Pipeline and AI Advance: Diversified Growth Offsets Legacy Erosion (AMGN Q1 2026 Earnings Call)
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Amgen Inc. is successfully navigating a period of legacy patent expirations by accelerating its next-generation clinical pipeline and integrating artificial intelligence across its commercial and research platforms. Robert Bradway stated that the company remains on track to deliver attractive performance while positioning the business for sustained long-term growth. To support this trajectory, the company is accelerating late-stage pipeline programs and embedding artificial intelligence to drive enterprise efficiency.
Diversified Portfolio Growth Counterbalances Biosimilar Revenue Erosion
Amgen expanded its first-quarter product sales by 4% year-over-year through robust adoption of newer therapies. This expansion successfully countered legacy brand declines, which were highlighted by a 32% year-over-year drop in combined Prolia and XGEVA sales. These legacy bone-treatment products delivered $1.1 billion in consolidated first-quarter revenue as biosimilar competition intensified.
Raised Full-Year Financial Guidance Reflects Rising Commercial Momentum
Based on strong first-quarter performance, Amgen raised its full-year 2026 total revenue guidance to a range between $37.1 billion and $38.5 billion. The company also increased its projected non-GAAP earnings per share floor to $21.70 to reflect pipeline confidence.
The company adjusted its non-GAAP earnings per share ceiling to $23.10 for the full year. To support this growth, Amgen plans to maintain its full-year non-GAAP operating margin at roughly 45% to 46% of product sales. Peter Griffith stated that technology and artificial intelligence are increasingly important tools to operate with greater speed, productivity, and scale.
General Medicine and Oncology Franchises Drive Product Revenue Acceleration
In general medicine, Repatha sales grew by 34% year-over-year to reach $876 million. Growth was propelled by updated clinical guidelines that encourage intensive lowering of cholesterol levels. In the bone builder segment, EVENITY sales rose to $562 million due to strong clinical adoption in key markets.
Amgen's rare disease portfolio generated $1.2 billion in sales, representing a 25% year-over-year increase. In oncology, IMDELLTRA delivered $258 million in sales, quickly establishing itself as a standard of care for extensive-stage small cell lung cancer.
Phase III Trial Designs Target Reduced Treatment Burden
During the Q&A session, analyst Yaron Werber from TD Cowen asked about the design of the MariTide SWITCH study. James Bradner explained that the trial will enroll 300 subjects with obesity or overweight to evaluate switching patients from weekly options to MariTide on an every 8-week or quarterly schedule.
In response to Michael Yee from UBS, James Bradner clarified that elevations in lipoprotein(a) are genetically defined, which reinforces the need for targeted therapies.