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Amgen said its strong first-quarter results support the view that 2026 could be the “springboard year”with revenue up 6% and EPS up 5% as growth products offset patent and exclusivity pressure on older drugs.
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The company has highlighted several growth drivers – including Repatha, EVENITY, TEZSPIRE, oncology, rare diseases and biosimilars – combined made up about 70% of the brand’s first quarter sales and grew by 24% year over year.
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Amgen also depends on its pipeline, in particular The MariTide in obesity and diabetes, and late-stage programs like olpasiran and xaluritamig, while continuing to expand UPLIZNA and other rare disease initiatives.
Amgen (NASDAQ:AMGN) executives said the company’s first-quarter performance supports its view that 2026 could serve as a “springboard year,” with growth products that help offset growing competition from the denosumab franchise and other exclusivity losses.
Speaking at a Goldman Sachs event, Peter Griffith, Amgen’s chief financial officer, said first-quarter revenue rose 6% year over year and non-GAAP earnings per share rose 5%. He said 16 brands delivered double-digit sales growth or better, while 17 brands grew annually by more than $1 billion in product sales based on first quarter results.
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Griffith said six key growth drivers – Repatha, EVENITY, TEZSPIRE, the company’s new oncology portfolio, rare disease portfolio and biosimilars portfolio – accounted for about 70% of product sales in the first quarter and grew 24% as a group year-over-year.
Management Identifies Range of Growth Drivers
Murdo Gordon, head of global marketing, said Amgen has “a set of growth drivers” that it believes can help the company manage the impact of current and future losses in exclusivity, including denosumab and Otezla in Europe.
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Andrew Martin, head of the US business, highlighted Repatha, IMDELLTRA, PAVBLU and TEZSPIRE as major areas of commercial opportunity. Regarding Repatha, Martin said there are more than 100 million people worldwide with elevated LDL, including about 50 million in the United States, and that PCSK9 penetration remains at about 10% or slightly less among eligible patients.
Martin also said that IMDELLTRA has been established as the standard of care in second-line non-small cell lung cancer, citing robust response and overall survival data from DeLLphi-304. He said Amgen has opened more than 1,800 IMDELLTRA care sites in the US, more than half in public areas.
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At EVENITY, Martin said osteoporosis remains “very undertreated and underdiagnosed,” noting that more than 2 million women in the US have been diagnosed with post-menopausal osteoporosis and are at high or very high risk of fracture, while anabolic penetration in that group is less than 10%.
Pipeline Focus Includes MariTide Assets, Olpasiran and Oncology
Griffith said confidence continues to build in MariTide as a treatment for obesity, type 2 diabetes and obesity-related conditions. He said Amgen is developing a comprehensive phase 3 program and preparing for production capacity ahead of a possible launch.
Griffith said MariTide can be helpful in weight loss, long-term weight maintenance and in patients transitioning to weekly GLP-1 therapy, which may have as few as four to six injections per year based on extended dosing.
Gordon said Amgen is preparing to compete in the obesity market and expects to build on its cardiovascular and primary care presence established with Repatha. He said the company is expanding clinical efforts ahead of phase 3 data and potential regulatory approval.
Beyond MariTide, Griffith highlighted phase 3 programs including olpasiran to reduce cardiovascular risk in patients with elevated Lp(a), dazodalibep in Sjögren’s disease and xaluritamig in prostate cancer. He also said Amgen is studying xaluritamig in early-stage prostate cancer and is pursuing additional indications for approved products, including UPLIZNA, TEZSPIRE and IMDELLTRA.
UPLIZNA Launches and Strategy for Rare Diseases
Gordon said UPLIZNA is gaining momentum in all forms of neuromyelitis optica spectrum disorder, IgG4-related disease and generalized myasthenia gravis. He described IgG4-related disease as a market Amgen creates and serves, noting that UPLIZNA is the only FDA-approved agent in that indication.
Gordon said the company estimates 30,000 to 40,000 patients may be eligible for UPLIZNA for IgG4-related disease, though he said the numbers for the epidemic are “unusual.” In generalized myasthenia gravis, he said Amgen sees business in both biologic-naïve patients and patients transitioning from multiple existing treatment options.
Asked about potential competition from the Regeneron C5 product, Gordon said he does not see it as a direct competitive threat because UPLIZNA has a different approach and a simpler profile. He also noted that Amgen is studying UPLIZNA for autoimmune hepatitis and chronic inflammatory demyelinating polyneuropathy.
The IRS Dispute and Capital Allocation
Griffith addressed Amgen’s tax dispute with the Internal Revenue Service, saying the company continues to believe that the proposed IRS changes are inappropriate and that the tax savings are appropriate. He said the company will “vigorously defend” its position.
Griffith said the headline numbers for the 2010 to 2015 period don’t directly translate to revenue. He said the proposed amounts include $2 billion in penalties that Amgen believes are unfounded, nearly $2 billion in accounting errors, up to $3.1 billion in back taxes previously collected and paid, and $1.9 billion in cash deposits already made with the IRS.
In allocating capital, Griffith said Amgen’s priority is to access the best innovations, whether internal or external. He said the company is evaluating business development opportunities in line with the strategy, the expected return on investment in excess of the levels of difficulty, Amgen’s scientific expertise in the area and the ability to rapidly integrate assets.
Griffith said Amgen is still willing to consider commercialization of different sizes and structures, and Gordon said areas of interest include oncology, obesity, heart disease, metabolic disease, rare diseases and rare immune conditions. Griffith also said Amgen is targeting $2.6 billion in capital expenditures this year and continues to invest in manufacturing.
Margins and Outlook for 2026
Griffith said Amgen is targeting an operating margin of 45% to 46% this year as it invests in the late-stage pipeline. He said the company does not provide long-term performance guidance, but will continue to evaluate financial direction and investment opportunities that can exceed the level of return to shareholders.
Asked about the top and bottom drivers for 2026 guidance, Griffith also pointed to six key drivers for growth, commercial portfolio breadth and pipeline execution. He said Amgen intends to continue to generate value for patients, shareholders and employees through its combination of commercialization, pipeline investments and financial discipline.
About Amgen (NASDAQ:AMGN)
Amgen Inc (NASDAQ: AMGN ) is a global biotechnology company founded in 1980 and headquartered in Thousand Oaks, California. The company is focused on discovering, developing, manufacturing and delivering human therapeutics that address serious diseases. Amgen’s work focuses on biologic medicines derived from cell and molecular biology, with an emphasis on translating advances in human genetics and protein science into therapeutic approaches for patients.
Amgen’s commercial portfolio has historically included biologics used in oncology, supportive care, nephrology, bone health and cardiology.
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The article “Amgen Eyes 2026 ‘Springboard’ as Growth Drugs Offset Patent Pressure” was first published by MarketBeat.
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