Amgen reported a strong Q1 2026, driven by growth in key products like Repatha, Evenity, and Tezspire, and raised its full-year 2026 guidance for revenue and EPS. The company is heavily focused on advancing its Maritide obesity program, announcing new Phase III studies for maintenance and switching from weekly GLP-1s, and highlighting other pipeline progress in oncology and rare disease. Management expressed confidence in their AI and data strategy, as well as continued investment in manufacturing. Raised FY2026 revenue guidance to $37.1-38.5B and non-GAAP EPS to $21.70-23.10, reflecting confidence in long-term growth across key drivers.
Amgen reported a strong Q1 2026, driven by growth in key products like Repatha, Evenity, and Tezspire, and raised its full-year 2026 guidance for revenue and EPS. The company is heavily focused on advancing its Maritide obesity program, announcing new Phase III studies for maintenance and switching from weekly GLP-1s, and highlighting other pipeline progress in oncology and rare disease. Management expressed confidence in their AI and data strategy, as well as continued investment in manufacturing. Raised FY2026 revenue guidance to $37.1-38.5B and non-GAAP EPS to $21.70-23.10, reflecting confidence in long-term growth across key drivers.
Amgen reported a strong Q1 2026, driven by growth in key products like Repatha, Evenity, and Tezspire, and raised its full-year 2026 guidance for revenue and EPS. The company is heavily focused on advancing its Maritide obesity program, announcing new Phase III studies for…
Management framed 2026 as a 'springboard year,' cited strong execution in Q1, raised full-year revenue and EPS guidance, and repeatedly expressed confidence in pipeline momentum and growth drivers.
Guidance · revenue to $37.8B
Maritide obesity program expanded with new PhIII studies for switching from weekly GLP-1s and other maintenance dosing, targeting differentiation with every 8- or 12-week dosing.
Management framed AI as a cross-enterprise transformation that is already producing tangible gains: faster antibody lead optimization, improved clinical trial enrollment, and reduced manufacturing line clearance times. Jay Bradner will lead enterprise AI/data efforts, and leadership emphasized early but real momentum embedding AI across R&D and operations.
Repatha momentum is building in primary prevention, especially diabetes. Management framed 2026 as a 'springboard year,' cited strong execution in Q1, raised full-year revenue and EPS guidance, and repeatedly expressed confidence in pipeline momentum and growth drivers.
Management reiterated 2026 capital expenditure guidance of approximately $2.6 billion, with Q1 spend of $700 million. The investment is directed at scaling U.S. manufacturing capacity across Ohio, North Carolina, and Puerto Rico, including readiness for a potential Maritide launch.
Management framed 2026 as a 'springboard year,' cited strong execution in Q1, raised full-year revenue and EPS guidance, and repeatedly expressed confidence in pipeline momentum and growth drivers.
“we are excited to announce two new Phase III studies that focus on longer-term maintenance therapy with Maritide... we announced the initiation of another new Phase III study that will evaluate switching from weekly injectable GLP-1 therap…”
“In AI-enabled automation, it has reduced production line clearance time at one of our manufacturing sites from approximately 30 minutes to about two minutes per batch run.”
“Three-step dose escalation further decreased the rates of nausea and vomiting as compared to prior experience with two-step dose escalation.”
“new-to-brand prescription evolution in the U.S., we were up 44% in the quarter.”
“we are in the kind of the 8,000 to 9,000 patient range of patients moving through the Amgen Now program”
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| Capex | FY2026 | $2.6B | $2.6B | GUIDED |
| EPS | FY2026 | $21.70–$23.10 | $22.40 | RAISED |
| Op margin | FY2026 | 45%–46% | 45.5% | GUIDED |
| Revenue | FY2026 | $37.1B–$38.5B | $37.8B | RAISED |
Repatha new-to-brand prescriptions surged 44% in Q1, driven by recent positive cardiovascular outcomes data in primary prevention, signaling stronger uptake. — Amgen's momentum is a direct challenge to Regeneron's Praluent, suggesting Amgen is winning in the PCSK9 class based on superior outcomes data.
Great. Thanks for the question, guys. Murdo, RAPAPA has been consistently strong, but I want to get some perspectives from you on penetration into primary prevention and where could it go? And as you look to the El Paso data, how do you think primary prevention looks as a key market within the LPLA segment? Thank you.
Thanks for the question, Jeff. We're really excited about what's happening in primary care. As you'll recall, we expanded the promotion and coverage of our primary care sales team at the beginning of last year. We expanded our medical teams in anticipation, of course, of some of the news flow that we've seen, new data from the Vesalius CV trial that we presented last November at the AAG meeting. And then, as Jay mentioned, the subsequent sub-study in diabetes patients without atherosclerosis also showing significant benefit with a 31% reduction in three-point MACE and a 31% reduction in four-point MACE. So, we have a clear opportunity to help these patients who are in the care of the primary care physician. You know, the average... diabetes patient without documented atherosclerosis is someone who's not being referred to a cardiologist. And so since the change in our label, which occurred actually just prior to the Vesalius trial being presented, we've been out there talking to primary care physicians. We've seen really, really good uptake. In the quarter, we had you know, strong overall growth in Repatha globally. But if you look at new-to-brand prescription evolution in the U.S., we were up 44% in the quarter. And that's being driven by increased depth of prescribing by cardiologists and increased breadth of prescribing by primary care physicians. So, very strong foundation. very pleased with the momentum, but we still have a huge opportunity ahead of us in primary prevention promotion of Repatha, the only PCSK9 with that data generation now. So, real opportunity for us. Now, when we look at LP little a, the one thing I will say that helps us is the new treatment guidelines that came out from the AHACC. They have recommended that everyone who is at risk of cardiovascular disease be tested. As you know, this is a genetically determined level, so you really only need to do the test once. It's affordable. It's accessible. And so, that bodes well for having some population of patients who will know their LP little a level. And I do think that primary care physicians will play a significant role in treating those patients in lowering their LP little a levels with hopefully a product like Opacern should the data bear out. Okay, good. Let's move on to the next question.
Amgen's Maritide program is initiating studies to evaluate switching patients from weekly injectables and to assess maintenance dosing, positioning it as a direct competitor to Novo Nordisk and Eli Lilly.
Amgen's 3-step dose escalation for Maritide shows 'further decreased rates of nausea and vomiting,' a key differentiator against weekly GLP-1s.
… of dose escalation for improving initial tolerability with Meritide. We observed marked improvements in GI symptoms progressing from one-step to two-step dose escalation. Our accumulating experience with three-step dose escalation is quite positive. For example, we recently completed one of our standard Phase I physiology studies in preparation for potential regulatory filings that utilized three-step dose escalation. As anticipated, three-step dose escalation further decreased the rates of nausea and vomiting as compared to prior experience with two-step dose escalation. We believe that three-step dose escalation and less frequent dosing are effective and well-tolerated because of the unique antibody backbone of Meritide. The long-lived stability of an antibody creates a gentle and smooth stepwise increase in sustained drug exposure. Stable drug levels Avoid the frequent peaks and troughs of daily orals and weekly injectables that may contribute to intolerability. We remain confident and excited by Meritide and are focused on delivering high-quality clinical data to support future regulatory filings. The studies are enrolling well, indicating strong physician and patient …
Amgen's direct-to-consumer cash-pay channel (Amgen Now) has enrolled only ~8-9k patients for Repatha, suggesting limited impact so far.