AMGN · Q2 FY2026
AMGEN INC Q2 FY2026 earnings analysis
By SageNoodle ResearchBullish
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| Revenue | $10.05B | $9.18B (yr ago) | Beat |
| EPS | $4.37 | $2.65 (yr ago) | Beat |
| Free Cash Flow | $3.49B | $1.91B (yr ago) | Beat |
| Gross Margin | 47.1% | not disclosed (yr ago) | Miss |
| Operating Margin | 35.0% | 28.9% (yr ago) | Beat |
What changed
Revenue increased 9.5% year over year to $10.05B, while operating margin expanded 6.1 percentage points to 35.0%. EPS rose 64.9% to $4.37 and free cash flow increased 82.7% to $3.49B, making the quarter materially stronger across earnings and cash conversion. A comparable year-ago gross margin was not disclosed in the supplied table, so no gross-margin beat can be established.
Impact on the investment thesis
There was no prior SageNoodle fair value to revise; this update establishes a base-case fair value of $370 per share. The quarter strengthens the operating thesis, but the current price already reflects much of the improvement at 23.8x trailing earnings.