Amgen stock holds near record levels as earnings and guidance frame the outlook

Amgen stock trades on Nasdaq under ticker AMGN, and the company reported second-quarter 2026 results on 1 August 2026 with revenue of $8.4 billion, adjusted earnings per share of $5.64, and adjusted operating margin of 46.7%. The latest quarterly release also confirmed full-year 2026 revenue guidance of $34.3 billion to $35.7 billion and adjusted EPS guidance of $20.20 to $21.30.

Revenue and margin matter

Amgen's 1 August 2026 quarter was built on $8.4 billion in revenue, compared with $8.2 billion a year earlier, while adjusted EPS rose to $5.64 from $4.97 in the prior-year quarter. The gap is large enough to keep attention on execution rather than on headline volatility.

The company's adjusted operating margin of 46.7% in the quarter shows how much of that sales base still converts into profit. That margin also helps explain why guidance around $20.20 to $21.30 in adjusted EPS for 2026 matters to the stock's valuation.

Guidance still defines the range

Amgen kept full-year 2026 revenue guidance at $34.3 billion to $35.7 billion, which frames the rest of the year more tightly than a single quarter does. The revenue range implies a full-year trajectory that investors can compare against the $8.4 billion quarterly base reported on 1 August 2026.

Cash generation remains another point of focus. In the quarter, operating cash flow reached $3.0 billion, while adjusted free cash flow came in at $2.4 billion, both figures that support the company's ability to fund research, manufacturing and shareholder returns.

Repatha still counts

Among Amgen's products, Repatha remains one of the clearest revenue references because it ties directly to the company's cardiovascular franchise. The product was part of the portfolio that helped support the 2026 quarter, alongside the broader contribution from key medicines such as Enbrel and Otezla.

That product mix matters because Amgen's reported quarter showed how a diversified portfolio can stabilize top-line growth even when individual brands mature at different speeds. The latest numbers point to a business that is still shaped by launch execution, patent cycles and margin discipline.

Trading close to value

Amgen shares last traded at $310.42 on Nasdaq as of 22 July 2026, putting the stock close to the valuation band that follows the latest quarterly results. Market capitalization stood at about $166.7 billion on the same date.

For investors, the key comparison is simple: a quarter with $8.4 billion in revenue and $5.64 in adjusted EPS is now being measured against a market value above $160 billion. That makes the next earnings update and any guidance revision more important than short-term noise.