Amgen’s Q2 Earnings Call Revealed a Six-Drug Bet Worth 70% of Sales. Here’s What Investors Need to Know

Key Takeaways for Amgen Stock as of August 2026

• Broad-Based Beat: Amgen’s Q2 2026 revenue hit $10.05B, up 9.53% YoY and 6.73% above the $9.42B street estimate, while adjusted EPS of $6.29 topped estimates by 11.97%.
• Guidance Raised: Management lifted full-year 2026 revenue guidance to $38.2B-$39.4B and non-GAAP EPS guidance to $22.30-$23.50, both above prior ranges.
• Growth Drivers Surge: Amgen’s six named growth drivers, Repatha, EVENITY, TEZSPIRE, Rare Disease, Innovative Oncology and Biosimilars, grew 26% YoY combined and now make up ~70% of product sales, even as Prolia and XGEVA fell 33% YoY on biosimilar competition.
• CEO on Durability: CEO Robert Bradway told investors the quarter “demonstrate[s] our ability to grow through patent expirations and increased competition,” framing the offsetting dynamic between legacy erosion and new-driver strength as the core of the long-term case.

Amgen stock just posted a quarter where every reported line beat the street, but the real fight is between $1.1B of eroding legacy revenue and $2.7B of accelerating growth-driver revenue. See how that math plays out in Amgen’s full financials on TIKR for free →

Amgen’s Six Growth Engines Are Outrunning Prolia’s Biosimilar Bleed

Amgen (AMGN) closed the books on a second quarter that beat the street on every reported metric, with revenue of $10.05 billion topping the $9.42 billion estimate by 6.73% and climbing 16.66% sequentially from the first quarter. Adjusted EPS of $6.29 cleared the $5.62 estimate by 11.97%, and GAAP EPS of $4.37 beat by 17.03%, up 64.91% from the $2.65 posted a year earlier. This wasn’t a single product carrying the print. Twenty-two products delivered double-digit sales growth in the quarter, and 17 now annualize above $1 billion in sales.

The engine behind that spread is Amgen’s six named growth drivers: Repatha, EVENITY, TEZSPIRE, Rare Disease, Innovative Oncology and Biosimilars. Combined, they grew 26% year over year and now account for roughly 70% of product sales. Repatha alone reached $953 million, up 37%, with new-to-brand prescriptions climbing more than 50% as primary care physicians increasingly prescribe it for high-risk diabetes patients. TEZSPIRE grew 42% to $486 million, and UPLIZNA, Amgen’s CD19-targeted rare disease drug, jumped 90% to $335 million. IMDELLTRA, the lung cancer T-cell engager, more than doubled, up 115% to $288 million.

That strength is covering for real erosion elsewhere. Prolia and XGEVA combined fell 33% year over year to $1.1 billion as biosimilar competitors continued launching against both drugs, exactly the dynamic CEO Robert Bradway addressed directly on the Q2 earnings call: “Our strong results were driven by the breadth and depth of our portfolio and once again demonstrate our ability to grow through patent expirations and increased competition.” EBIT margin of 45.87% beat estimates by 182 basis points even as it slipped 90 basis points year over year, reflecting that mix shift toward newer, still-scaling drugs.

Management backed the quarter with a raised guide, lifting full-year revenue to a range of $38.2 billion to $39.4 billion and non-GAAP EPS to $22.30-$23.50. Free cash flow reached $3.5 billion in the quarter, and the company held its non-GAAP operating margin target at 45-46% of product sales for the year, even while flagging a $100 million upfront business development payment that will pressure third-quarter R&D spend.

That same growth-driver base is what’s funding MariTide’s push toward a 2027 launch, and a 300-patient switch study now underway is the data point behind Amgen stock’s climb back from a 17% drawdown.

Repatha, TEZSPIRE and UPLIZNA are outrunning a 33% Prolia decline. Track Amgen’s segment trends on TIKR for free →

TIKR Values Amgen Stock at $470, Pricing In Modest Upside Through 2030

TIKR’s mid-case model values Amgen at $470 by the end of 2030, implying a 21% total return from the current price of $390, or 4% annualized over the next 4.4 years.

That annualized return sits well below what a growth-driver mix expanding 26% a year might suggest, pointing to a stock whose current price already carries a premium for that strength. The model’s mid case assumes Amgen’s revenue growth settles into the 3% range over the next decade, a marked deceleration from the double-digit pace of the current quarter, and that net income margin holds near 35%.

That assumption leans directly on the earnings section’s central tension: Repatha, TEZSPIRE and UPLIZNA have to keep compounding at their current rates long enough to fully offset the Prolia and XGEVA decline before the growth-driver cohort’s momentum can show up in a re-rated multiple.

TIKR’s $470 target implies 21% upside, well below this quarter’s 26% growth-driver pace. Compare the assumptions on TIKR for free →

Should You Invest in Amgen Inc.?

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Pull up Amgen Inc. stock and you’ll see years of historical financials, what Wall Street analysts expect for revenue and earnings in the quarters ahead, how valuation multiples have moved over time, and whether price targets are trending up or down.

You can build a free watchlist to track Amgen Inc. alongside every other stock on your radar. No credit card required. Just the data you need to decide for yourself.

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Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!