Amgen Q1 Earnings Preview: Can It Extend the Beat Streak?

Amgen (AMGN) is scheduled to report its first-quarter 2026 earnings on Thursday. The report comes as the company continues to benefit from growth in key drugs such as Prolia and Repatha, but faces challenges from pricing pressure, patent losses, and increasing biosimilar competition. The key question for investors: can Amgen extend its streak of beating earnings estimates?

Key Financial Results

Results have not been announced yet. In Q4 2025, Amgen reported revenue of $8.4 billion and adjusted EPS of $4.85. Analysts expect Q1 2026 revenue of around $8.1 billion and adjusted EPS of $4.20.

Highlights from the Report

No report has been released yet. However, the company is expected to highlight growth in Prolia (+12% in 2025) and Repatha (+15%), along with updates on newer drugs like Tezspire and Otezla. The impact of biosimilar competition on Enbrel will also be a key topic.

Guidance

No guidance has been issued yet. In the previous quarter, Amgen maintained its full-year 2026 guidance of revenue between $33.2 billion and $34.2 billion, and adjusted EPS between $18.80 and $20.00.

Impact on Stock

Amgen shares currently trade at $312, up 8% year-to-date. If results beat expectations, the stock could rise 3-5% in the following sessions. A miss could lead to a 2-4% decline.

What This Means for Investors

Amgen remains a solid player in the biotech sector, but challenges such as patent expirations and pricing pressure are weighing on growth. Investors should monitor key drug sales and pipeline updates, as well as the company's ability to maintain profit margins.