Amgen Q1 Revenue Up 6% to $8.6B, Non-GAAP EPS Rises 5% to $5.15
AMGN•Amgen reported Q1 2026 revenue of $8.6B, up 6% year-over-year, with product sales rising 4% on 9% volume growth, while GAAP EPS climbed 4% to $3.34 and non-GAAP EPS increased 5% to $5.15. Free cash flow jumped to $1.5B and Repatha sales rose 34% to $876M across 16 growing products.
1. Financial Results Overview
Amgen delivered Q1 2026 revenue of $8.6 billion, a 6% increase versus the prior year, with product sales up 4% driven by 9% higher volumes offset by price and inventory headwinds. GAAP EPS rose 4% to $3.34, and non-GAAP EPS increased 5% to $5.15, reflecting stronger operating income.
2. Product Performance Details
Sixteen brands achieved double-digit growth, led by cholesterol franchise Repatha with 34% sales growth to $876 million and Uplizna surging 188% to $262 million. Prolia sales fell 34% to $727 million amid biosimilar competition, while Enbrel declined 37% due to U.S. Medicare Part D pricing under the Inflation Reduction Act.
3. Cash Flow and Pipeline Progress
The company generated $1.5 billion in free cash flow, up from $1.0 billion a year ago, driven by strong operations and working capital timing. A new wave of Phase 3 molecules is advancing, and a label update was submitted to the FDA for the autoimmune portfolio alongside development of experimental weight-loss candidate MariTide.
