Amgen shares (NASDAQ: AMGN) are looking to test highs into earnings, up 28% over the past 12 months at $386.28. The company is set to report second-quarter 2026 results after the US market close, with expectations pointing to EPS of US$5.62, down 7% year-on-year, alongside revenue of US$9.45 billion, up 2.9% from the prior year.
The divergence between falling earnings and rising revenue puts margin trends and operating leverage in focus for investors tracking one of the world’s largest biotechnology companies.
The quarter arrives with some positive momentum: the stock has climbed 8.56% over the past month, and analysts have nudged full-year EPS estimates upward by 0.6% over the last 30 days. A recent positive opinion from the European Medicines Agency’s CHMP regarding an expanded Repatha indication for cardiovascular risk reduction adds a regulatory tailwind that could influence forward guidance. At the same time, valuation remains mixed—Amgen scores three out of six on value metrics, suggesting neither a clear bargain nor an obvious overvaluation.
What to watch
Product revenue guidance will be closely scrutinised, particularly for Repatha following the recent CHMP recommendation for an expanded label in Europe. The recommendation covers use in high-risk adults without a prior heart attack or stroke, based on Phase 3 data showing a significant reduction in major adverse cardiovascular events. If Amgen provides clarity on the European regulatory timeline or updates commercial expectations for Repatha in light of the broader indication, that could influence how analysts model the cardiovascular franchise going forward.
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Full-year guidance as always will be a key driver of the next leg, with currents FY2026 EPS projections of US$22.31 (up 2.15% year-on-year) and revenue of US$37.73 billion (up 2.67%), so any revision to those ranges will shape expectations for the second half.
Finally, full-year guidance changes will set the tone for the second half. If Amgen raises FY2026 EPS or revenue ranges, that would likely support the share price even if Q2 results come in at or slightly below consensus. If guidance is trimmed, particularly on margins, the market may look past any Q2 beat and focus on the weaker outlook.
The biotech sector has seen renewed interest in 2026 as investors rotate toward companies with established commercial franchises and late-stage clinical programs that offer visible revenue growth paths. Amgen fits that profile, with a diversified portfolio spanning cardiometabolic, oncology, and immunology indications.
With Amgen’s stock price up near all-time-highs, there is plenty riding on the print, with options markets pricing a ~4.5% move on the day.
