AMGN: Six Growth Drivers Likely to Boost Near-Term Outlook, While Call Likely to Focus on Key Pipeline Assets; 2Q26 Earnings Preview; Raise PT to $343, Maintain Neutral

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AMGN: Six Growth Drivers Likely to Boost Near-Term Outlook, While Call Likely to Focus on Key Pipeline Assets; 2Q26 Earnings Preview; Raise PT to $343, Maintain Neutral

July 10, 2026

Vamil Divan, M.D. vamil.divan@guggenheimpartners.com AMGN: Six Growth Drivers Likely to Boost Near-Term

212 823 6543 Outlook, While Call Likely to Focus on Key Pipeline

Daniel Krizay, Ph.D.

daniel.krizay@guggenheimpartners.com Assets; 2Q26 Earnings Preview; Raise PT to $343,

212 823 6561 Maintain Neutral Arseniy Shabashvili

arseniy.shabashvili@guggenheimpartners.com

212 699 1971 Key Message: We are updating our AMGN company model ahead of 2Q 2026 results

Edouard Mullarky, Ph.D. that will be released on Aug 4 following our recent meeting with management (link

edouard.mullarky@guggenheimpartners.com to our note HERE), our catch-up with the AMGN IR team, and our analysis of IQVIA

212 518 9579 (IQV) script trends. IR reiterated that 2026 represents a springboard year for Amgen

with the meaningful growth seen with their six key growth drivers partially offset by

LOE headwinds for Prolia and Xgeva, and competitive pressure on Otezla. The sales

erosion for both of the denosumab products is expected to accelerate through the

year as additional biosimilars enter the market, which is reflected in our script analysis.AMGN NEUTRAL Additionally, script trends were slightly weaker than we had anticipated this quarter Amgen Inc. for Krystexxa and Otezla, while volumes for Repatha, Evenity, Enbrel, and Lumakras Sector: Biotechnology

exceeded our expectations. Overall, these factors lead us to update our 2Q 2026

Earnings Preview sales/EPS estimates to $9.39Bn/$5.46 (from $9.46Bn/$5.47), and FY 2026 sales/EPS

estimates to $37.49Bn/$21.90 (from $37.68Bn/$21.91).