Amgen Inc. (AMGN) earnings on August 4, 2026

AMGN price around the earnings

407.83

Change: +4.5%

Start of the measured window End of the measured window

386.55 396.31 406.08 415.84 390.20

August 4, 2026 August 5, 2026

Price: green if it ends above the starting price; red if it ends below
Start of the measured window
End of the measured window
Market open
No trading (market closed)
Starting price

Price series around the event

Prior thesis

Prior outlook: No statistical edge

Thesis published: 2026-08-04, 19:56 UTC
Results released: 2026-08-04, 20:02 UTC

Strong past earnings beats, but analyst targets imply downside with recent data breach news.

Context analyzed before publication

Trend: Score fluctuated but ended at -23.2 — mixed contexts with analyst/technical divergence.

Analysts

Evidence

Analyst consensus: Buy
Consensus average (1-5): 2.44
Analysts covering the stock: 29
Average price target: 357.03
Lowest price target: 215
Highest price target: 427
Upside to price target: -8.4%
Quarterly earnings growth: 5.1%
Revenue growth: 5.8%
Forward EPS: 23.44
Trailing EPS: 14.36
Analyst moves in the last 60 days: 8

Strong buy: 4
Buy: 10
Hold: 17
Sell: 2
Strong sell: 1

Strong buy: 4
Buy: 10
Hold: 17
Sell: 2
Strong sell: 1

July 29, 2026 · Barclays: Maintains rating (Equal-Weight → Equal-Weight)
July 13, 2026 · UBS: Maintains rating (Buy → Buy)
July 13, 2026 · Guggenheim: Maintains rating (Neutral → Neutral)
July 8, 2026 · Morgan Stanley: Maintains rating (Equal-Weight → Equal-Weight)
July 7, 2026 · Truist Securities: Maintains rating (Hold → Hold)
July 6, 2026 · Cantor Fitzgerald: Reiterates rating (Neutral → Neutral)
June 16, 2026 · Mizuho: Maintains rating (Neutral → Neutral)
June 10, 2026 · Morgan Stanley: Maintains rating (Equal-Weight → Equal-Weight)

News and sentiment

Evidence

Sentiment

Sentiment: Constructive
Mention volume: High
Normalized volume: 99%

News

Sources (7)

SpaceX Could Swing $204 Billion After Earnings (opens in a new tab) — Benzinga
Amgen Identifies Unauthorized Activity In Third-party Cloud Environments In July 2026; Reports No Impact To Products, Operations, Or Financial Reporting From Incident; Reports Exfiltration Of Proprietary And Patient Data From Cloud Environments (opens in a new tab) — Benzinga
Barclays Maintains Equal-Weight on Amgen, Raises Price Target to $360 (opens in a new tab) — Benzinga
Amgen Disagrees With FDA Proposal To Withdraw TAVNEOS From U.S. Market; Submitted Data And Analyses To FDA To Request Hearing On TAVNEOS (opens in a new tab) — Benzinga
$100 Invested In Amgen 15 Years Ago Would Be Worth This Much Today (opens in a new tab) — Benzinga
UBS Maintains Buy on Amgen, Raises Price Target to $420 (opens in a new tab) — Benzinga
Guggenheim Maintains Neutral on Amgen, Raises Price Target to $343 (opens in a new tab) — Benzinga

Technicals

Evidence

Price when the context was analyzed: 378.86
Average true range (ATR): 2.8%
Distance to 52-week high: -0.8%
14-day change (14d): +4.1%
30-day change (32d): +1.3%
30-day relative strength: +3.1%
QQQ change (32d): -1.8%
Nearest support: 377.05
Distance to nearest support: 0.5%
Nearest resistance: 379.05
Distance to nearest resistance: 0.1%
Volume accumulation ratio (14d / 46d): 1.11

Mid: 377.05 (0.5% away, 0.17 ATR, 2 touches)
Mid: 374.68 (1.1% away, 0.4 ATR, 24 touches)
Mid: 372.45 (1.7% away, 0.61 ATR, 12 touches)

Mid: 379.05 (0.1% away, 0.02 ATR, 22 touches)
Mid: 381.73 (0.8% away, 0.27 ATR, 12 touches)
Minor: 383.76 (1.3% away, 0.46 ATR, 6 touches)

Trends

Evidence

Average earnings surprise: +11.6%

April 30, 2026: actual EPS 5.15 vs estimate 4.77 (surprise +8.0%)
February 3, 2026: actual EPS 5.29 vs estimate 4.73 (surprise +11.9%)
November 4, 2025: actual EPS 5.64 vs estimate 5.01 (surprise +12.5%)
August 5, 2025: actual EPS 6.02 vs estimate 5.28 (surprise +14.1%)

Expected move

Implied move: +3.5%
Source: Options chain

Reactions over its last 20 earnings

Median move: 4.8%
75th percentile move: 6.4%
90th percentile move: 7.9%
Up / down moves: 9 / 11
Average up move: +5.8%
Average down move: -3.5%

Monitoring and close

What Amgen Inc. reported

Status: Finished

Actual EPS	6.29
EPS estimate	5.62
EPS surprise	+11.9%
Revenue	$10,054 million
Revenue estimate	$9,421 million
Revenue surprise	+6.7%

Amgen reported second-quarter adjusted earnings of $6.29 per share, beating estimates. Sales rose 9% to $10.05 billion. The company raised its full-year sales outlook by about $1 billion.

Sources (13)

Amgen Q2 Earnings Call Highlights (opens in a new tab) — MarketBeat
Amgen Exec Says Spent $500M In Q2 On Capital Expenditures, Driven By Investments Across U.S. Manufacturing Sites; Continues To Expect Capital Expenditures Of About $2.6B In 2026 To Scale Manufacturing Capacity, Including For Maritide's Launch; Expect A Meaningful Sequential Increase In Operating Expenses In Q3 (opens in a new tab) — Benzinga
Amgen (AMGN) Q2 Earnings and Revenues Surpass Estimates (opens in a new tab) — Zacks
Amgen Discontinuing Future Development Of AMG 513; To Continue Phase 1 Trial Of AMG 513 In Adults With Obesity (opens in a new tab) — Benzinga
Amgen (NASDAQ:AMGN) Delivers Strong Q2 CY2026 Numbers, Guides for Strong Full-Year Sales (opens in a new tab) — StockStory
Amgen Lifts Outlook on Strong Drug Sales, to End Early Development of Obesity Treatment (opens in a new tab) — The Wall Street Journal
Amgen second-quarter sales rise 9%, profit tops Street view (opens in a new tab) — Reuters
Amgen Narrows FY2026 GAAP EPS Guidance from $15.62-$17.10 to $15.80-$17.08 vs $15.44 Est (opens in a new tab) — Benzinga
Amgen Raises FY2026 Adj EPS Guidance from $21.70-$23.10 to $22.30-$23.50 vs $22.35 Est; Raises FY2026 Sales Guidance from $37.100B-$38.500B to $38.200B-$39.400B vs $37.741B Est (opens in a new tab) — Benzinga
Amgen beat expectations with adjusted earnings of $6.29 per share and sales of $10.054 billion, above forecasts. — Benzinga
Amgen Q2 Adj. EPS $6.29 Beats $5.62 Estimate, Sales $10.054B Beat $9.421B Estimate (opens in a new tab) — Benzinga
Amgen Hikes Sales Outlook By $1 Billion After Second-Quarter Smash (opens in a new tab) — Investor's Business Daily
AMGEN REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS (opens in a new tab) — Yahoo

Pre-market second reading after the results

Verdict: Beat expectations

Heading into the open, results beat expectations on both earnings and revenue, and the price is indicating -0.0% pre-market, a move below the stock's usual reaction (about 5%). The figures don't confirm the prior scenario: that move is too small to draw conclusions from.

How the stock reacted

Consolidated: +4.2%
Max move: +6.7%

No verdict: the outlook took no direction, so there is nothing to score as a hit or a miss.