Amgen Inc.：2Q26广泛超预期并上调指引

研报英文原文证据摘录

M

Idea

August 5, 2026 01:28 AM GMT

Morgan Stanley & Co. LLC

Amgen Inc. | North America

Terence C Flynn, Ph.D.

Equity Analyst

Broad based 2Q26 beat and

raise

Chris Yu, J.D., Ph.D.

Equity Analyst

Connor M Massari

Equity Analyst

What’s Changed

Amgen Inc. (AMGN.O)

From

To

Price Target

$333.00

$351.00

Alexander Yevdokimov, Ph.D.

Research Associate

Hailey Horowitz

Research Associate

AlphaSignals Earnings Reaction

Unchanged

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Damien H Kerner

Research Associate

Morgan Stanley India Company Private Limited+

Saket Agarwal

AMGN posted a 2Q beat, driven by a majority of products, and

raised the mid-point of the rev guidance by ~$1bn (~3%). The

next catalysts for the stock are lateral data from NVS's Ph3 Lpa

trial and Dazo Ph3 Sjogren's data both expected in 2H.

Research Associate

Amgen Inc. (AMGN.O, AMGN US)

Biotechnology | United States of America

came from Enbrel and Neulasta. Non‑GAAP EPS of $6.29 came in ahead of MSe/

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

cons $5.50/$5.62. See Exhibit 1 and Exhibit 2 for income statement and product

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

EPS ($)**

Prior EPS ($)**

P/E

EPS ($)§

Div yld (%)

21.84

15.0

21.30

2.9

2Q26 recap: Revenue of $10.1bn was above MSe/cons of $9.4bn. Repatha and

Uplinza each came in ~$30mn ahead of consensus, but $200mn of the rev beat

revenue variance. 2026 guidance raised: AMGN raised total revenue guidance to

$38.2-$39.4bn from $37.1-$38.5bn previously (vs. MS new/old/cons of $38.4bn/

$37.6bn/$37.7bn), and also raised 2026 non-GAAP EPS guidance to $22.30-$23.50

from $21.70-$23.10 previously (vs. MS new/old/cons $22.93/$22.24/$22.36). AMGN

continues to expect roughly 45-46% non-GAAP operating margin. AMGN reiterated

2026 share repurchases not to exceed $3bn.

Equal-weight

Attractive

$351.00

$390.02

$212,171

$398.00-269.77

22.93

22.24

17.0

22.35

2.6

23.01

22.52

17.0

23.46

2.7

26.20

25.53

14.9

24.45

2.8

…