Amgen Q2 FY2026: revenue up 10% to $10.05 billion, EPS tops estimates
Amgen beat on profit and lifted its full-year revenue outlook: second-quarter revenue rose 10.0% to $10.05 billion and net income hit $2.38 billion. The bullish read is that six growth drivers now carry the portfolio, offsetting steep declines in older drugs. Read the scorecard below as a test of quality: growth is real, but a chunk of the profit jump comes from lower amortization, not operations.
1 · Expected vs. Actual
Free preview belowGAAP EPS of $4.37 rose 65.0% from $2.65, while non-GAAP EPS of $6.29 rose only 4.0% from $6.02. The gap matters: the GAAP jump leans on a $937 million drop in acquisition-related cost of sales, so the cleaner read is a modest non-GAAP gain. Against a $5.73 consensus, non-GAAP EPS beat by $0.56.
Total revenue of $10.05 billion rose 10.0% from $9.18 billion a year earlier, and product sales of $9.54 billion rose 9.0%. Gross margin jumped to 72.0% from 67.2%, but the press release attributes the cost-of-sales improvement mainly to lower amortization of acquisition-related assets rather than pricing power. Volume, not price, is doing the work here.
Full-year 2026 revenue guidance is $38.2 billion to $39.4 billion, with the $38.8 billion midpoint up from the $37.8 billion midpoint given at Q1. GAAP EPS guidance is $15.80 to $17.08 and non-GAAP is $22.30 to $23.50; the wide spread between them is mostly acquisition-related amortization. Capital spending is guided to about $2.6 billion and share repurchases to no more than $3.0 billion.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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