Amgen's revenue grew 10% in the second quarter, and non-GAAP earnings per share grew 4%. Management raised the midpoint of its 2026 revenue guidance by $1 billion to $38.8 billion and raised the non-GAAP EPS guidance midpoint by $0.50 to $22.90.
Amgen's pipeline had been stale since the launch of Prolia/Xgeva, but cholesterol drug Repatha revived our enthusiasm for the firm's research engine. Blincyto and Tezspire also look differentiated.
Biosimilars have been on the market in Europe since 2007 but have had a larger impact on Amgen since 2019 as US exposure intensifies. Pressure on Prolia/Xgeva intensified in 2026.
|
Metric
|
AMGN
|
NVS
|
REGN
|
|---|---|---|---|
Price/Earnings (Normalized) | 19.54 | 18.43 | 17.60 |
Price/Book Value | 20.22 | 7.32 | 2.69 |
Price/Sales | 6.24 | 5.44 | 5.70 |
Price/Cash Flow | 18.29 | 16.06 | 19.00 |
|
Metric
|
AMGN
|
NVS
|
REGN
|
|---|---|---|---|
Quick Ratio | 0.95 | 0.55 | 2.63 |
Current Ratio | 1.37 | 0.86 | 3.34 |
Interest Coverage | 4.86 | 11.90 | 80.98 |
|
Metric
|
AMGN
|
NVS
|
REGN
|
|---|---|---|---|
Return on Assets (Normalized) | 13.30% | 14.74% | 12.70% |
Return on Equity (Normalized) | 130.43% | 39.06% | 16.48% |
Return on Invested Capital (Normalized) | 22.07% | 21.25% | 13.47% |
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1-Day Chart
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