Amgen Reports $8.618 Billion Revenue in Q1 2026, Driven by Product Sales Growth

Amgen Inc. reported a total revenue of $8.618 billion for the first quarter of 2026, marking a 6% increase from $8.149 billion in the same period of 2025. The growth was primarily driven by a 4% rise in product sales, which reached $8.218 billion, up from $7.873 billion a year earlier. The company’s net income also saw a modest increase of 5%, rising to $1.819 billion, or $3.34 per diluted share, compared to $1.730 billion, or $3.20 per diluted share, in the prior year.

Operating expenses decreased significantly by 15% to $5.952 billion, down from $6.971 billion in the previous year. This reduction was attributed to lower costs associated with sales and marketing, as well as a decrease in amortization expenses related to acquisition assets. Research and development expenses, however, increased by 16% to $1.719 billion, reflecting higher investments in later-stage clinical programs. The overall operating income surged to $2.666 billion, a substantial increase from $1.178 billion in the first quarter of 2025.

In terms of product performance, Amgen's sales were bolstered by strong demand for several key products. Notably, Repatha sales increased by 34% to $876 million, while sales of TEPEZZA rose by 29% to $490 million. Conversely, Prolia experienced a significant decline, with sales dropping 34% to $727 million, primarily due to increased competition from biosimilars. The company also reported a 45% increase in other revenues, driven by higher corporate partner revenue and royalty income.

Amgen's financial position remains strong, with cash and cash equivalents totaling $12.038 billion as of March 31, 2026, up from $9.129 billion at the end of 2025. The company issued $4 billion in debt during the quarter, which included various notes with different maturities. Amgen's total assets increased to $92.504 billion, while total liabilities rose to $83.314 billion, resulting in stockholders' equity of $9.190 billion. Looking ahead, Amgen anticipates continued growth in product sales, although it remains cautious about potential impacts from macroeconomic conditions and regulatory changes, particularly regarding drug pricing policies.