Amgen Beats Q2 Estimates on Strong Drug Sales, Raises Full-Year Outlook

Amgen Inc. (AMGN) reported second-quarter revenue and profit that significantly surpassed Wall Street expectations, propelled by robust sales from its portfolio of growth-driver medications. Following the strong performance, the company raised its financial outlook for the full year.

Second-Quarter Financials in Detail

The California-based biotechnology firm announced quarterly revenue of $10.1 billion, a 10% increase from the same period a year earlier. This figure handily beat the average analyst estimate of $9.42 billion, according to LSEG data.

On the bottom line, Amgen's adjusted earnings rose 4% year-over-year to $6.29 per share, well above the Wall Street consensus of $5.62 per share. The company's net earnings per share saw a substantial increase of 65% to $4.37.

Key Growth Drivers Propel Sales

The strong results were driven by what CEO Robert Bradway described as "six key growth drivers," which collectively grew 26% year-over-year and accounted for nearly 70% of second-quarter product sales. These include cholesterol treatment Repatha, osteoporosis drug Evenity, and medications for rare diseases.

Key product sales highlights include:

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• Repatha: Sales jumped 37% to $953 million, exceeding analyst forecasts of $916 million.
• Evenity: Sales climbed 38% to $714 million, also ahead of the $645 million consensus estimate.
• Prolia: In contrast, sales of the older bone drug fell 32% to $759 million due to increased competition from patent expirations, though this figure still topped estimates of $720 million.

Updated Outlook and Pipeline News

Buoyed by the strong quarter, Amgen raised its full-year 2026 forecast. The company now projects:

• Adjusted Earnings: $22.30 to $23.50 per share, up from a previous range of $21.70 to $23.10.
• Revenue: $38.2 billion to $39.4 billion, increased from a prior forecast of $37.1 billion to $38.5 billion.

Amgen also provided an update on its closely watched obesity drug pipeline, stating it has discontinued development of an early-stage candidate, AMG 513. The company continues to advance its main experimental weight-loss treatment, MariTide, with initial results from Phase 3 trials not expected until next year.