Amgen's second-quarter 2026 results show a pharmaceutical market in transition - one where biosimilar competition is producing measurable revenue effects and government drug price-setting is now operational for the first time.
Total revenues for the Thousand Oaks, California-based biotech firm reached $10.1 billion in Q2 2026, up 10% year-over-year, according to its latest financial results. Product sales grew 9%, driven by volume growth. GAAP diluted earnings per share rose 65% to $4.37, though non-GAAP diluted EPS increased a more modest 4% to $6.29.
The numbers show what biosimilar entry looks like at scale. Prolia posted a 32% year-over-year sales decline and XGEVA fell 34%, with both attributed to lower volume and lower net selling prices as multiple biosimilars launched globally. Amgen said more entrants are expected.
Enbrel, a mainstay biologic in the inflammation category, fell 4% overall, with net selling price down 22%. Amgen attributed that decline to the Inflation Reduction Act's Medicare Part D price-setting mechanism, effective January 1, and an increased 340B Program mix.
That mechanism is now operational for the first time. The IRA's Medicare Drug Price Negotiation Program set Maximum Fair Prices for ten high-expenditure Part D drugs in 2026. That was the first negotiated prices in the program's history, according to the Centers for Medicare and Medicaid Services.
The pace of brand biologic revenue decline carries practical implications for benefits brokers advising employer plan sponsors. Specialty medications were only 14% of prescriptions filled in 2025, yet made up 87.6% of total prescription spend, according to Benefitfocus claims data covering roughly 600,000 covered members. Biosimilar formulary strategies are among the tools available to reduce that concentration.
Amgen is advancing MariTide, a monthly-dosed antibody-peptide conjugate targeting both the GLP-1 receptor and the GIPR, through multiple Phase 3 studies. The program covers obesity with and without type 2 diabetes, cardiovascular outcomes, heart failure, and obstructive sleep apnea. No Phase 3 efficacy data has been released.
GLP-1 drugs are already a cost pressure point for employer health plans. The 2026 Amwins Benefits State of the Market report estimated some employers are adding 2% or more to their healthcare budgets solely for these medications. A new entrant with a monthly dosing profile could affect formulary negotiations once Phase 3 data becomes available.
Amgen's full-year 2026 guidance calls for total revenues of $38.2 billion to $39.4 billion, with non-GAAP EPS of $22.30 to $23.50.
