The total revenue of Amgen Inc. (AMGEN) increased by 9.5% year-on-year to $10.1 billion in the second quarter of 2026. Total revenue comprises product sales and other revenues. Product sales were $9.5 billion or 94.9% of total revenue in quarter 2 of 2026 compared with $8.8 billion or 95.6% of total revenue in quarter 2 of 2025. Four categories of products accounted for 87.5% of product sales in quarter 2 of 2026 versus 87.6% of product sales in the second quarter of 2025. These product categories are Oncology, General Medicine, Inflammation, and Rare Disease.
Quarter 2, 2026 Financial Overview
| 3 Months to June 30, 2026 | 3 Months to June 30, 2025 | % Change | |
| Revenue | $10,054,000,000 | $9,179,000,000 | 9.5% |
| Operating Income | $3,514,000,000 | $2,656,000,000 | 32.3% |
| Income Before Taxes | $2,768,000,000 | $1,568,000,000 | 76.5% |
| Net Income | $2,375,000,000 | $1,432,000,000 | 65.9% |
| EPS | $4.37 | $2.65 | 64.9% |
Major revenue sources are growing revenue
| 2026 | 2025 | Year-on-Year Change in Revenue | |||
| Revenue | Revenue as % of Product Sales | Revenue | Revenue as % of Product Sales | ||
| General Medicine | $2,426,000,000 | 25.4% | $2,336,000,000 | 26.6% | 3.9% |
| Rare Disease | $1,461,000,000 | 15.3% | $1,140,000,000 | 13.0% | 28.2% |
| Ultra-Rare Products | $149,000,000 | 1.6% | $183,000,000 | 2.1% | -18.6% |
| Inflammation | $1,999,000,000 | 21.0% | $1,827,000,000 | 20.8% | 9.4% |
| Oncology | $2,458,000,000 | 25.8% | $2,383,000,000 | 27.2% | 3.1% |
| WEZLANA/WEZENLA | $61,000,000 | 0.6% | $35,000,000 | 0.4% | 74.3% |
| Established Products | $632,000,000 | 6.6% | $533,000,000 | 6.1% | 18.6% |
| Other Products | $351,000,000 | 3.7% | $334,000,000 | 3.8% | 5.1% |
Oncology, the highest contributor to revenue, raked in $2.5 billion in quarter 2 of 2026, compared with $2.4 billion in the corresponding period of the previous year. It accounted for 25.8% of product sales (quarter 2, 2025:27.2% of total revenue). General Medicine, the second-highest revenue source, gained revenue of 3.9% year-on-year to $2.4 billion in quarter 2 of 2026. General Medicine comprises Repatha, Prolia, and EVENITY.
Profitability
Operating income was up 32.3% from $2.7 billion in quarter 2, 2025 to $3.5 billion in quarter 2, 2026. Likewise, net income improved by 65.9% year-on-year to $2.4 billion. Operating profit margin and net income margin increased by 6.1 and 8 percentage points respectively.
Cash and balance sheet
AMGEN‘s total assets stood at $95.6 billion at the end of the second quarter of 2026, while its total equity was $11.7 billion. The company carried a huge debt on its balance sheet. The total debt of $57.3 billion was 490.3% of total equity. However, total debt only formed 59.9% of total assets, and there is adequate operating income and operating cash flow to pay interest expense.
The company generates free cash flow in spite of the continuous spending on research and development and capital. Operating cash flow stood at $3.5 billion in quarter 2 of 2026 compared with $1.9 billion in quarter 2 of 2025.
Management forecast
| Full Year 2026 | |
| Revenue | $38.2 billion to $39.4 billion |
| EPS (on GAAP basis) | $15.80 to $17.08 |
| Capital expenditures | $2.6 billion |
