Amgen Inc. (AMGN) Announced Q1 2026 Earnings on April 30, 2026, Reporting "4% growth in product sales"

Amgen reported "4% growth in product sales" for the first quarter.

Non-GAAP operating margin was 45% for the quarter, and non-GAAP cost of sales as a percentage of product sales was 19.5%.

The company generated $1.5 billion in free cash flow in the first quarter and spent $700 million in the first quarter on capital expenditures.

The six key growth drivers delivered 24% year-over-year sales growth and generated $5.6 billion in sales in the first quarter.

First quarter sales included $876 million for Repatha, $562 million for EVENITY, and $490 million for TEPEZZA.Management highlighted the initiation of two new Phase III studies for MariTide to evaluate maintenance for durable weight loss, and another study that will "evaluate switching from weekly injectable GLP-1 therapies to MariTide". The company noted the application of artificial intelligence across the enterprise, including leveraging AI models that have accelerated antibody lead optimization by 50% and reduced production line clearance time at a manufacturing site "from approximately 30 minutes to about 2 minutes per batch run". Amgen also disclosed that it decided to "discontinue development of AMG 193" following a comprehensive review.

Additionally, the company received a draft notice of proposed adjustment from the IRS for 2016 to 2018 asserting significant adjustments.

For the full year 2026, Amgen expects total revenues in the range of $37.1 billion to $38.5 billion and non-GAAP earnings per share to be between $21.70 and $23.10.

The company expects 2026 capital expenditures of approximately $2.6 billion to scale manufacturing capacity.

Management anticipates non-GAAP other income and expense to be in the range of $2.2 billion to $2.3 billion of expense for the year, and expects a non-GAAP tax rate in the range of 15.0% to 16.5%.

The company continues to expect the full year non-GAAP operating margin as a percentage of product sales to be "roughly 45% to 46%" and expects share repurchases not to exceed $3 billion for the year.