Q1 2026 Amgen Inc Earnings Call Transcript
Key Points
- Amgen Inc (AMGN) reported strong first-quarter performance with a 4% growth in product sales, driven by a diversified portfolio of fast-growing products.
- The company's six key growth drivers, including Repatha, Evenity, and Tezspire, delivered 24% year-over-year sales growth, generating $5.6 billion in sales.
- Amgen Inc (AMGN) is making significant progress in its R&D pipeline, with a focus on disciplined data generation and execution across important Phase 3 programs.
- The company is confident in Maritide as a differentiated treatment for obesity, type 2 diabetes, and obesity-related conditions, with ongoing Phase III studies evaluating less frequent dosing schedules.
- Amgen Inc (AMGN) is leveraging artificial intelligence and data science to enhance productivity and accelerate drug discovery and development processes.
- Amgen Inc (AMGN) faces challenges from patent expirations and increased competition, which are impacting sales of some legacy products.
- The company anticipates accelerated sales erosion for Prolia and Xgeva due to increased competition from multiple biosimilars.
- Amgen Inc (AMGN) is dealing with ongoing tax litigation with the IRS, which could have a material impact on its financial statements if adjustments are sustained.
- The company's non-GAAP cost of sales as a percentage of product sales was 19.5%, driven by higher profit share and royalty expenses and changes in sales mix.
- Enrollment in some clinical trials, such as the subcutaneous administration of Blinatumomab, has been paused due to observed inflammatory reactions, requiring further data collection and dialogue with the FDA.
Thank you, Julianne.
Good afternoon, everyone, and welcome to our first quarter of 2026 earnings call.
Bob Bradway will lead the call today and be followed by a broader review of our performance by Myrto Gordon, Jay Bradner, and Peter Griffith.
Through the course of our discussion today, we will use non-GAAP financial measures to describe our performance and have provided appropriate reconciliations within the materials that accompany this call.
We will also make some forward-looking statements, which are qualified by our safe harbor statement.
And please note that actual results can vary materially.
Over to you, Bob.
Okay. Good afternoon, and thank you for joining us.
We had a strong first quarter and are well positioned to achieve our objectives for the year.
Recall, we previously described 2026 as a springboard year for Amgen. A
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