Amgen (AMGN) Q2 2026: Prolia Falls 32%, Growing Products Add $1.5B
Amgen's newer medicines outgrew its collapsing legacy franchises by roughly two to one this quarter. Products in decline shed $765 million of quarterly sales year over year, led by a 32.4% drop in Prolia and a 33.8% drop in XGEVA — the two denosumab brands, both now facing multiple biosimilar launches worldwide. Products in growth added $1,531 million, spread across the "Other products" bucket (+$317 million), Repatha (+$257 million), EVENITY (+$196 million), TEZSPIRE (+$144 million) and a cluster of newly launched oncology and immunology drugs. (Both aggregates are our own computation from the product-sales table in Note 15 of the 10-Q; Amgen does not disclose them as such. They cover product revenues only; the remaining $109 million of total revenue growth of $875 million reflects non-product revenues not captured in the product table.) Total revenue reached $10,054 million — the first quarter in which Amgen has cleared $10 billion, topping the $9.9 billion it reported in Q4 2025, its previous high. Alongside the results the company raised full-year 2026 revenue guidance to $38.2–39.4 billion from $37.1–38.5 billion. The reported operating margin jumped to 35.0% from 28.9% — but almost all of that expansion came from acquisition accounting charges rolling off, not from operating discipline.
1. Consolidated Balance Sheet
1-1. Principal asset lines
| Item | Dec 31, 2025 ($M) | Jun 30, 2026 ($M) | Change % |
|---|---|---|---|
| Cash and cash equivalents | 9,129 | 13,989 | +53.2 |
| Trade receivables, net | 9,570 | 10,227 | +6.9 |
| Inventories | 6,225 | 6,220 | -0.1 |
| Property, plant and equipment, net | 7,913 | 8,547 | +8.0 |
| Intangible assets, net | 22,276 | 20,487 | -8.0 |
| Goodwill | 18,680 | 18,668 | -0.1 |
| Total assets | 90,586 | 95,639 | +5.6 |
The cash build is the headline. Amgen added $4,860 million of cash in six months, and essentially all of it came from operations. Operating cash flow of $6,191 million covered $1,285 million of investing outflows, while financing was a wash at just $(46) million. The bridge on the financing line: $3,964 million of first-quarter debt proceeds, less $2,720 million of dividends paid, $833 million of debt repayment, $233 million of debt repurchase and a further $224 million of "Other" financing outflows — the last item mostly net settlement of employee equity awards. Nearly all of the ending cash balance sits in money market funds ($10,793 million) and Treasury bills ($2,493 million), all maturing within one year.
Receivables grew 6.9% against half-year revenue growth of 7.8%. Collections are keeping pace with sales — there is no sign of channel stuffing. Inventories were flat in dollars while sales rose, which means inventory turned faster. Within that flat total, finished goods fell to $1,668 million from $1,885 million while raw materials rose to $1,082 million from $915 million. That mix shift suggests product is moving out the door rather than piling up.
