AMGN · 10-Q · 2026Q2 · Full report

Guidance and Outlook

AMGEN INC · 2026-08-05 · Importance 56 · Surprise 42 · In source text

For the remainder of 2026, Amgen expects volume growth from certain brands to be partially offset by net selling-price declines. Management identifies potential MFN pricing reforms, tariffs, trade-protection measures, IRA provisions, expanded 340B discounts, reduced federal Medicaid spending and increased uninsured rates as sources of variability in product sales. The company specifically expects accelerated Prolia sales erosion for the remainder of 2026 as multiple biosimilars have launched in the United States and ROW. Amgen also expects further Otezla net-price declines beginning in 2027 when Medicare price setting applies.

Key facts

• The two tax cases for 2010–2012 and 2013–2015 were consolidated, trial began November 4, 2024 and concluded January 17, 2025; Court ordered supplemental closing briefs filed on May 20, 2026 and Company expects a decision no earlier than late 2026 or early 2027 source
• We intend to continue investing in our business while returning capital to stockholders through the payment of cash dividends and stock repurchases, with timing and amount to vary based on factors including future capital requirements, debt levels, credit rating, availability of financing, changes to tax or corporate laws and Board determinations. source
• Amgen expects for the remainder of 2026 volume growth from certain brands to be partially offset by net selling price declines. source

Impact estimates