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AMGN · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue rose 9.5% to $10.1B and net income 65.9% to $2.4B — but the profit jump is mostly the fading of acquisition accounting: inventory step-up amortisation from the Horizon deal fell from $339M to $60M, so cost of sales dropped 6.6% while sales grew. Underneath, the launch drugs are outrunning the biosimilar losses.
Net Income
$2,375M
up 65.9% y/y
Total Revenues
$10,054M
up 9.5% y/y
Operating Income
$3,514M
up 32.3% y/y
Gross Profit
$7,243M
up 17.4% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Repatha | $953 · +36.9% |
| Prolia | $759 · −32.4% · biosimilar pressure |
| EVENITY | $714 · +37.8% |
| ENBREL | $580 · −4.0% |
| TEPEZZA | $576 · +14.1% |
| Other products & revenues | $6,472 · +12.9% |
| Total Revenues | $10,054 · +9.5% |
| Gross Profit ≈ | $7,243 · +17.4% · 72.0% margin, was 67.2% |
| Cost of Sales | $2,811 · −6.6% · incl. $60M inventory step-up* |
| Operating Income | $3,514 · +32.3% · 35.0% margin |
| R&D | $1,868 · +7.1% |
| SG&A | $1,745 · +3.2% |
| Other Operating | $116 · vs $77 · litigation and settlements |
| Pretax Income | $2,768 · +76.5% |
| Interest Expense, net | $673 · −3.0% · Horizon debt |
| Other Expense, net | $73 · was $394 |
| Net Income | $2,375 · +65.9% · $4.37 diluted EPS |
| Income Tax | $393 · vs $136 · 14.2% rate, was 8.7% |
Verdict: revenue rose 9.5% to $10.1B and net income 65.9% to $2.4B — but the profit jump is mostly the fading of acquisition accounting: inventory step-up amortisation from the Horizon deal fell from $339M to $60M, so cost of sales dropped 6.6% while sales grew. Underneath, the launch drugs are outrunning the biosimilar losses.
Diluted EPS $4.37 vs $2.65. Interest expense, net $673M — the Horizon debt still costs a fifth of operating income. Amgen reports a single segment (human therapeutics), so the split below is by product, not by division.
Source and notation
* marks non-cash / ≈ estimated. Source: Amgen 10-Q for the quarter ended June 30, 2026 (SEC EDGAR).
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Chart: “AMGN Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/amgn/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/amgn/q2-2026"><img src="https://whoreportstoday.com/t/amgn/q2-2026/sankey.png" alt="AMGN Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/amgn/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/amgn/q2-2026">AMGN Q2 2026 earnings chart (Who Reports Today)</a>
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- Biosimilars are eating the denosumab franchise: Prolia fell 32.4% to $759M and XGEVA 33.8% to $352M — together about $560M of lost quarterly sales versus a year ago.
- The replacements are arriving faster: Repatha $953M (+36.9%), EVENITY $714M (+37.8%), TEZSPIRE $486M (+42.1%), UPLIZNA $335M (+90.3%) and IMDELLTRA $288M (more than doubled).
- Cost of sales fell 6.6% even as product sales rose 8.7%, lifting gross margin to 72.0% from 67.2%. The main reason is technical: amortisation of the fair-value step-up on inventory acquired with Horizon dropped from $339M to $60M.
- R&D grew 7.1% to $1,868M and SG&A only 3.2% — operating expenses as a whole were flat, so all of the revenue growth fell through to operating income (+32.3%).
- Pre-tax income grew 76.5%, faster than operating income, because "other expense, net" narrowed from $394M to $73M — last year's quarter carried larger negative fair-value marks on equity securities.
- The effective tax rate rose to 14.2% from 8.7%, which is why net income (+65.9%) grew slower than pre-tax income. Amgen's rate stays far below statutory thanks to Puerto Rico and other low-tax manufacturing.
- "Other" operating expense of $116M covers litigation costs and settlements; a year ago the six-month figure included $907M of intangible impairments, which is why first-half comparisons look far better than quarterly ones.
- Roughly a quarter of product sales are outside the U.S. ($2,547M of $9,537M), most of it Europe.
What distorts the picture in this report and what to watch beyond the headlines.
AMGN — Amgen discovers, develops, and delivers innovative human therapeutics, primarily in oncology, cardiovascular, and inflammation.
The company is based in Thousand Oaks, California.
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