Amgen's first quarter 2026 revenue grew 6% as strong performance from key growth products offset biosimilar pressures.

Amgen reported first quarter 2026 revenues of $8.6 billion, a 6% year-over-year increase, and non-GAAP EPS of $5.15, up 5% from the prior year. The results were driven by strong volume growth across its portfolio, which was partially offset by lower net selling prices and declines in legacy products facing new competition.

Key Highlights

• Product sales increased 4% year-over-year, driven by a 9% increase in volume that was partially offset by a 2% decline in net selling price and a 2% headwind from lower inventory levels.
• Legacy products faced significant headwinds, with Prolia sales declining 34% to $727 million and Enbrel sales falling 37% to $320 million, impacted by biosimilar competition and Inflation Reduction Act pricing provisions.
• Growth was led by strong performance in several key products, including Repatha (up 34% to $876 million), TEPEZZA (up 29% to $490 million), and UPLIZNA (up 188% to $262 million).
• The FDA proposed to withdraw approval for TAVNEOS, which generated $119 million in the quarter, citing a lack of substantial evidence of effectiveness.