Amgen Inc. discovers, develops, manufactures, and delivers human therapeutics worldwide. Its principal products include Enbrel, Otezla, Prolia, XGEVA, Repatha, Nplate, KYPROLIS, Aranesp, EVENITY, Vectibix, BLINCYTO, TEPEZZA, and KRYSTEXXA, among others. The company serves healthcare providers such as physicians, clinics, dialysis centers, hospitals, and pharmacies, and distributes through pharmaceutical wholesale distributors. It has collaboration agreements with AstraZeneca, BEONE MEDICINES, UCB, Kyowa Kirin, and BeiGene. Amgen was incorporated in 1980.
Amgen Fair Value Target Rises to US$388.03 as Analysts Split on Pipeline Risks
Amgen's updated analyst model lifted its fair value price target to US$388.03 from a prior US$371.93, with the revenue growth assumption rising to 3.50% from 2.93%, the net profit margin assumption moving to 25.15% from 24.84%, the future P/E multiple changing to 25.1x from 24.6x, and the discount rate shifting to 7.96% from 7.70%. The revision reflects a split analyst view, with UBS, Argus, TD Cowen, Scotiabank and Oppenheimer raising their Amgen price targets into a US$420 to US$460 range on the strength of a strong product portfolio, Q2 beats and higher guidance. Wells Fargo and Piper Sandler lifted their targets to US$435, citing external survey work and prescription data they believe support higher long term sales potential for cholesterol and cardiovascular products such as Repatha and Lipfendra. On the bearish side, HSBC downgraded Amgen to Hold and cut its target to US$425 from US$445, saying the stock price now more closely matches its assessment of fair value with limited near term upside, while BMO Capital shifted to a neutral Market Perform stance even with a higher US$450 target, citing ongoing loss of exclusivity headwinds and a need for more clarity on the competitive profile and sales potential of MariTide.
Amgen is rated Zacks Rank #2 (Buy), with the consensus earnings estimate for the current fiscal year at $22.94 per share, up 0.7% over the last 30 days and reflecting a year-over-year change of +5%. For the next fiscal year, the consensus estimate of $24.42 indicates a change of +6.5% from what Amgen is expected to report a year ago, and that estimate has moved +3.4% over the past month. For the current quarter, Amgen is expected to post earnings of $5.69 per share, a year-over-year change of +0.9%, though the Zacks Consensus Estimate has changed -0.3% over the last 30 days. The consensus sales estimate of $9.91 billion for the current quarter points to a year-over-year change of +3.7%, while the $38.81 billion and $39.95 billion estimates for the current and next fiscal years indicate changes of +5.6% and +2.9%, respectively. In the last reported quarter, Amgen reported revenues of $10.05 billion, a year-over-year change of +9.5%, and EPS of $6.29 versus $6.02 a year ago, beating the Zacks Consensus Estimate of $9.44 billion by +6.52% on revenue and by +12.32% on EPS, and the company beat consensus EPS and revenue estimates in each of the trailing four quarters.
FDA Approves Reduced Monitoring Time for First Two Doses of Amgen's IMDELLTRA
Amgen announced that the U.S. Food and Drug Administration approved an update to the IMDELLTRA (tarlatamab-dlle) Prescribing Information that substantially reduces the recommended monitoring time for the first two doses of treatment in an appropriate healthcare setting. Under the update, patients receiving IMDELLTRA should now be monitored for 6 to 8 hours from the start of their first two infusions, compared with the previously recommended 22 to 24 hours, and will receive a follow-up assessment including vital signs the day after each of these first two doses. The scope of the label update was limited to the first two doses; monitoring and supportive care recommendations for later doses remain unchanged, including 6-8 hours following the third dose and throughout Cycle 2, decreasing to 3-4 hours for Cycles 3-4 and 2 hours for Cycle 5 and subsequent doses. Amgen said the change could mean substantially less time spent in a healthcare setting for people living with extensive-stage small cell lung cancer and may reduce treatment complexity for community oncology practices, where an estimated 80% to 85% of U.S. cancer patients receive care. Jay Bradner, M.D., Amgen's executive vice president of Research and Development, Artificial Intelligence and Data, said the approval is an important step in simplifying care for people living with and treating ES-SCLC, and David M. Waterhouse, MD, MPH, FASCO, a medical oncologist at Oncology Hematology Care in Cincinnati, said reducing the required monitoring period may make IMDELLTRA more feasible to administer in community practices. Amgen also noted it recently announced landmark positive topline overall survival data from the Phase 3 DeLLphi-305 study in first-line ES-SCLC, and that reduced post-infusion monitoring timing is being evaluated in several ongoing studies across indications and lines of therapy.
Novartis' Pelacarsen Fails Late-Stage Trial, Rippling Through Lp(a) Drug Race
Novartis announced on Sept. 4, 2026, that its late-stage clinical study of pelacarsen failed to meet its primary endpoint of reducing the risk of cardiovascular events compared to placebo, a setback that rippled through the race to develop drugs lowering lipoprotein(a), or Lp(a). Pelacarsen, an antisense oligonucleotide discovered by Ionis Pharmaceuticals and licensed to Novartis in 2019, did lower Lp(a) levels but did not achieve a statistically significant reduction in cardiovascular events; analysts had expected peak annual sales of $4 billion to $5 billion had it succeeded. Amgen, which is also developing an Lp(a)-lowering drug, saw its share price sink 10% and has not recovered, while Eli Lilly's shares declined only about 3%, a muted reaction analysts attribute partly to Lilly's different approach with lepodisiran, which achieved a greater Lp(a) reduction in phase 2 testing and is being studied in a broader patient group. Lilly's dominance in diabetes and obesity also cushions it: the company generated $23 billion in the second quarter of 2026 alone, with roughly $14.9 billion of that from type 2 diabetes drug Mounjaro and weight-loss therapy Zepbound. Novartis said full trial data will be presented at an upcoming medical congress, and while the pelacarsen flop may raise doubts about lepodisiran, Lilly's pipeline also includes base-editing therapy VERVE-102 from its 2025 acquisition of Verve Therapeutics, which delivered sustained PCSK9 and LDL cholesterol reductions over an 18-month follow-up in a Phase 1 trial.
UnitedHealth sells Optum Florida stake to TPG as CooperCompanies cuts guidance and Amgen slides
UnitedHealth has sold an interest in some of its Optum Health operations in Florida to private equity firm TPG, part of the health conglomerate's effort to recover from a collapse in profits last year. CFO Wayne DeVeydt told Bloomberg News that Optum Health margins will be around 2% this year, above prior expectations, and should rise to around 4% in 2027 and 6% the following year. Amgen fell more than 8%, its worst single-day decline since 2016, after Novartis announced a Phase 3 trial failure for the heart disease therapy pelacarsen, which it is developing with Ionis Pharmaceuticals; BMO Capital Markets downgraded Amgen to Market Perform from Market Outperform with a $450 price target. CooperCompanies dropped 13% after issuing fiscal 2026 guidance below consensus, with revenue of $4.229B-$4.252B versus the prior $4.285B-$4.321B and non-GAAP diluted EPS of $4.51-$4.55 versus $4.58-$4.66 previously, and said its board decided to keep CooperSurgical rather than sell it while raising its share buyback authorization to $3B from $2B. Novo Nordisk fell more than 1% premarket after Morgan Stanley downgraded the stock to Underweight from Equal-weight, citing the semaglutide patent cliff, and the S&P 500 Health Care Sector Index slipped more than 3.5% for the week.
Amgen Shares Plunge 10% After Novartis Cardiovascular Trial Failure
Amgen Inc. shares fell $44.06, or 10.08%, to close at $393.17 on September 8, the stock's worst one-day decline since October 2000, after Novartis reported disappointing cardiovascular trial results for a rival drug. Amgen is developing olpasiran, an investigational treatment designed to reduce lipoprotein(a), or Lp(a), a genetically influenced blood particle associated with an increased risk of cardiovascular disease, and its Phase 3 OCEAN(a)-Outcomes trial is evaluating whether olpasiran reduces coronary heart disease death, heart attack or urgent coronary revascularization in patients with established cardiovascular disease and elevated Lp(a). Novartis' pelacarsen reduced Lp(a) but failed to reduce cardiovascular events in its Phase 3 trial, and Reuters reported that olpasiran produced greater Lp(a) reductions in earlier studies and is being tested in more targeted patient groups, with Amgen's Phase 3 data expected in 2028. BMO Capital analyst Evan Seigerman downgraded Amgen to Market Perform from Outperform on September 8 while maintaining a $450 price target, and Citi analyst Geoff Meacham said olpasiran faced the clearest risk from the Novartis result while noting that differences in study design could offer some differentiation. On August 31, Amgen reported that a prespecified VESALIUS-CV analysis found Repatha reduced the risk of death by 20% in more than 12,000 high-risk patients without a prior heart attack or stroke, and Repatha sales rose 37% year over year to $953 million in the second quarter, when total revenue increased 10% to $10.1 billion and the company maintained 2026 revenue guidance of $38.2 billion to $39.4 billion.
Amgen and AstraZeneca Lung Cancer Combo Meets Survival Goal in Phase III Study
Amgen and AstraZeneca announced positive results from a phase III study of Imdelltra, or tarlatamab, in combination with AstraZeneca's Imfinzi, or durvalumab, in certain patients with extensive-stage small-cell lung cancer. The trial, called DeLLphi-305, tested the combination against Imfinzi alone as a first-line maintenance treatment for patients whose cancer had not progressed after induction with Imfinzi plus platinum chemotherapy and etoposide. The study met its primary endpoint of overall survival and a key secondary endpoint of progression-free survival, though neither company provided numerical data and both said no new safety concerns were identified. DeLLphi-305 is sponsored by Amgen, with partial funding and Imfinzi supplied by AstraZeneca. AstraZeneca estimates that roughly 195,000 people globally will be treated for extensive-stage small-cell lung cancer in 2026, and the companies say small-cell lung cancer accounts for about 15% of lung cancers, with about two-thirds of those patients diagnosed with the extensive-stage form. If approved, the Imfinzi-Imdelltra combination would enter a first-line maintenance market where the FDA in October 2025 approved Jazz Pharmaceuticals' Zepzelca, or lurbinectedin, with Roche's Tecentriq, or atezolizumab, based on the IMforte study, which showed a 46% reduction in the risk of disease progression or death and a 27% reduction in the risk of death versus Tecentriq alone. Imdelltra, a bispecific T-cell engager approved in 2024 for second-line extensive-stage small-cell lung cancer, posted global sales of $546 million in the first half of 2026, up from $215 million a year earlier, while Imfinzi's first-half 2026 revenues rose 31% year over year to $3.55 billion.
Amgen's Imdelltra Sales Surge 115% as Lung-Cancer Combo Meets Goals
Amgen's Imdelltra sales surged 115% to $288 million in the second quarter, as the drug combined with AstraZeneca's Imfinzi met every major goal in a late-stage lung-cancer trial. The 563-patient DeLLphi-305 study showed the combination extended overall survival and progression-free survival with better response rates than Imfinzi alone as maintenance therapy for extensive-stage small-cell lung cancer. Amgen reported no new safety signal, but the crucial efficacy numbers remain undisclosed until a future medical meeting. The quarterly sales represent roughly 2.9% of Amgen's $10.1 billion total revenue, pointing to an annualized pace above $1.15 billion, more than double the drug's 2025 revenue. Shares traded at $391.65, 7.05% above the GF Value estimate of $365.84, with the muted reaction suggesting investors await survival data to gauge the drug's full commercial potential.
Biopharma stocks are dominating unusual options volume after Novartis AG's Phase 3 HORIZON trial failure for its cardiovascular drug pelacarsen, which did not reduce major cardiovascular events. Novartis shares plunged 13.4% to $138.63, heading for their worst day on record, with options volume at four times the usual intraday amount and puts outpacing calls. The failure also hit Amgen Inc, down 9.4% at $396.33, as its own Lp(a)-lowering drug olpasiran faces similar risks; Amgen received a downgrade from BMO and saw options volume at 2.3 times the norm. NewAmsterdam Pharma Company NV fell 1.6% to $25.00, near 52-week lows, but analysts at Stifel and H.C. Wainwright reiterated buy ratings, noting nuanced implications for its PREVAIL trial; its options volume spiked to 38 times the usual amount.
Amgen's Heart Drug Faces Higher Bar After Novartis Trial Miss
Amgen's experimental heart drug olpasiran now faces a higher bar after a rival trial failed to show cardiovascular benefit. Novartis's pelacarsen successfully lowered lipoprotein(a) but did not reduce major cardiovascular events in a Phase 3 trial, according to Reuters. Amgen's OCEAN(a) outcomes study has enrolled 7,297 participants and is tracking heart-related deaths, heart attacks, and urgent coronary procedures over about five years. While olpasiran uses a different design and targets a different patient population, the rival's failure removes easy assumptions about the commercial value of Lp(a) reductions. Amgen's shares stood at $437.23, 19.54% above its GF Value estimate of $365.76, leaving less room for disappointment. The company reported $10.1 billion in second-quarter revenue and $3.5 billion in free cash flow, but the market now demands that olpasiran prove it prevents cardiovascular events, not just lowers a biomarker.
Novartis Late-Stage Pelacarsen Study Fails, Stock Drops
Novartis announced that its late-stage cardiovascular outcomes study of pelacarsen, an investigational antisense oligonucleotide designed to inhibit lipoprotein(a) production, failed to meet its primary endpoint. The Lp(a)HORIZON trial, which enrolled 8,323 patients with elevated Lp(a) and established cardiovascular disease, did not show a significant reduction in major adverse cardiovascular events compared to placebo. Shares of Novartis fell 4.7% in after-hours trading, while Ionis Pharmaceuticals, which discovered pelacarsen and licensed global rights to Novartis, dropped 10%. Amgen also saw a 5% decline in after-hours trading on September 4, as investors worried about the prospects of its similar drug olpasiran. Despite the setback, Novartis continues to rely on growth products like Kisqali and Kesimpta to offset generic competition for Entresto, with 2026 expected to be its largest patent cliff.
Shares of Swiss pharmaceutical giant Novartis fell as much as 3.3% on Monday (Sept. 7) after its key drug designed to lower Lp(a) levels in the blood failed a final-stage trial. The failure casts doubt on this treatment approach and has led investors to turn their attention to and raise expectations for upcoming data from an RNA therapy trial. Late Friday (Sept. 4), Novartis announced that pelacarsen did not significantly reduce the risk of heart attacks and strokes in a large final-stage trial involving patients with high Lp(a) levels, a genetic risk factor for which there is no targeted treatment. Previously, analysts had forecast that if the drug succeeded, it could achieve peak annual sales of $3 billion to $6 billion. The failure also poses a greater challenge to rival drugmakers Amgen and Eli Lilly, which are also in final-stage trials of Lp(a)-lowering drugs. The situation also adds pressure to other drugs in the pipeline, particularly del-desiran, an experimental treatment for myotonic dystrophy type 1 (DM1), with trial results expected in the fourth quarter of this year. Analysts note that the muscular dystrophy drug needs to succeed in trials to justify the investment of up to $12 billion that Novartis spent to acquire the rights to this drug. However, Novartis is also scheduled to report results from a trial of remibrutinib, an anti-inflammatory drug for chronic hidradenitis suppurativa, later this year. This drug recently succeeded in a trial for multiple sclerosis patients, which may help support and cushion investor disappointment. Before the share price decline on Monday, Novartis shares had risen about a fifth since the start of the year, driven by market confidence in its new drug pipeline, despite the company facing pressure from patent expirations on older drugs.
Amgen Shares Up 8.6% Since Q2 Beat, Guidance Raised
Amgen's shares have risen 8.6% since its second-quarter earnings report, outperforming the S&P 500, after the company beat estimates and raised its full-year guidance. In the quarter, Amgen reported adjusted earnings of $6.29 per share, up 4% year over year and above the Zacks Consensus Estimate of $5.60, while total revenues increased 10% to $10.1 billion, surpassing the consensus of $9.44 billion. The company raised its 2026 revenue guidance to $38.2-$39.4 billion from $37.1-$38.5 billion and adjusted earnings guidance to $22.30-$23.50 per share from $21.70-$23.10. Growth was driven by key products like Repatha, Evenity, Tezspire, and Uplizna, which helped offset biosimilar erosion for Prolia and Xgeva. Amgen also announced it will discontinue development of AMG 513, though its phase I obesity study will continue. Following the report, analysts have broadly revised estimates downward, and the stock carries a Zacks Rank #3 (Hold).
Amgen's Repatha cuts death risk by 20% in heart study
Amgen announced that a pre-specified analysis of its Phase 3 VESALIUS-CV trial showed Repatha (evolocumab) reduced the risk of death by 20% in high-risk adults without a prior heart attack or stroke when added to statins or other LDL-C-lowering treatments. The analysis demonstrated meaningful reductions in both overall and cardiovascular deaths, with the mortality benefit emerging after about 1.5 years of treatment and continuing through a median follow-up of 4.6 years. Repatha also reduced heart attack risk within six months of treatment initiation in a separate analysis. The findings were presented at the European Society of Cardiology Congress 2026 in Munich and published simultaneously in Circulation. Repatha, a human monoclonal antibody targeting PCSK9, was first approved in 2015 and has been used by approximately 9 million patients globally; in August 2025, the U.S. Food and Drug Administration broadened its approved use to include adults at increased risk for major adverse cardiovascular events due to uncontrolled LDL-C.
AstraZeneca's stock remained 14% below its pre-Wainua failure level despite positive Phase 3 data for Tezspire, trading at $164.75 on Thursday. The CROSSING study showed both Tezspire doses significantly reduced tissue inflammation and eased swallowing problems in patients with eosinophilic esophagitis, with effects lasting through week 52 and a safety profile consistent with approved uses. Tezspire generated $1.13 billion of AstraZeneca's 2025 sales and $1.48 billion for partner Amgen, yet it represents only about 1.4% of AstraZeneca's $80 billion revenue target for 2030. The shares sit 9.25% below their $181.55 GF Value estimate, but investors seek broader pipeline proof rather than a single clinical win.
TEZSPIRE meets all endpoints in Phase III eosinophilic esophagitis trial
AstraZeneca and Amgen announced positive high-level results from the Phase III CROSSING trial, showing that TEZSPIRE (tezepelumab-ekko) achieved statistically significant and clinically meaningful improvements across both co-primary and all key secondary endpoints in patients with eosinophilic esophagitis (EoE) at week 24, with effects sustained through week 52 in both doses tested. The co-primary endpoints were histologic remission and the frequency and severity of dysphagia compared to placebo, and the safety profile was consistent with approved indications. EoE is a chronic inflammatory disorder affecting over 470,000 people in the US, and nearly half of patients do not achieve adequate control with current first-line treatments. The results mark the third epithelial-driven inflammatory disease where TEZSPIRE has shown efficacy, and full results will be shared with regulatory authorities and at an upcoming medical meeting.
US Administration to Announce Drug Price Agreement with Mid-Sized Biotech Firms on 31st
The Trump administration is expected to announce a new agreement on drug prices with mid-sized biopharmaceutical companies on the 31st. Bloomberg reported on the 26th, citing sources. According to the report, the companies have agreed to lower prices for outpatient prescription drugs under Medicaid, the public health insurance program for low-income individuals, with the aim of bringing the prices paid by states in line with those charged overseas. It is not clear which pharmaceutical companies will be part of the agreement. Reuters has not yet confirmed the report. President Trump has previously sent letters to the CEOs of 17 major pharmaceutical companies, including Pfizer, Eli Lilly, and Amgen, urging them to reduce U.S. prescription drug prices to levels comparable to those overseas.
Amgen Stock Hits 52-Week High After Strong Q2 and Raised Guidance
Amgen's AMGN stock hit a fresh 52-week high of $440.51 on Aug. 21, 2026, before closing the session at $439.33. The stock has gained 16.8% over the past month, mainly driven by strong second-quarter results and increased guidance. Amgen beat estimates for both earnings and revenues in the second quarter and raised its financial outlook for 2026 for the second time this year. The company's key growth drivers, which represent almost 70% of total product sales, rose 24% year over year in the first quarter and 26% in the second quarter. However, Amgen faces significant biosimilar pressure on its denosumab franchise, with Prolia sales declining 32% and Xgeva declining 34% in the second quarter. The Zacks Consensus Estimate for earnings has risen from $22.29 to $22.92 per share for 2026 over the past 30 days.
Amgen Stock Surges 3.5% as Healthcare Hits Record High
Amgen shares surged roughly 3.5% to $440.08 Wednesday morning as healthcare stocks ripped to a record high, powered by fresh excitement around Merck and Moderna's melanoma breakthrough and a market rotation away from battered semiconductor names. The biotech heavyweight behind Repatha, Enbrel and MariTide reported second-quarter revenue up 10% to $10.1 billion, product sales up 9%, and GAAP earnings up 65% to $4.37 per share. Twenty-two medicines delivered double-digit sales growth, seventeen products are running above $1 billion in annualized sales, and six key growth products surged 26% to generate nearly 70% of product revenue. The stock now trades at a roughly 19% premium to its $365.04 GF Value, putting pressure on execution amid Prolia declines and Tavneos uncertainty, but investors are looking past those cracks to accelerating earnings, multiple blockbuster franchises, defensive healthcare demand, and MariTide's potential in obesity.
Amgen Beats Q2 Estimates and Raises Full-Year Guidance
Amgen reported second quarter results that beat Wall Street expectations and raised its full-year guidance. Revenue came in at $10.05 billion versus analyst estimates of $9.40 billion, a 9.5% year-over-year increase, while adjusted EPS of $6.29 beat estimates of $5.62. The company lifted its full-year revenue guidance to $38.8 billion at the midpoint from $37.8 billion, and raised adjusted EPS guidance to $22.90 at the midpoint. Management highlighted double-digit growth in key products like Repatha, EVENITY, and TEZSPIRE, with 22 products achieving double-digit sales growth and 17 products annualizing over $1 billion in sales. During the earnings call, analysts questioned executives on topics including Olpasiran's trial design, business development strategy, MariTide's tolerability, competitive pressure on Otezla, and monitoring requirements for IMDELLTRA.
Amgen to open new science and innovation center in Hyderabad's Genome Valley
Amgen announced plans to open a new Science and Innovation Center at Genome Valley in Hyderabad, expanding its global research and development network. The center, expected to be operational in 2027, will integrate advanced scientific capabilities with data and digital innovation to accelerate drug discovery and development. It will house scientists and technologists across discovery chemistry, drug metabolism and pharmacokinetics, and precision medicine, complementing Amgen's existing technology and innovation site in Hyderabad. The facility joins Amgen's network of seven research laboratories and aims to enhance speed, precision, and efficiency in developing innovative medicines for patients worldwide.
Amgen, Arista, Wynn, Booking shares rise on earnings beats
Several companies saw their shares rise after reporting second-quarter 2026 earnings that exceeded analyst expectations. Amgen shares climbed 4.6% after posting adjusted earnings of $6.29 per share, surpassing the Zacks Consensus Estimate of $5.60 per share. Arista Networks gained 3.6% after reporting adjusted earnings of $1.02 per share, beating the estimate of $0.89 per share. Wynn Resorts advanced 3.6% after adjusted earnings of $1.24 per share topped the estimate of $1.01 per share. Booking Holdings jumped 6.6% after adjusted earnings of $2.54 per share exceeded the estimate of $2.45 per share.
Dow closes up 263 points, hits new high on strong earnings and progress in US-Iran talks
The Dow Jones Industrial Average closed at a record high, rising 263.24 points to 54,349.12, buoyed by strong corporate earnings and a rally in Nvidia shares, as well as signs of progress in peace talks between the United States and Iran. Meanwhile, the Nasdaq fell for the first time in five trading days after SpaceX and AMD shares dropped following their quarterly earnings reports. Nvidia shares surged more than 3% after Elon Musk said SpaceX would exclusively use Nvidia processors to build its AI infrastructure. SpaceX shares fell over 13% after its second-quarter capital expenditure soared sixfold to 18.4 billion dollars. Amgen rose 4.6% and Eli Lilly jumped 4.9%, lifting the S&P 500 healthcare sector to a 1.3% gain. Advanced Micro Devices fell 7% and Alphabet dropped 4% after reporting earnings and restructuring its AI unit. Oil prices were steady amid hopes for a US-Iran deal, with reports that a proposal between Iran and Oman would give Iran control over ships entering the Persian Gulf through the Strait of Hormuz, a passage for one-fifth of the world's oil. European stocks closed at a fresh record high, with the STOXX 600 ending at 657.14, up 0.04%, led by mining stocks which rose 2.3% on the back of gold prices.
Amgen posted stronger-than-expected second-quarter results and raised its full-year 2026 guidance. Revenue climbed 9% year over year to about $10.05 billion, while adjusted earnings reached $6.29 per share, comfortably ahead of the $5.62 Wall Street consensus. The company lifted its 2026 revenue forecast to $38.2 billion to $39.4 billion from $37.0 billion to $38.4 billion previously and increased adjusted earnings guidance to $22.30 to $23.50 per share. Sales of Repatha surged 37% to $953 million, Evenity jumped 38% to $714 million, and rare-disease therapy Uplizna nearly doubled revenue with roughly 90% growth, helping offset a 32% drop in Prolia sales due to biosimilar competition. Amgen also discontinued obesity candidate AMG 513 but is advancing MariTide, with pivotal Phase 3 data expected in 2027.
Booking Holdings Surges Over 7% on Strong Q2 Gross Bookings
Booking Holdings is up more than +7% after reporting better-than-expected Q2 gross bookings. The company posted Q2 gross bookings of $51.00 billion, above the consensus of $49.68 billion. The broader market saw mixed trading, with the S&P 500 and Dow Jones Industrials hitting new all-time highs, while the Nasdaq 100 edged lower. Other notable movers included Amgen, up more than +5% on stronger-than-expected Q2 EPS, and Advanced Micro Devices, down more than -7% after its third-quarter sales forecast disappointed investors.
Amgen shares rise after second-quarter results beat estimates
Amgen shares rose about 4% on Wednesday after the biotechnology company reported second-quarter 2026 results that topped Wall Street expectations. Adjusted earnings per share came in at $6.29, ahead of analyst estimates of roughly $5.60 to $5.62, while revenue reached $10.05 billion, exceeding consensus expectations of about $9.40 billion. Total revenue increased 10% year over year to $10.1 billion, with product sales up 9% on higher volumes, and 22 products delivered double-digit sales growth during the quarter. CEO Robert Bradway highlighted that the company's six key growth drivers grew 26% year over year and generated nearly 70% of second-quarter product sales. GAAP earnings per share rose to $4.37 from $2.65 a year earlier, and free cash flow was $3.5 billion compared with $1.9 billion in the same period last year.
S&P 500 and Dow Hit Records on Strong Earnings, SpaceX Tumbles on AI Spending
The S&P 500 and Dow Jones Industrial Average posted new all-time highs, while the Nasdaq 100 reached a one-month high, driven by strong earnings from companies including Booking Holdings and Amgen. Booking Holdings rose more than 7% after reporting better-than-expected second-quarter gross bookings, and Amgen gained over 5% on stronger-than-expected adjusted earnings per share. However, SpaceX fell more than 10% to lead losers in the Nasdaq 100 after disclosing higher-than-expected spending on its artificial intelligence business, despite reporting better-than-expected second-quarter earnings. Advanced Micro Devices also declined more than 4% after its third-quarter sales forecast disappointed investors. Market sentiment was further pressured by a rebound in crude oil prices following threats from Yemen's Houthi militants to escalate attacks on Saudi vessels in the northern Red Sea.
Amgen reported second-quarter 2026 adjusted earnings of $6.29 per share, beating the Zacks Consensus Estimate of $5.60, and raised its full-year guidance. Total revenues increased 10% to $10.1 billion, surpassing the consensus estimate of $9.44 billion, driven by a 9% rise in product sales to $9.54 billion. Key growth drivers, including Repatha, Evenity, Tezspire, and oncology and rare disease drugs, grew 26% year over year and represented almost 70% of total product sales. The company lifted its 2026 revenue outlook to a range of $38.2 billion to $39.4 billion and adjusted earnings guidance to $22.30 to $23.50 per share, citing strong first-half execution. However, sales of legacy drugs Prolia and Xgeva declined sharply due to biosimilar competition following patent expirations in 2025.
Amgen Q2 sales in Enbrel and Otezla bounce back quarter-over-quarter amid ongoing year-over-year headwinds
Amgen's second-quarter sales for Enbrel and Otezla rebounded from the previous quarter, even as both products continued to face year-over-year declines. The company reported overall Q2 results that beat expectations, prompting it to raise its full-year 2026 revenue guidance to a range of $38.2 billion to $39.4 billion and non-GAAP earnings per share guidance to $22.30 to $23.50. The improved outlook comes as Amgen prepares for a chief financial officer transition.
Edelson Lechtzin LLP Launches Class Action Investigation into Amgen Data Breach
Edelson Lechtzin LLP has launched a class action investigation into a data breach at Amgen Inc. that exposed patient protected health information and proprietary company data. Amgen identified unauthorized activity in July 2026 involving data stored in third-party cloud environments, and a forensic investigation confirmed that attackers had exfiltrated sensitive files. On July 29, 2026, Amgen concluded the incident is material due to the volume and potential sensitivity of the compromised information, and it disclosed the breach in a Form 8-K filed with the U.S. Securities and Exchange Commission on July 31, 2026. The law firm is evaluating potential legal claims on behalf of affected individuals, who may face increased risk of medical identity theft and fraud.
In overseas markets on the 4th, the US June trade balance will be released at 21:30, followed at 23:00 by June factory orders, the final reading for June durable goods orders, and the June JOLTS job openings. On the earnings front, reports are expected from SpaceX, Advanced Micro Devices, Caterpillar, Merck, Amgen, Arista Networks, McDonald's, Gilead Sciences, Pfizer, Duke Energy, Booking Holdings, and BP.
Amgen, Pfizer, Eli Lilly, Merck, and Novo Nordisk Set to Report Q2 Earnings This Week
Five major pharmaceutical companies—Amgen, Pfizer, Eli Lilly, Merck, and Novo Nordisk—are scheduled to release their second-quarter 2026 earnings this week. Amgen reports after the market closes on August 4, with consensus estimates of $9.44 billion in sales and $5.60 per share in earnings, driven by volume growth from products like Repatha and Tezspire but offset by declining Prolia and Xgeva sales. Pfizer reports before the opening bell on August 4, with estimates of $14.45 billion in revenue and 68 cents per share, as higher sales of the Vyndaqel family and Eliquis are partially offset by lower COVID-19 product revenues. Eli Lilly reports before the opening bell on August 5, with estimates of $20.26 billion in sales and $6.71 per share, fueled by strong demand for Mounjaro and Zepbound despite lower pricing. Merck also reports before the opening bell on August 4, with sales estimated at $16.33 billion and a loss of 26 cents per share, as Keytruda and new products like Winrevair drive growth while Gardasil sales decline. Novo Nordisk reports before the opening bell on August 5, with estimates of $11.27 billion in sales and 82 cents per share, led by diabetes and obesity care products Ozempic, Wegovy, and Rybelsus.
Kaléo has entered into a confidential license agreement with Amgen, granting Amgen rights to certain of Kaléo's patented auto-injector technology. Financial and other terms were not disclosed. The agreement highlights Kaléo's role in drug-device innovation and its leadership in patient-centric auto-injector solutions.
Amgen to report earnings Tuesday with revenue expected to grow 2.4%
Amgen will report its latest earnings this Tuesday afternoon. The market expects the biotech company's revenue to grow 2.4% year on year, a slowdown from the 9.4% increase recorded in the same quarter last year. Last quarter, Amgen beat analysts' revenue expectations, reporting revenues of $8.62 billion, up 5.8% year on year. Analysts have generally reconfirmed their estimates over the last 30 days. Amgen shares are up 5.7% over the last month and head into earnings with an average analyst price target of $357.03 compared to the current share price of $386.80.
US biopharmaceutical company Amgen has announced that hackers stole its data and patient health information in a cyberattack involving a cloud storage system operated by an external vendor. In a regulatory filing, Amgen said it assessed the number of affected files and the sensitivity of the information they contain, and determined the incident to be material. The company has activated its cybersecurity response plan, initiated containment measures and an investigation by outside experts, and is examining whether and to what extent patient information, confidential corporate data, and intellectual property were accessed or stolen. At this time, no impact has been identified on its products, manufacturing operations, financial reporting systems, or ability to serve patients.
Apple, Amgen, Huntsman, Boise Cascade, Alcoa, and BorgWarner declare dividends
Several major companies announced dividend declarations. Apple declared a cash dividend of $0.27 per share, payable on August 13, 2026 to shareholders of record on August 10, 2026. Amgen declared a $2.52 per share dividend for the third quarter of 2026, payable on September 11, 2026 to stockholders of record on August 21, 2026. Huntsman declared a $0.0875 per share cash dividend, payable on September 30, 2026 to stockholders of record on September 15, 2026. Boise Cascade declared a quarterly dividend of $0.23 per share, an increase of $0.01 per share or 5%, payable on September 16, 2026 to stockholders of record on September 1, 2026. Alcoa declared a quarterly cash dividend of $0.10 per share, payable on August 27, 2026 to stockholders of record on August 11, 2026. BorgWarner declared a quarterly cash dividend of $0.17 per share, payable on September 15, 2026 to stockholders of record on September 1, 2026.
Amgen's Monthly Weight Loss Drug Faces Uphill Battle Against Eli Lilly and Novo Nordisk
Amgen's monthly weight loss injection MariTide is advancing through six phase 3 trials, but its phase 2 data showing 12.3% to 16.2% weight loss at 52 weeks may not be enough to challenge Eli Lilly's Zepbound and Novo Nordisk's Wegovy. In a head-to-head comparison, tirzepatide led to 20.2% weight loss and semaglutide to 13.7% after 72 weeks, while MariTide has not been tested against either. Amgen's next major weight loss catalyst is Maritime-1, its 3,501-patient obesity trial, which reaches primary completion on Jan. 21, 2027, with the type 2 diabetes study landing the same day. Meanwhile, Eli Lilly's oral drug orforglipron was approved on April 1, and Novo Nordisk has already filed for approval with its candidate CagriSema in December 2025. Amgen's commercial chief acknowledged the company expects to be the best monthly or less frequently dosed agent, but without superior efficacy data, switching patients from established therapies will be difficult.
Moderna Leads Therapeutics Stocks with 260% Revenue Surge in Q1
Moderna reported first-quarter revenues of $389 million, a 260% year-on-year increase that exceeded analyst expectations by 55.8%, making it the fastest-growing company among the 11 therapeutics stocks tracked. The group as a whole beat consensus revenue estimates by 14.5%, with shares up an average of 9.8% since reporting. Novavax posted revenues of $139.5 million, down 79.1% year-on-year but still beating estimates by 84.5%, the largest beat in the group. United Therapeutics was the weakest performer, with revenues of $781.5 million missing estimates by 1.9%, while Amgen reported $8.62 billion in revenue, up 5.8% and beating estimates by 1.4%.
Johnson & Johnson reports early Phase 3 win for TECVAYLI plus TALVEY in multiple myeloma
Johnson & Johnson announced that an interim analysis of the Phase 3 MonumenTAL-6 trial showed the combination of TECVAYLI and TALVEY significantly reduced the risk of disease progression and death in relapsed or refractory multiple myeloma, leading to an early unblinding of the study. The Independent Data Monitoring Committee recommended the unblinding after viewing the benefit as clinically meaningful. The data are expected to inform future regulatory discussions and could support label expansions and treatment guideline changes. Johnson & Johnson sees the results reinforcing its oncology portfolio as a key growth driver within Innovative Medicine, potentially deepening its presence in a market where Bristol Myers Squibb and Amgen are also active.
J&J's Innovative Medicine unit posts 6.8% operational sales growth in Q2
Johnson & Johnson's Innovative Medicine segment delivered a 6.8% operational sales increase to $16.38 billion in the second quarter, driven by strong performances from Darzalex, Tremfya, and Erleada. Darzalex sales rose 18.9% to $4.21 billion, Tremfya surged 72.5% to $2.05 billion, and Erleada grew 9.5% to $995 million. These gains were partly offset by a 55.2% drop in Stelara sales to $740 million due to loss of exclusivity, which negatively impacted segment growth by 760 basis points. J&J expects the Innovative Medicine segment to remain its primary growth engine through the remainder of 2026, supported by new launches like Icotyde, Rybrevant, and Inlexzo, though generic competition for Simponi and Opsumit is anticipated to begin this year.
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