Amgen Q1 Earnings Beat, R&D Up 16%

Amgen posted Q1 adjusted EPS of $5.15, beating consensus $4.80, and revenue of $8.62 bn, up 6% YoY.
FY2026 guidance targets EPS $21.70‑$23.10 (mid $22.40) and revenue $37.1‑$38.5 bn (mid $37.8 bn), near consensus.
R&D spend rose 16% driven by later‑stage programs like obesity candidate MariTide, while 16 brands posted double‑digit growth.
Free cash flow increased to $1.5 bn, but shares fell 2% after the results.