실적분석 2026년 8월 4일

Amgen ($AMGN) Q2 2026 Earnings Analysis — Adjusted EPS and Revenue Both Beat Estimates, Modest After-Hours Gain

Earnings Scorecard

Revenue: $10.054 billion (+10% YoY, vs. $9.427 billion expected) ✅ Beat

EPS: Adjusted $6.29 (+4% vs. $6.02 YoY, vs. $5.62 expected) ✅ Beat · GAAP diluted $4.37

Guidance: Newly issued — FY2026 revenue $38.2B–$39.4B, adjusted EPS $22.30–$23.50

Stock reaction: After-hours +0.47% ($391.84) — as of 08-05 05:59 KST

Positives

Adjusted earnings and revenue both beat: Adjusted EPS $6.29 and revenue $10.054 billion exceeded consensus

Six growth drivers leading the way: Six core growth products posted +26% sales, accounting for about 70% of product revenue

Expanding cash generation: Q2 free cash flow of $3.5 billion (vs. $1.9 billion YoY)

Amgen is a biopharmaceutical company selling therapeutics for oncology, cardiovascular disease, inflammation, and rare diseases. Q2 2026 total revenue was $10.054 billion, up 10% from $9.179 billion a year earlier, with product sales of $9.537 billion (+9%). The result comfortably beat the analyst revenue estimate of $9.427 billion.

Adjusted EPS came in at $6.29, beating the $5.62 consensus by roughly $0.67. GAAP diluted EPS was $4.37 (vs. $2.65 a year earlier, +65%), and net income (total, equivalent to net income attributable to common stockholders) was $2.375 billion. Growth products lifted the quarter, including Repatha ($953 million, +37%), Evenity ($714 million, +38%), Uplizna ($335 million, +90%), Tezspire ($486 million, +42%), and Imdelltra ($288 million, +115%). Twenty-two products posted double-digit growth, and 17 products have reached annualized sales of $1 billion or more on a quarterly basis.

Negatives

Sharp decline in bone and bone-metastasis products: Prolia -32%, Xgeva -34% (biosimilar launches)

Pricing pressure on inflammation products: Otezla -21%, Enbrel -4% (Medicare pricing caps, etc.)

Slight decline in adjusted operating margin: 48.4% of product sales, down 0.5 percentage points YoY

Prolia fell 32% YoY to $759 million, hit by a combination of 20% lower volume and a 12% decline in net selling price. Xgeva also dropped 34% to $352 million. Global biosimilar launches are the cause, and additional launches are on the horizon, meaning the drag could persist.

Otezla fell 21% on combined declines in net selling price and volume, while Enbrel saw net selling price drop 22% due to the U.S. Medicare Part D pricing rule (effective January 2026) and a larger share going through the 340B program. Adjusted operating expenses rose 11% (driven by expanded late-stage R&D spending on MariTide, etc.), and adjusted operating margin edged down. Tavneos remains a regulatory risk, with hearing proceedings underway regarding the U.S. FDA's request for a voluntary market withdrawal.

What Management Said

Management cited strong performance across the business, the role of the six growth products, label-expansion efforts for existing drugs, and progress of the Phase 3 pipeline as reasons it is confident in sustaining growth for the next decade or longer. For full-year 2026, the company guided to revenue of $38.2B–$39.4B, adjusted EPS of $22.30–$23.50, and GAAP EPS of $15.80–$17.08. The press release did not specify whether these represent an increase or a reiteration versus the prior outlook, so they should be read as newly disclosed figures. Obesity candidate MariTide has multiple Phase 3 trials underway across weight management, cardiovascular outcomes, heart failure, and sleep apnea, and was cited as one of the drivers of higher R&D spending.

Market Reaction and What to Watch Next

After the print, the stock saw only a modest gain in after-hours trading. Adjusted earnings and revenue topped forecasts and growth products carried a heavy weighting, but the Prolia and Xgeva biosimilar hit, Enbrel pricing pressure, and rising R&D spending were all highlighted at the same time — a combination consistent with expectations already being priced in, or positives and negatives canceling each other out. With the regular-session close having already moved up from the prior day before the release, additional after-hours reaction may have been limited.

Watch whether the pace of decline in Prolia and Xgeva sales moderates, and how further biosimilar launch timelines flow into the numbers.

MariTide Phase 3 progress and visibility into the obesity and metabolic pipeline are the key variables for medium- to long-term valuation.

Track progress against the full-year revenue and adjusted EPS guidance — specifically the H1 run rate and H2 contribution from growth products.