A.

Amgen Inc.

Q2 FY26Biotechnology

Amgen Inc. Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹336

Market cap₹1.8L Cr

P/E23.4

Updated29 May 2026

Read4 min read

What the Q2 FY26 call signalled

1 of 3 strong

RevenueModerate growth

MarginMargins steady

CapexCapex planned

The short version

- Amgen expects 2026 to be a "springboard year" for future growth, with rapidly growing products offsetting patent expirations and competition. - Amgen expects 2026 to be a "springboard year" for future growth, driven by rapidly growing products offsetting patent expirations and competition.

From Amgen Inc.'s Q2 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Moderate growth

Amgen expects 2026 to be a "springboard year" for future growth, with rapidly growing products offsetting patent expirations and competition.
Guidance for 2026 revenue raised to $37.1 billion to $38.5 billion.
Non-GAAP earnings per share guidance raised to $21.70 to $23.10.
Six key growth drivers (including Repatha, EVENITY, TEZSPIRE, rare disease, innovative oncology, biosimilars) generated 70% of sales and grew 24% year-over-year.
Biosimilars have generated more than $14 billion cumulatively since 2018, contributing meaningful growth and expanding patient access.
Continued investment in pipeline, particularly MariTide, IMDELLTRA, and Olpasiran, with increased R&D spending by 16% year-over-year.

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Profitability & Margins

Amgen expects 2026 to be a "springboard year" for future growth, driven by rapidly growing products offsetting patent expirations and competition.
Raised 2026 guidance ranges for revenue ($37.1B to $38.5B) and non-GAAP earnings per share (EPS) between $21.70 and $23.10.
Non-GAAP operating margin for 2026 is expected to be roughly 45% to 46% of product sales, consistent with Q1 performance.
Non-GAAP operating income and expenses projected at $2.2B to $2.3B for 2026.
Non-GAAP tax rate expected in the range of 15.0% to 16.5%.

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Capital Expenditure Plans

Capex planned

Amgen invested $700 million in capital expenditures in Q1 2026, focused on U.S. manufacturing sites in Ohio, North Carolina, and Puerto Rico.
Full-year 2026 capital expenditures are expected to be approximately $2.6 billion.
These investments aim to scale manufacturing capacity to support volume growth, including for the upcoming launch of MariTide.
The company continues to invest significantly in advancing its late-stage pipeline, including MariTide, IMDELLTRA, and Olpasiran.

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Fundraising & Capital Structure

The call does not mention any current or planned new fundraising through debt or equity.
In Q1, Amgen incurred $480 million of non-GAAP OI&E expenses, including a $90 million gain from retiring debt via open market repurchases, indicating some debt reduction activity.
The company expects share repurchases not to exceed $3 billion in 2026, showing capital return to shareholders rather than equity issuance.

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Order Book & Pipeline

The provided document does not contain specific information on current or expected orderbook or pending orders for Amgen. The focus is primarily on: - Clinical trial updates (e.g., MariTide studies, IMDELLTRA trials) - Financial performance and guidance for 2026 - Product launches and market adoption (MariTide, IMDELLTRA, Repatha, EVENITY) - AI integration and manufacturing improvements

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Frequently Asked Questions

What were Amgen Inc. Q2 FY26 results?

- Amgen expects 2026 to be a "springboard year" for future growth, with rapidly growing products offsetting patent expirations and competition. - Amgen expects 2026 to be a "springboard year" for future growth, driven by rapidly growing products offsetting patent expirations and competition.

What is Amgen Inc. share price analysis?

Amgen Inc. currently shows a below-average growth signal. The stock trades at a P/E of 23.4 with a market cap of $181,601. Investors should review the full earnings analysis for detailed insights.

Is Amgen Inc. planning capital expenditure?

- Amgen invested $700 million in capital expenditures in Q1 2026, focused on U.S.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.