Amgen Posts Higher 1Q Profit, Revenue

By Christopher Kuo

Amgen said its profit rose in the first quarter, driven by increased product sales.

The biotechnology company on Thursday reported a first-quarter profit of $1.82 billion, or $3.34 a share, up from $1.73 billion, or $3.20 a share, a year earlier.

Adjusted earnings were $5.15 a share. Analysts polled by FactSet expected $4.77 a share.

Revenue rose 6% to $8.62 billion, above the $8.58 billion projected by Wall Street, according to FactSet.

Product sales were up 4%, led by 9% growth in product volume. The gains were partially offset by a 2% decrease in selling price. The company said 16 products delivered at least double-digit sales growth in the first quarter.

For 2026, Amgen forecasts revenue of $37.1 billion to $38.5 billion and adjusted earnings of $21.70 to $23.10 per share. Analysts are projecting revenue of $37.81 billion and adjusted earnings of $22.33 a share, according to FactSet.

In March, the Food and Drug Administration said Tavneos, an Amgen drug used to treat diseases causing blood vessel inflammation, has been linked to dozens of cases with serious liver injuries, including eight deaths, The Wall Street Journal reported.

Amgen said that in April the FDA's Center for Drug Evaluation and Research issued a proposal to withdraw approval of Tavneos, asserting that there is new information indicating lack of substantial evidence of the drug's effectiveness. The company intends to engage with the FDA and may request a hearing on the proposal, Amgen said.

Write to Christopher Kuo at chris.kuo@wsj.com

(END) Dow Jones Newswires

April 30, 2026 16:16 ET (20:16 GMT)