Amgen Earnings Preview: What to Expect

Thousand Oaks, California-based Amgen Inc. (AMGN) is a leading independent biotechnology company that discovers, develops, manufactures, and delivers innovative biologic medicines for serious diseases. With a market capitalization of approximately $197.7 billion, the company focuses on oncology, inflammation, general medicine, and rare diseases, leveraging advanced human genetics and biologics manufacturing to improve patient outcomes globally.

AMGN is set to report its Q2 earnings on Wednesday, August 5, 2026, after the market closes. Ahead of the release, analysts expect the company to report a diluted EPS of $5.57, down 7.5% from $6.02 in the year-ago quarter. AMGN has exceeded Wall Street's EPS estimates in each of the past four trailing quarters, which is impressive.

For fiscal 2026, analysts expect the company to report EPS of $22.31, up 2.2% from $21.84 in fiscal 2025. Moreover, its EPS is projected to increase another 6.1% year over year to $23.68 in fiscal 2027.

AMGN stock has gained 22.8% over the past 52 weeks, surpassing both the S&P 500 Index ($SPX), which returned 18.4%, and the State Street Health Care Select Sector SPDR ETF (XLV), which climbed 21.4% during the same period.

On Jul. 2, Amgen shares rose 3.1% after a federal judge blocked Colorado's plan to impose a 70% price cap on its blockbuster drug, Enbrel. The preliminary injunction removed a key pricing overhang, with the court finding Amgen was likely to suffer significant economic harm and that the state's price cap may be preempted by federal law, easing concerns that similar measures could spread to other states.

Analysts remain somewhat bullish on AMGN, with the stock earning a consensus "Moderate Buy" rating. Among the 35 analysts covering the stock, 13 recommend a "Strong Buy," two suggest a "Moderate Buy," 17 recommend "Hold," one recommends "Sell," and two rate it "Strong Sell." While the stock currently trades above the average analyst price target of $360.90, the Street-high price target of $427 suggests an upside potential of 18.3% from the current market price.

On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.