Amgen (AMGN) reported second-quarter product sales of $9.54 billion, up 9% from a year earlier, after 4% growth in the first quarter versus the year-ago first quarter. Total revenues rose 10% to $10.1 billion.

The biopharmaceutical company said its six key growth drivers grew 26% year over year and generated nearly 70% of second-quarter product sales. Twenty-two products delivered at least double-digit sales growth. Seventeen products were annualizing at more than $1 billion based on second-quarter sales. Chairman and chief executive officer Robert A. Bradway said the company remains confident in its ability to deliver growth well into the next decade as it expands existing medicines through new indications and advances Phase 3 pipeline molecules.

GAAP earnings per share increased 65% from $2.65 to $4.37, which the company attributed to higher revenues. GAAP operating income rose from $2.7 billion to $3.5 billion, and GAAP operating margin increased 6.5 percentage points to 36.8%. Non-GAAP EPS increased 4% from $6.02 to $6.29, which the company said was primarily driven by higher revenues, partially offset by higher operating expenses and higher income tax expense. Non-GAAP operating income increased from $4.3 billion to $4.6 billion, and non-GAAP operating margin decreased 0.5 percentage points to 48.4%.

General Medicine remained a mix of volume-led growth and biosimilar pressure. Repatha (evolocumab) sales increased 37% year over year to $953 million, driven by volume growth. EVENITY (romosozumab-aqqg) sales increased 38% to $714 million, also on volume. Prolia (denosumab) sales decreased 32% to $759 million, driven by 20% lower volume and 12% lower net selling price as multiple biosimilars launched globally, with more expected.

Rare Disease showed broadening volume and price growth. TEPEZZA (teprotumumab-trbw) sales increased 14% to $576 million, primarily from 6% higher net selling price and 6% volume growth. KRYSTEXXA (pegloticase) sales increased 15% to $400 million, driven by 23% higher net selling price, partially offset by lower inventory levels. UPLIZNA (inebilizumab-cdon) sales increased 90% to $335 million, primarily on volume. TAVNEOS (avacopan) sales increased 36% to $150 million on volume. The company continues to engage the FDA and believes TAVNEOS demonstrates clinical effectiveness and a favorable benefit-risk profile.

Inflammation was mixed. TEZSPIRE (tezepelumab-ekko) sales increased 42% to $486 million, driven by volume growth. Otezla (apremilast) sales decreased 21% to $491 million, primarily from 9% lower net selling price and 6% lower volume. Enbrel (etanercept) sales decreased 4% to $580 million, primarily from 22% lower net selling price, which the company said reflected U.S. Medicare Part D price setting under the Inflation Reduction Act effective January 1, 2026, and an increased 340B mix, partially offset by 16% favorable changes to estimated sales deductions. AMJEVITA/AMGEVITA sales increased 17% to $155 million. PAVBLU (aflibercept-ayyh) sales increased 121% to $287 million, primarily on volume as the only commercially available biosimilar to EYLEA in the U.S. during the period.

Oncology volume carried several franchises. BLINCYTO (blinatumomab) sales increased 23% to $472 million, primarily from 16% volume growth. IMDELLTRA/IMDYLLTRA (tarlatamab) sales increased 115% to $288 million, primarily on volume. Vectibix (panitumumab) sales increased 11% to $338 million. KYPROLIS (carfilzomib) sales decreased 17% to $314 million on lower volume. LUMAKRAS/LUMYKRAS (sotorasib) sales increased 23% to $111 million. Nplate (romiplostim) sales increased 17% to $430 million. XGEVA (denosumab) sales decreased 34% to $352 million, primarily from 22% lower volume and 8% lower net selling price as biosimilars launched. MVASI (bevacizumab-awwb) sales decreased 20% to $153 million. Established products Aranesp, Neulasta and Parsabiv generated $632 million of sales, up 19% year over year, driven by 15% higher net selling price and 2% volume growth.

On a GAAP basis, cost of sales as a percentage of product sales decreased 4.8 percentage points, driven by lower amortization expense from acquisition-related assets, partially offset by higher profit share expense, higher manufacturing costs and sales-mix changes. Research and development expenses increased 7% on higher spend in later-stage clinical programs, primarily those related to MariTide, and marketed product support. Other operating expenses included litigation expenses. The tax rate increased 5.5 percentage points, primarily from a change in earnings mix, including lower amortization. On a non-GAAP basis, total operating expenses increased 11%, and the tax rate increased 1.4 percentage points.

The company generated $3.5 billion of free cash flow in the second quarter of 2026 versus $1.9 billion in the second quarter of 2025. The increase reflected the final repatriation tax payment in the second quarter of 2025 and current-period business performance, partially offset by timing of working capital. Cash and cash equivalents totaled $14.0 billion and debt outstanding totaled $57.3 billion as of June 30, 2026. There were no share repurchases in the quarter.

For the full year 2026, the company expects total revenues in the range of $38.2 billion to $39.4 billion, GAAP EPS of $15.80 to $17.08, and non-GAAP EPS of $22.30 to $23.50. Capital expenditures are expected to be approximately $2.6 billion, and share repurchases not to exceed $3.0 billion.