Amgen reported second quarter 2026 total revenues of $10.1 billion, a 10% year-over-year increase, with non-GAAP earnings per share rising 4% to $6.29. The results were driven by a 9% increase in product sales from strong volume growth across its portfolio, which more than offset expected declines from biosimilar competition for some of its established drugs.
Key Highlights
- Product sales grew 9% year-over-year, led by strong volume growth with 22 products delivering double-digit sales growth.
- Key cardiovascular drug Repatha saw sales surge 37% year-over-year to $953 million, significantly exceeding expectations.
- The growth in key products helped offset sharp declines in drugs facing biosimilar competition, including Prolia (down 32% to $759 million) and XGEVA (down 34% to $352 million).
- The company generated $3.5 billion in free cash flow during the quarter, an 84% increase from $1.9 billion in the prior-year period.