Amgen eyes 2026 springboard year on 6% revenue growth, MariTide

Amgen said 2026 will be a "springboard year" as first-quarter revenue rose 6% and the company prepares to launch obesity drug MariTide.

"We view 2026 as a springboard year," Peter Griffith, executive vice president and chief financial officer at Amgen, said at the Jefferies Global Healthcare Conference.

First-quarter non-GAAP earnings per share increased 5%, Griffith said. Sixteen products delivered double-digit sales growth, while 17 products are annualizing at $1 billion or more. Six key growth drivers — Repatha, EVENITY, TEZSPIRE, the innovative oncology portfolio, the rare disease portfolio and the biosimilars portfolio — represented 70% of product sales and grew 24% year over year.

The company is advancing a broad Phase 3 program for MariTide, which could require as few as four to six injections per year, addressing the roughly 50% of patients who stop weekly GLP-1 therapies within 12 months. Amgen is also building manufacturing capacity ahead of a potential launch.

Beyond MariTide, Amgen highlighted olpasiran for cardiovascular risk reduction in patients with elevated Lp(a), which reduced Lp(a) by more than 95% in Phase 2 trials. Narimon Honarpour, senior vice president and head of global development, said the company designed the study to focus on patients with high Lp(a) burden who have already experienced coronary events.

Artificial intelligence is becoming central to Amgen's operations. The company's Ohio finished drug processing plant operates with roughly 50% to 60% of the expected headcount, citing automation. Honarpour said AI has delivered speed improvements of up to 50% in late antibody optimization and, in some cases, a threefold increase in clinical trial recruitment speed. Amgen is guiding to a 45% to 46% operating margin this year.

IMDELLTRA, Amgen's medicine for small cell lung cancer, is now annualizing at more than $1 billion, Griffith said. Kave Niksefat, senior vice president and head of global marketing and access, said physicians at ASCO were "extremely excited" about the product in both frontline and maintenance settings.

On tax matters, Griffith said the IRS is arguing that Amgen's Puerto Rico operation should be treated as a limited-value contract manufacturer, a position the company "strongly" disagrees with. The 2010-2015 matter has been fully tried, with a decision not expected before the second half of 2026. Amgen announced an additional $300 million investment in Puerto Rico after its first-quarter call, on top of a previously announced $650 million.

The conference presentation shows Amgen's growth is shifting toward its newer product portfolio as older franchises face competition. Investors will watch for MariTide Phase 3 data readouts and the resolution of the Puerto Rico tax dispute, both expected in the second half of 2026.

This article is for informational purposes only and does not constitute investment advice.