/311//2266

1122//3311//2255

Cash and Cash Equivalents

$12.0

$9.1

Debt Outstanding

$57.3

$54.6

Current Guidance Previous Guidance

Revenue

$37.1B - $38.5B

$37.0B - $38.4B

Non-GAAP EPS*

$21.70 - $23.10

$21.60 - $23.00

Non-GAAP Tax Rate*

15.0% - 16.5%

16.0% - 17.5%

Capital Expenditures

~$2.6B

*Non-GAAP financial measure-if this slide is in hard copy, see reconciliations accompanying the presentation, or if this slide is delivered electronically, or amounts pertain to previously issued financial guidance, see reconciliations available at: https://www.amgen.com within the Investors section.

Q&A

Reconciliations

Amgen Inc.

Consolidated Statements of Income - GAAP (In millions, except per - share data) (Unaudited)

Three months ended

March 31,

2026 2025

Revenues:

Product sales

$ 8,218

$ 7,873

Other revenues

400

276

Total revenues

8,618

8,149

Operating expenses: Cost of sales

2,744

2,968

Research and development

1,719

1,486

Selling, general and administrative

1,602

1,687

Other

(113)

830

Total operating expenses

5,952

6,971

Operating income

2,666

1,178

Other income (expense): Interest expense, net

(657)

(723)

Other income, net

1,518

Income before income taxes

2,084

1,973

Provision for income taxes

265

243

Net income

$ 1,819

$ 1,730

Earnings per share: Basic

$ 3.37

$ 3.22

Diluted

$ 3.34

$ 3.20

Weighted-average shares used in calculation of earnings per share:

Basic

540

538

Diluted

544

541

Amgen Inc.

March 31,

December 31,

2026

2025

(Unaudited)

Assets

Current assets:

Cash and cash equivalents

$ 12,038

$ 9,129

Trade receivables, net

9,138

9,570

Inventories

6,186

6,225

Consolidated Balance Sheets - GAAP (In millions)

Other current assets 4,113 4,133

Total current assets 31,475 29,057

Property, plant and equipment, net

8,216

7,913

Intangible assets, net

21,379

22,276

Goodwill

18,674

18,680

Other noncurrent assets

12,760 12,660

Total assets

$ 92,504 $ 90,586

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable and accrued liabilities $ 19,518 $ 20,890 Current portion of long-term debt 5,437 4,599 Total current liabilities 24,955 25,489

Long-term debt

51,886

50,005

Long-term deferred tax liabilities

1,344

1,366

Long-term tax liabilities

2,764

2,690

Other noncurrent liabilities

2,365

2,378

Total stockholders' equity 9,190 8,658

Total liabilities and stockholders' equity $ 92,504 $ 90,586 Shares outstanding 540 539

Amgen Inc.

GAAP to Non-GAAP Reconciliations (Dollars In millions)

(Unaudited)

Amgen Inc.

GAAP to Non-GAAP Reconciliations (In millions, except per-share data) (Unaudited)

(Continued from previous slide)

The following table presents the computations for GAAP and non-GAAP diluted earnings per share:

Three months ended Three months ended

March 31, 2026 March 31, 2025

GAAP

Non-GAAP

GAAP

Non-GAAP

Net income

$ 1,819

$ 2,799

$ 1,730

$ 2,649

Shares (Denominator):

Weighted-average shares for diluted EPS

544

541

Diluted EPS

$ 3.34

$ 5.15

$ 3.20

$ 4.90

The adjustments related primarily to noncash amortization of intangible assets and fair value step-up of inventory acquired from business combinations.

For the three months ended March 31, 2026 and 2025, the adjustments related primarily to noncash amortization of intangible assets acquired from business combinations.

For the three months ended March 31, 2026 and 2025, the adjustments related primarily to acquisition-related costs related to our Horizon acquisition.

For the three months ended March 31, 2025, the adjustment related to an intangible asset impairment charge for Otezla®.

For the three months ended March 31, 2026, the adjustment included litigation settlements.

For the three months ended March 31, 2026 and 2025, the adjustments related primarily to our BeOne Medicines Ltd. equity fair value adjustment.

The tax effect of the adjustments between our GAAP and non-GAAP results takes into account the tax treatment and related tax rate(s) that apply to each adjustment in the applicable tax jurisdiction(s). Generally, the tax impact of adjustments, including the amortization and impairments of intangible assets and acquired inventory, gains and losses on our investments in equity securities and expenses related to restructuring and cost-savings initiatives, depends on whether the amounts are deductible in the respective tax jurisdictions and the applicable tax rate(s) in those jurisdictions. Due to these factors, the effective tax rate for the adjustments to our GAAP income before income taxes for the three months ended March 31, 2026, was 15.2% compared to 19.2% for the corresponding period of the prior year.

The adjustments related to certain acquisition-related, prior-period and other items excluded from GAAP earnings.

Amgen Inc.

Reconciliations of Cash Flows (In millions)

(Unaudited)

Three months ended

March 31,

2026

2025

Net cash provided by operating activities

$ 2,189

$ 1,391

Net cash used in investing activities

(716)

(447)

Net cash provided by (used in) financing activities

1,436

(4,107)

Increase (decrease) in cash and cash equivalents

2,909

(3,163)

Cash and cash equivalents at beginning of period

9,129

11,973

Cash and cash equivalents at end of period $ 12,038 $ 8,810

Three months ended

March 31,

2026

2025

Net cash provided by operating activities

$ 2,189

$ 1,391

Capital expenditures

(712)

(411)

Free cash flow

$ 1,477

$ 980

Amgen Inc.

Reconciliation of GAAP EPS Guidance to Non-GAAP EPS Guidance for the Year Ending December 31, 2026 (Unaudited)

GAAP diluted EPS guidance

$ 15.62

$ 17.10

Known adjustments to arrive at non-GAAP*:

Acquisition-related expenses (a)

6.02

6.10

Net losses from equity investments

0.15

Other

(0.17)

Non-GAAP diluted EPS guidance

$ 21.70

$ 23.10

* The known adjustments are presented net of their related tax impact, which amount to approximately $1.09 per share.

(a) The adjustment primarily includes noncash amortization of intangible assets and fair value step-up of inventory acquired in business combinations.

Our GAAP diluted EPS guidance does not include the effect of GAAP adjustments triggered by events that may occur subsequent to this press release such as acquisitions, asset impairments, litigation, changes in fair value of our contingent consideration obligations and changes in fair value of our equity investments.

Reconciliation of GAAP Tax Rate Guidance to Non-GAAP Tax Rate Guidance for the Year Ending December 31, 2026 (Unaudited)

GAAP tax rate guidance

14.5%

16.0%

Tax rate of known adjustments discussed above

0.5%

Non-GAAP tax rate guidance 15.0% - 16.5%

Disclaimer

Amgen Inc. published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2026 at 20:34 UTC.