Amgen Inc. (AMGN): 2Q earnings preview: Expect continued commercial execution as pipeline comes back into focus in 2H+

Research evidence excerpt

Amgen Inc. (AMGN): 2Q earnings preview: Expect continued commercial execution as pipeline comes back into focus in 2H+

Equity Research

28 July 2026 | 5:00AM EDT

Amgen Inc. (AMGN): 2Q earnings preview: Expect continued commercial

execution as pipeline comes back into focus in 2H+

AMGN shares have outperformed both the sector (+5% vs. DRG) and broader market Salveen Richter, CFA

+1(212)934-4204 |

(+7% vs. S&P 500) YTD, driven, in our view, by: (i) expectations for continued salveen.richter@gs.com

Goldman Sachs & Co. LLC

commercial execution (following the strong 1Q report), including key ongoing

Matt Dellatorre, Ph.D.

launches (e.g., potential Uplizna beat, per IQVIA script data), and long-term growth +1(212)855-0830 |

drivers (e.g., Imdelltra, Repatha, Tezspire), as well as (ii) defensive appeal given matt.dellatorre@gs.comGoldman Sachs & Co. LLC

limited catalyst overhangs this year, albeit we expect investor attention to turn Shrunatra Mishra

towards the pipeline (e.g., MariTide, Lp(a) and others into 2H26+) as specialists +1(332)245-7673shrunatra.mishra@gs.com|

debate the losses-of-exclusivity (LOE) offset strategy. Goldman Sachs India SPL

Elizabeth Webster, Ph.D.

Commercial momentum remains key for 2Q, where we believe consensus is the bar +1(212)357-9925elizabeth.webster@gs.com|

(albeit performance across products, including the aforementioned drivers, will also Goldman Sachs & Co. LLC

Reerink, CFAbe important). We expect investor focus also on management’s commentary Tommie | +1(212)357-2470

regarding the following: (1) competitive dynamics, including Repatha (following the tommie.reerink@gs.com Goldman Sachs & Co. LLC

mid-July approval of MRK’s oral PCSK9 Lipfendra - albeit the food effect is

Lydia Erdman