Amgen Crushes Q2 Earnings Expectations with Double-Digit Growth Across Key Medicines

Amgen Inc (NASDAQ: AMGN) reported strong second-quarter results, with revenue exceeding $10 billion, up 10% year over year. The growth was led by Repatha, EVENITY, TEZSPIRE, rare-disease medicines, oncology products, and biosimilars.

The company is advancing major pipeline programs, including MariTide for obesity, olpasiran for cardiovascular disease, and earlier-line applications of IMDELLTRA in small-cell lung cancer. Amgen is also increasing manufacturing and clinical-investment spending to support potential future launches.

Bone-health products Prolia and XGEVA faced a 33% sales decline to $1.1 billion due to biosimilar competition, but Amgen generated $3.5 billion in free cash flow, raised its quarterly dividend 6% to $2.52 per share, and expects 2026 revenue of $38.2 billion to $39.4 billion.

Chief Executive Officer Bob Bradway said 22 products posted double-digit sales growth during the quarter, while 17 products generated annualized sales of more than $1 billion based on second-quarter performance. Amgen's six identified growth drivers increased at a combined 26% year over year and represented nearly 70% of product sales.