Amgen Surpasses Q2 Expectations on Broad-Based Portfolio Strength
Amgen's Q2 earnings report beat market expectations, driven by broad-based portfolio momentum. The company reported revenue of $10.05 billion, a 9.5% year-over-year growth and a 6.9% beat on analyst estimates. Adjusted EPS came in at $6.29 per share, a 12% beat on consensus estimates.
Management attributed the strong performance to double-digit growth in key products like Repatha, EVENITY, and TEZSPIRE, which collectively grew 26% year-over-year and now represent nearly 70% of product sales. The company's six primary growth engines, including Rare Disease, Innovative Oncology, and Biosimilars, also contributed to the results.
Looking ahead, Amgen's updated guidance is based on continued investment in its late-stage pipeline and anticipated additional indications for existing products. Management highlighted the potential of upcoming data readouts for MariTide, Olpasiran, and Xaluritamig to drive future growth, while also acknowledging increased R&D spending and planned manufacturing expansion.