Amgen Q1 revenue rises

Overview

• Biotechnology firm's Q1 revenue rose 6% yr/yr to $8.6 bln, product sales up 4%

• Non-GAAP EPS for Q1 increased 5% yr/yr, driven by higher revenues

• Company raised quarterly dividend 6% from prior year

Outlook

• Amgen sees 2026 total revenue between $37.1 bln and $38.5 bln

• Company expects 2026 GAAP EPS of $15.62 to $17.10 and non-GAAP EPS of $21.70 to $23.10

• Amgen expects accelerated sales erosion for some products in 2026 due to increased biosimilar competition

Result Drivers

• VOLUME GROWTH - Co said product sales growth was driven by 9% higher volumes, with 16 brands achieving double-digit sales growth

• PRICING AND COMPETITION PRESSURE - Co cited lower net selling prices and increased competition, including from biosimilars and U.S. Medicare Part D price setting, as factors weighing on sales of some products

• HIGHER OPERATING EXPENSES - Co said higher R&D spending in late-stage clinical programs contributed to increased operating expenses

Company press release: ID:nPn7m8XMya

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 16 "strong buy" or "buy", 19 "hold" and 3 "sell" or "strong sell"

• The average consensus recommendation for the pharmaceuticals peer group is "buy."

• Wall Street's median 12-month price target for Amgen Inc is $355.00, about 5% above its April 29 closing price of $338.02

• The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 15 three months ago

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