Amgen (AMGN) investor relations material

Executive summary

• Total revenues for Q1 2026 were $8.62 billion, up 6% year-over-year, driven by 4% growth in product sales and a 45% increase in other revenues, with net income rising 5% to $1.82 billion and diluted EPS up 4% to $3.34.

• Six key growth drivers generated 70% of sales and grew 24% year-over-year, offsetting legacy product declines; sixteen brands achieved double-digit sales growth, and seventeen products are annualizing at over $1 billion in sales.

• Maintained strong commercial momentum and advanced multiple late-stage clinical programs, including new Phase 3 studies for MariTide and other pipeline assets.

• AI and data science are increasingly embedded across R&D and operations, delivering measurable productivity gains.

Financial highlights

• Product sales reached $8.22 billion, up 4% year-over-year; total revenue was $8.6B (+6% YoY); 16 products achieved double-digit growth and 17 products annualized at $1B+ sales.

• Non-GAAP operating margin was 45.3%; non-GAAP R&D spending increased 16% year-over-year to $1.7B, reflecting pipeline investment.

• Free cash flow reached $1.5B; capital expenditures were $700M in Q1, with $2.6B expected for 2026.

• Dividend per share increased 6% year-over-year to $2.52.

• Cash and cash equivalents were $12.0B as of March 31, 2026; debt outstanding at $57.3B.

Outlook and guidance

• 2026 revenue guidance raised to $37.1B–$38.5B; non-GAAP EPS guidance increased to $21.70–$23.10.

• Full-year non-GAAP operating margin expected at 45%–46%; non-GAAP tax rate forecasted at 15.0%–16.5%.

• Capital expenditures for 2026 projected at $2.6B, focused on scaling manufacturing for MariTide launch.

• Share repurchases not to exceed $3B; no share repurchases in Q1 2026.

• GAAP EPS guidance is $15.62–$17.10.