Amgen reported stronger-than-anticipated results for the second quarter, as sales and adjusted earnings rose year over year on demand for several of its newer therapies and continued uptake of treatments for rare conditions. The California-based biotech also adjusted its outlook for the full year after publishing the quarterly results.
On a reported basis, second-quarter revenue climbed 10% from the prior year to $10.1 billion, topping the average Wall Street estimate of $9.42 billion. The company's adjusted earnings per share for the quarter increased 4% to $6.29, comfortably ahead of analysts' consensus of $5.62, according to LSEG data. Net earnings per share rose 65% to $4.37.
Following the quarter, Amgen lifted its full-year guidance for adjusted earnings to a range of $22.30 to $23.50 per share, with revenue expected between $38.2 billion and $39.4 billion. Those targets were revised up from an earlier outlook that had anticipated 2026 adjusted earnings of $21.70 to $23.10 per share and revenue of $37.1 billion to $38.5 billion.
Growth drivers and product performance
Company leadership pointed to a group of six core growth drivers that showed strong momentum in the quarter. Those products collectively expanded 26% year over year and accounted for nearly 70% of Amgen's product sales for the period, the company said. The growth portfolio includes:
- Repatha, a PCSK9 cholesterol-lowering injectable;
- Evenity, for osteoporosis;
- Tezpire, an asthma treatment;
- Various rare-disease therapies;
- New oncology treatments; and
- Biosimilars.
Repatha sales rose 37% to $953 million in the quarter, exceeding analysts' expectations of $916 million. The drug, available as a monthly or twice-monthly injection, is now facing competition from a daily oral cholesterol medicine introduced by another company.
Evenity also posted strong growth, with sales increasing 38% to $714 million, ahead of the $645 million figure analysts had projected. Meanwhile, sales of the older osteoporosis treatment Prolia declined 32% to $759 million as patent expirations opened the field to increased competition. Even so, Prolia's quarterly revenue topped the $720 million analysts had expected.
Among Amgen's rare-disease portfolio, Uplizna's sales rose 90% from the prior year to $335 million, and Tavneos returned $150 million in sales, up 36% year over year. However, Tavneos has come under regulatory scrutiny in the United States and Europe; the U.S. Food and Drug Administration proposed withdrawing approval in April, citing questions about demonstrated effectiveness and concerns over the integrity of trial data. Europe's regulator has also recommended revoking Tavneos' marketing authorization.
Amgen said it is actively engaging with the FDA on Tavneos, has formally requested a hearing, and submitted material it believes supports a favorable benefit-risk assessment for the drug.
Pipeline and program updates
The company continues to advance MariTide, an investigational weight-loss therapy administered by injection as infrequently as four times per year. Initial readouts from the broad Phase 3 MariTide program are not expected until next year. Separately, Amgen confirmed it has discontinued development of AMG 513, a different obesity candidate that had been in early-stage clinical testing.
Management commentary
Amgen executives described the results as evidence of sustained momentum across the company's strategic growth areas. Company representatives emphasized that expanding patient access combined with lower unit prices is supporting volume increases, a dynamic they expect to persist over the longer term.
What this means
The quarter highlighted the contribution of newer branded therapies and the continued importance of the rare-disease franchise to Amgen's top-line growth. At the same time, regulatory actions affecting specific products create near-term uncertainty for portions of the portfolio.