Amgen's Growth Drivers Fuel 9.53% Revenue Boost
Amgen's Q2 earnings call revealed a strong performance from the company's six growth drivers, which account for approximately 70% of product sales. The growth drivers - Repatha, EVENITY, TEZSPIRE, Rare Disease, Innovative Oncology, and Biosimilars - combined to grow 26% year-over-year in Q2 2026.
The company's revenue hit $10.05 billion, up 9.53% from the same period last year and exceeding analyst estimates by 6.73%. Adjusted earnings per share (EPS) of $6.29 also topped estimates by 11.97%.
However, Amgen's legacy products, Prolia and XGEVA, fell 33% year-over-year due to biosimilar competition. Despite this decline, the growth drivers' strength is expected to continue, with Repatha reaching $953 million in sales, up 37%, and TEZSPIRE growing 42% to $486 million.
CEO Robert Bradway emphasized Amgen's ability to grow through patent expirations and increased competition, framing it as the core of the company's long-term case. The company has raised its full-year revenue guidance to $38.2-$39.4 billion and non-GAAP EPS guidance to $22.30-$23.50.