Amgen reported a modest improvement in first-quarter results, driven by stronger demand for its cholesterol and rare disease treatments even as some legacy products faced pressure from competition. Adjusted earnings per share rose 5% to $5.15, exceeding the LSEG analyst consensus of $4.76. Quarterly revenue was $8.6 billion, a 6% increase from the year-ago period and in line with the average Wall Street estimate.
Product-level performance showed mixed trends. Overall product sales increased 4% in the quarter. Volume growth contributed significantly, with product sales up 9% by volume, while net prices and inventory levels each declined by 2% - factors that together yielded the reported 4% quarter-over-quarter sales advance.
Certain franchises stood out. Sales of the cholesterol therapy Repatha climbed 34% to $876 million, outpacing the average analyst forecast of $835 million. Amgen also saw a notable rise in sales for its autoimmune-targeted medicine Tavneos, which increased 32% to $114 million in the quarter.
At the same time, demand for Amgen’s osteoporosis treatment Prolia softened substantially, with sales falling 34% to $727 million. That result missed analyst estimates of $831 million and reflected intensifying competition following patent expirations.
Regulatory and safety update
Earlier this week, the U.S. Food and Drug Administration proposed withdrawing approval of Tavneos, citing a lack of proven effectiveness and concerns about false statements in the original application. In response, Amgen said it is engaging with the agency and has submitted a label amendment intended to provide additional information on liver toxicity associated with the drug.
Pipeline developments
On the investigational front, Amgen said it is pressing forward with a broad development program for its experimental GLP-1 candidate MariTide, evaluating the drug across obesity and related conditions, including studies focused on heart disease and sleep apnea. The company plans to initiate three Phase 3 studies of an injected formulation of MariTide in patients with diabetes later this year.
Guidance
For full-year 2026, Amgen modestly raised its adjusted earnings-per-share outlook to a range of $21.70 to $23.10, up from a prior forecast of $21.60 to $23.00. The company also nudged its revenue guidance higher to $37.1 billion to $38.5 billion, from a previous range of $37 billion to $38.4 billion.
Implications
The quarter underlines a transition in Amgen’s revenue base, with growth concentrated in newer or growth-stage medicines while older biologic franchises face pricing and competitive pressures. Regulatory actions affecting Tavneos and the progression of MariTide’s Phase 3 program are likely to be focal points for investors and industry watchers in the near term.