AMGEN INC Earnings Summary — Q1 2026

• Revenue reached $8.6B for Q1 2026, a 5.75% increase year-over-year, supported by Horizon integration.
• Net income improved to $1.8B, bouncing back from a volatile 2024-2025 period involving heavy M&A amortization.
• Operating income of $2.67B demonstrates improved operational discipline following the Horizon acquisition.
• R&D investment remains high at $1.72B (20% of revenue) as the company focuses on the MariTide obesity pipeline.
• Interest expenses remain a significant headwind at $657M per quarter due to high leverage from recent acquisitions.
• Gross margins remained steady near 68%, slightly compressed compared to historical peaks above 75%.
• Diluted EPS improved to $3.37 for the quarter, reflecting a stabilization in share count and earnings power.

Management is focused on navigating the Inflation Reduction Act's impact on drug pricing while prioritizing the development of high-growth assets in oncology and rare diseases.

Improving

The company shows clear signs of stabilizing its margin profile and net income growth after a period of intense acquisition-related volatility.

Amgen is expected to maintain its trajectory of 10-year revenue CAGR around 3.8%, bolstered by the ramp-up of TEPEZZA and Repatha and a robust clinical pipeline in the obesity market.