Amgen Inc.: 6 key growth drivers represent nearly 70% of Q2 sales

Amgen Inc. 2026 Q2: Financial Performance summary

• 22 products delivered double-digit sales growth, and 17 products annualized at more than $1 billion based on Q2 sales.
• Capital expenditures were $500 million in Q2 2026, with 2026 capex expected to be approximately $2.6 billion.
• Free cash flow was $3.5 billion in Q2 2026.
• Non-GAAP cost of sales as a percentage of product sales was 19.6%, with the year-over-year increase driven primarily by higher profit sharing and royalty expenses and sales mix changes.
• Non-GAAP operating margin was 48% in Q2 2026 while continuing to invest in innovation.
• Non-GAAP R&D spending increased 10% year-over-year in Q2 2026.
• Total revenues exceeded $10 billion in Q2 2026, up 10% year-over-year.