Filing Flows › Amgen (AMGN) › Q1 2026
Amgen (AMGN) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 1, 2026
Amgen (AMGN) reported revenue of $8.6B for the first quarter 2026 (Q1 2026), +6% from a year earlier and -13% from the quarter before. Operating margin was 30.9%, net earnings $1.8B (21.1% of revenue).
Amgen, Q1 2026: revenue $8.6B (+6% year over year), operating margin 30.9%, net earnings $1.8B, operating cash flow $2.2B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.6B | -13% | +6% |
| Operating profit | $2.7B | -2% | +126% |
| Net earnings | $1.8B | +36% | +5% |
| Operating cash flow | $2.2B | +37% | +57% |
| Free cash flow | $1.5B | — | +50% |
What changed
Revenue was $8.6B in Q1 2026, up 6% year over year and down 13% from the previous quarter. Product sales was the largest line at 95% of revenue. Product sales added $0.34B year over year (up 4%), 74% of the total change. Otezla declined 1%.
Operating profit was $2.7B, a 30.9% margin (up 16.5 points year over year). Of the extra revenue versus Q1 2025, 317% reached operating profit, above the 14% margin then. Total costs fell 15% while revenue rose 6%. Net earnings were $1.8B, up 5% year over year. The effective tax rate was 12.7%.
Operating cash flow was $2.2B (up 57% year over year), 120% of net earnings. Non-cash charges added back $1.1B of depreciation and amortization and $0.07B of share-based compensation. Working capital and other items used $0.82B. After capital Expenditures ($0.70B), free cash flow as the company reports it was $1.5B.
Questions
What was Amgen's revenue in the first quarter 2026?
Amgen (AMGN) reported revenue of $8.6B for the first quarter 2026 (Q1 2026), +6% from a year earlier and -13% from the quarter before.
Was Amgen profitable in the first quarter 2026?
Operating profit was $2.7B (30.9% of revenue) and net earnings $1.8B.
Source: Amgen 10-Q on SEC EDGAR.