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Call sheet · Q2'26

Amgen (AMGN)

Q2'26 earnings call · held August 4, 2026 · compared with the Q1'26 call · management-credibility review
8/12
Disclosure score
2 high, 3 medium, 2 low flags
Financial quality
Bottom line
The sleeper story here isn't the beat-and-raise quarter everyone will write up tonight, it's what quietly disappeared from the call: a material IRS tax contingency and an FDA withdrawal proceeding on Tavneos, both explicitly flagged last quarter, got zero airtime this time. Revenue of $10B+ (+10%) and a raised guide to $38.2-39.4B is the headline, but the binding constraint on the stock's next leg is Meritide's unreported GI tolerability data; management's answer to a direct vomiting-rate question was 'we are noses down delivering a very compelling Phase III data package... very confident in the profile of this medicine', which is confidence language standing in for a number they clearly have but won't share yet. AI commentary also regressed hard, from a 50% lead-optimization acceleration claim last quarter to 'we look forward to sharing more over time' this quarter, a tell that the productivity story either stalled or wasn't durable. My view changes if next quarter's 10-Q shows the IRS NOPA resolved favorably and management puts an actual vomiting-rate percentage on the record for Meritide; until then, this print is priced for perfection on data we haven't actually seen.

The 30-second version

  • AI went from specific to vaporware in one quarter
  • Blowout print, raised guide, but two material risk disclosures just vanished
  • The binding constraint on Meritide isn't enrollment, it's an unanswered tolerability question

What changed this quarter

MetricQ1'26Q2'26Change
Total Revenue / Product Sales Growth YoY+4% product sales growth+10% total revenue growth, >$10BDenominator shift from 'product sales' to 'total revenue'; both directionally strong but not apples-to-apples
Six Key Growth Drivers (aggregate YoY, ~70% of sales)+24%+26%Acceleration, core growth engine still gaining speed
Repatha sales$876M, +34%$953M, +37%Accelerating off an already-large base
Evenity sales$562M, +27%$714M, +38%+1100bps acceleration
Tezspire sales$343M, +20%$486M, +42%Huge acceleration, likely rebound from Q1's channel inventory burn
Enbrel/Otezla combined$1.1B, -32%$1.1B, -33%Erosion continuing roughly on script
Rare Disease segment growth+25%+21%-400bps deceleration despite dollar growth
Euplizna sales$262M, +188%$335M, +90%Deceleration expected off tiny base, still strong absolute growth
Innovative Oncology segment$1.8B, +25%~$2.0B, +18%-700bps deceleration
Biosimilars segment$835M, +14%$855M, +29%Sharp reacceleration led by Pavblu

Accountability tracked

5 new promises made3 narrative shifts flagged5 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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