Amgen Boosts Revenue Outlook to $39.4 Billion Despite Scrapping Early Obesity Drug
Thousand Oaks, Wednesday, 5 August 2026.
Amgen raised its 2026 revenue forecast to $39.4 billion after second-quarter sales rose 10% to $10.1 billion, even as it halted development of early-stage obesity candidate AMG 513.
Strong Quarterly Revenue Growth
Amgen (NASDAQ: AMGN) reported second-quarter 2026 total revenues of $10.1 billion, representing a 10% increase compared to the same period in 2025 [2][3]. This growth trajectory was calculated based on revenue figures of $10.1 billion for Q2 2026 and $9.179 billion for Q2 2025, yielding a year-over-year increase of 10.034 percent [2][5]. The biotechnology company announced these financial results on August 4, 2026, highlighting strong drug sales that bolstered the bottom line [1][2]. GAAP earnings per share (EPS) for the quarter rose 65% to $4.37, while non-GAAP EPS increased 4% to $6.29 [2][3]. Operating income under GAAP standards reached $3.5 billion, reflecting a significant improvement from $2.7 billion in the prior year period [2][5].
Pipeline Strategic Shifts
Despite the bullish fiscal forecast, Amgen announced it will discontinue the early-stage development of AMG 513, a potential obesity treatment currently in a Phase 1 study [1][2]. The company stated that the ongoing Phase 1 study will be carried to completion to follow enrolled participants, though no specific reason was provided for the discontinuation [1][3]. This decision marks a shift in resources toward the company’s broader clinical portfolio and core commercial drivers [1][2]. Conversely, Amgen continues to advance multiple Phase 3 trials for MariTide (maridebart cafraglutide/AMG 133), targeting chronic weight management and related conditions [2][3]. Planned initiatives include initiating three Phase 3 MariTide studies for Type 2 Diabetes in 2026 [2][5].
Product Performance Drivers
Specific drug performance in the second quarter of 2026 showed significant variance across the portfolio [2][4]. Repatha® sales increased 37% to $953 million, while EVENITY® sales grew 38% to $714 million [2][3]. UPLIZNA® sales jumped 90% to $335 million, driven by strong demand in rare autoimmune conditions [2][4]. Six key growth drivers accounted for nearly 70% of Q2 2026 product sales and saw 26% year-over-year growth [2][5]. Furthermore, 22 products achieved double-digit sales growth, and 17 products are annualizing at over $1 billion [2][3].
Market and Future Outlook
Robert A. Bradway, chairman and chief executive officer, stated that the results demonstrate strong performance across the business [2][5]. He noted confidence in the ability to deliver growth well into the next decade as the company advances the next wave of pipeline molecules through Phase 3 [2][3]. Amgen stock reacted positively to the earnings report, with one analyst describing the quarter as impressive [4]. The company continues to evaluate potential collaborations, including those with BeOne Medicines Ltd [5]. Forward-looking statements indicate that actual results may differ materially from those projected due to various risks and uncertainties [2][5].