| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | August 4, 2026 | 8/12 | 2 high, 3 medium, 2 low flags | 1 | 0 | Call sheet → |
| Q1'26 | April 30, 2026 | 9/12 | 2 medium, 3 low flags | 3 | 0 | Call sheet → |
| Q4'25 | February 3, 2026 | 9/12 | - | 6 | 0 | Call sheet → |
| Q3'25 | 2025-11-04 | 9/12 | 1 medium, 4 low flags | 5 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | Two Phase III Sjogren's studies for dazodolibep expected to complete later this year Confirmed still pending, with management adding hedge language ('very hopeful, but humbled') this quarter. |
| Q2'26 | Pending | FY2026 CapEx of approximately $2.6 billion Full-year period has not ended. Q2 actual spend of $500M following Q1's $700M implies a steep back-half acceleration is required to hit the guide, which was not restated this quarter. |
| Q2'26 | Pending | We expect to engage further with the FDA on the Tavneos withdrawal proceeding No update given on this call at all; status unverified, actual engagement outcome not stated. |
| Q2'26 | Pending | We anticipate accelerated sales erosion over the remainder of 2026 for Enbrel/Otezla driven by increased competition from multiple biosimilars Q2 erosion was -33% vs -32% in Q1, directionally consistent with the forecast but the 'remainder of 2026' period has not ended; too early to call delivered. |
| Q2'26 | Exceeded | We further expect the second quarter operating margin to be in line with the first quarter operating margin (45%) Q2 non-GAAP operating margin came in at 48%, three points above the prior quarter's guide. |
| Q1'26 | Delivered | Focus resources on late-stage programs with rocotinlimab termination Terminated rocotinlimab collaboration, discontinued AMG 193 development |
| Q1'26 | Pending | Expect accelerated sales erosion for Prolia/XGEVA over remainder of 2026 Q1 showed -32% decline, management reconfirmed expectation of further acceleration |
| Q1'26 | Pending | Additional global launches of TEPEZZA in 2026 and beyond Mentioned continued expansion but no specific countries or timing provided |
| Q1'26 | Delivered | Disciplined data generation and execution across Phase 3 programs in 2026 Added two new Meritide Phase III studies, progressing TEPEZZA subcutaneous, Aplisna expansion |
| Q1'26 | Delivered | 2026 as a springboard year for Amgen with rapidly growing products offsetting patent expirations Q1 results show six key growth drivers at 24% growth representing 70% of sales, offsetting Prolia decline |
| Q4'25 | Pending | Update on Opaziran Ocean-A timeline as study matures Still no specific timeline provided, event accrual remains lower than predicted |
| Q4'25 | Delivered | Continue advancing Maritide Phase III cardiovascular outcomes studies Maritime-CV and Maritime-HF progressing with enrollment |
| Q4'25 | Delivered | Tezspire approval for nasal polyps FDA approved for chronic rhinosinusitis with nasal polyps |
| Q4'25 | Delivered | IMDELLTRA full approval anticipated in Q4 FDA granted full approval in fourth quarter |
| Q4'25 | Delivered | UPLIZNA approval in generalized myasthenia gravis by December PDUFA FDA approval received December as scheduled |
| Q4'25 | Delivered | VESALIUS-CV data presentation at American Heart Association Presented in November with positive primary endpoints |
| Q4'25 | Delivered | Both Phase III chronic weight management studies fully enrolled Completed enrollment in 6 months as projected |
| Q3'25 | Delivered | Greater than $500M Horizon cost synergies Confirmed achievement in 2025 |
| Q3'25 | Exceeded | Return to pre-Horizon capital structure Achieved ahead of plan with $6B debt retirement YTD |
| Q3'25 | Delivered | Operating margin ~45% of product sales Confirmed 47% operating margin maintained despite R&D increase |
| Q3'25 | Exceeded | Non-GAAP R&D growth over 20% in 2025 Came in at 31% YoY growth in Q3, driven by business development |
| Q3'25 | Delivered | VESALIUS-CV readout second half 2025 AHA presentation confirmed for November 8, ahead of schedule |
| Q3'25 | Pending | MariTide Part 2 data Q4 2025 Still on track but pre-walking back expectations for weight loss insights |
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