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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Yaron Werber | TD Cowen | 8 (0%) |
| Terence Flynn | Morgan Stanley | 7 (0%) |
| Salveen Richter | Goldman Sachs | 7 (14%) |
| Chris Schott | JPMorgan | 7 (0%) |
| Dave Risinger | Leerink Partners | 5 (20%) |
| David Amsellem | Piper Sandler | 5 (20%) |
| Jay Olson | Oppenheimer | 5 (0%) |
| Alex Hammond | Wolfe Research | 5 (0%) |
| Mike Yee | UBS | 5 (20%) |
| Matt Phipps | William Blair | 4 (25%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| TD Cowen | 1 | 8 (0%) |
| Morgan Stanley | 1 | 7 (0%) |
| JPMorgan | 1 | 7 (0%) |
| Goldman Sachs | 1 |
Amgen grew product sales 4% in Q1 as growth drivers including Repatha, EVENITY, TEZSPIRE, and BLINCYTO offset ongoing loss-of-exclusivity headwinds, with Repatha momentum accelerating on the VESALIUS primary prevention data. MariTide advanced with additional Phase III studies initiated while the pipeline continued producing positive readouts across multiple therapeutic areas. Management raised FY2026 guidance for both revenue and non-GAAP EPS to $21.70-$23.10.
Innovation & R&D | Competitive Dynamics | Product Launch | Demand | Revenue Growth | Regulation Policy | M&A | Pricing | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 7 | 8 | 4 | 4 | 7 | 1 | 1 | |
| 2025Q1 | 5 | 7 | 6 | 6 | 1 | 1 | 2 | |
| 2025Q2 | 10 | 7 | 5 | 2 | 1 | 3 | 2 | 1 |
| 2025Q3 | 6 | 4 | 1 | 3 | 2 | 1 | 1 | |
| 2025Q4 | 6 | 7 | 3 | 2 | 1 | |||
| 2026Q1 | 7 | 4 | 4 | 2 | 2 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Innovation & R&D | 7 | 5 | 10 | 6 | 6 | 7 |
| Competitive Dynamics | 8 | 7 | 7 | 4 | 7 | 4 |
| Product Launch | 4 | 6 | 5 | 1 | 3 | 4 |
| Demand | 4 | 6 | 2 | 3 | 2 | |
| Revenue Growth | 7 | 1 | 1 | 2 | ||
| Regulation Policy | 1 | 1 | 3 | 2 | 1 | 2 |
| M&A | 1 | 2 | 1 | 1 | ||
| Pricing | 2 | 1 | 1 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $9.09B | +10.9% | $1.16 | -18.3% | 65.7% | 25.4% | 6.9% | $4.40B |
| FY2025 Q1 | $8.15B | +9.4% | $3.20 | +1623.8% | 63.6% | 14.5% | 21.2% | $980M |
| FY2025 Q2 | $9.17B | +9.3% | $2.65 |
| 7 (14%) |
| Piper Sandler | 1 | 5 (20%) |
| Leerink Partners | 1 | 5 (20%) |
| Evercore ISI | 2 | 5 (60%) |
| Oppenheimer | 1 | 5 (0%) |
| +92.0% |
| 67.2% |
| 28.8% |
| 15.6% |
| $1.91B |
| FY2025 Q3 | $9.56B | +12.4% | $5.93 | +13.6% | 67.8% | 26.4% | 33.7% | $4.25B |
| FY2025 Q4 | $9.90B | +8.9% | $2.45 | +111.2% | 81.9% | 39.8% | 13.5% | $961M |
| FY2026 Q1 | $8.62B | +5.8% | $3.34 | +4.4% | 68.2% | 30.9% | 21.1% | $1.48B |
| FY2026 Q2 | $10.05B | +9.7% | $4.37 | +64.9% | 72.0% | 35.0% | 23.6% | $3.49B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What AMGN and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“PABLUE, our biosimilar to EYLEA, delivered $280 million in first quarter sales.”
Amgen's EYLEA biosimilar PABLUE generated $280M in Q1, implying biosimilar erosion pressure on Regeneron's branded EYLEA.
“can you go over any of the biological differences between DASO and then the Novartis CD40, but also Sanofi CD40L, which both ended up discontinuing their programs?”
An analyst notes Sanofi's CD40L program was discontinued, contrasting it with Amgen's continued dazodalibep development.
“that makes this molecule very different than CFZ533 from Novartis.”
Amgen differentiates its CD40-ligand asset dazodalibep from Novartis's CFZ533, a competing CD40 program that was discontinued.
“Do you want to be the number three player behind Novo and Lilly, or are you assuming a higher position than that with your product?”
An analyst frames Eli Lilly as one of the two incumbent obesity leaders Amgen's Meritide will compete against.
“Do you want to be the number three player behind Novo and Lilly, or are you assuming a higher position than that with your product?”
An analyst frames Novo Nordisk as one of the two incumbent obesity leaders Amgen's Meritide will compete against.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
AMGN Amgen Inc. | 8 | +5.8% | |
| ABBV AbbVie | 9 | +12.4% | |
| BIIB Biogen | 4 | +1.9% | |
| BMY Bristol Myers Squibb | 4 | +2.6% | |
| GILD Gilead Sciences | 8 | +4.4% | |
| JNJ Johnson & Johnson | 7 | +9.9% | |
| LLY Lilly (Eli) | 10 | +55.5% | |
| MRK Merck & Co., Inc. | 7 | +4.3% | |
| PFE Pfizer | 5 | +5.4% |