Amgen Lifts Outlook on Strong 2Q Drug Sales, to End Early Development of Obesity Treatment

By Elias Schisgall

Amgen lifted its outlook for the year after strong drug sales bolstered the company's bottom line in the second quarter, but added that it would end development of an early-stage obesity treatment.

The biotechnology company on Tuesday said it was halting the development of AMG 513, a potential obesity treatment currently in a phase 1 study. That study will be carried to completion to follow enrolled participants, Amgen said. The company didn't provide a reason for the discontinuation.

With development of AMG 513 ending, Amgen's only candidate in the space is MariTide, which is currently in phase 3 studies for a range of indications such as obesity, Type 2 diabetes and chronic weight management.

Amgen also lifted its guidance, saying it now expects full-year revenue between $38.2 billion and $39.4 billion, up from a previous view of $37.1 billion to $38.5 billion. Adjusted per-share earnings are expected between $22.30 and $23.50, up from a range of $21.70 to $23.10.

Analysts surveyed by FactSet currently expect $22.36 a share in adjusted earnings on $37.74 billion in revenue.

The company reported a profit of $2.38 billion, or $4.37 a share, in the quarter ended June 30, compared with a profit of $1.43 billion, or $2.65 a share, a year earlier.

Stripping out certain one-time items, the company reported adjusted earnings of $6.29 a share. Analysts were expecting $5.62 a share.

Revenue rose to $10.05 billion, up from $9.18 billion a year prior and beating analyst expectations for $9.43 billion. The growth was headlined by higher worldwide sales of Repatha, which rose 37%, to $953 million, and Evenity, which was up 38%, to $714 million.

"Our six key growth drivers grew 26% year over year, generating nearly 70% of second-quarter product sales," Chief Executive Officer Robert Bradway said. "As we expand the potential of our existing medicines through new indications and advance the next wave of pipeline molecules through Phase 3, we remain confident in our ability to deliver growth well into the next decade."

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

August 04, 2026 16:07 ET (20:07 GMT)