I'll research AMGN before writing the preview. Let me pull recent earnings materials, filings, and news.A cybersecurity 8-K just dropped. Let me read the latest Q1 2026 earnings call, the Q1 release, and get more recent news including the cyber incident.Let me read the Q1 2026 earnings release for exact figures, the cybersecurity 8-K, and recent stock performance.Let me get the original 2026 guidance from the Q4 2025 call and check recent news/consensus around the late-July stock move.I have enough to write a well-grounded preview. Here it is.

Amgen (AMGN) — Q2 2026 Earnings Preview

Report date: Tuesday, August 4, 2026 (after market close) · Event: 2026 Q2 Earnings Call

The one-line setup

2026 is the year Amgen has explicitly framed as a "springboard" — a year in which its fast-growing brands are supposed to fully absorb the impact of major patent expirations (Prolia/XGEVA, Enbrel) while the late-stage pipeline (led by MariTide) advances. Q1 delivered on that thesis and management raised full-year guidance. Q2 is the "prove-it-again" quarter, but it arrives with two fresh overhangs — a material cybersecurity breach disclosed July 31 and an escalating IRS tax dispute — that could dominate the narrative regardless of the print.

Where the stock sits

AMGN is up roughly +16% YTD (~$328 → ~$379), having spiked to a high near $393 on July 28 before pulling back after the cyber disclosure.
The stock jumped ~8% on the Q4/2026-guidance print (Feb) but fell ~5% the day after Q1 — so the bar has crept up and reactions have been two-sided.
Expectations into the quarter are constructive; the recent pullback reflects the July 31 breach news, not fundamentals.

The numbers to anchor on

Q1 2026 actuals (the running baseline): - Total revenue $8.6B (+6%); product sales $8.22B (+4%) — driven by +9% volume, offset by ~2% lower net price and ~2% inventory drawdown. - Non-GAAP EPS $5.15 (+5%); GAAP EPS $3.34. Non-GAAP operating margin 45.3%. - 16 products grew double digits; 17 products annualizing >$1B.

Full-year 2026 guidance (raised at Q1): - Revenue $37.1–38.5B (up from $37.0–38.4B at Q4). - Non-GAAP EPS $21.70–23.10 (up from $21.60–23.00); GAAP EPS $15.62–17.10. - Non-GAAP tax rate 15.0–16.5%; capex ~$2.6B; buybacks not to exceed $3B (zero repurchased in Q1).

What Q2 needs to show: continued high-single/double-digit volume growth to offset price erosion, and a normal seasonal sequential step-up. Management flagged that Enbrel, Otezla, KRYSTEXXA, TEZSPIRE and Repatha typically post lower Q1 sales (benefit resets, deductibles) and recover through the year — so a healthy Q2-over-Q1 build is the expectation, and a lack of one would be a red flag. Watch whether guidance is raised a second time or simply reaffirmed.

Growth drivers — the 70% of sales that must keep compounding

The six growth engines grew ~24% and were ~70% of sales in Q1. Key watch items for Q2: - Repatha (Q1 $876M, +34%) — the standout. Watch new-to-brand momentum (+44% in Q1) as the VESALIUS-CV primary-prevention data flows into cardiology and primary care. AmgenNow cash-pay (~8–9k patients) is a small but strategically watched add. Note guidance for ~mid-single-digit net price decline in 2026. - EVENITY (Q1 $562M, +27%) — 65% U.S. bone-builder share; huge untreated pool. - TEZSPIRE (Q1 $343M, +20%) — new CRSwNP indication + COPD Phase 3 optionality. - UPLIZNA (Q1 $262M, +188%) — the fastest ramp; gMG launch + IgG4-RD are the swing factors. Sustainability of this trajectory is a key question. - TEPEZZA (Q1 $490M, +29%) — positive subcutaneous on-body-injector Phase 3; watch for reacceleration and ex-US launches. - IMDELLTRA (Q1 $258M, +219%) — new SCLC standard of care; community-setting adoption + China conditional approval. FDA real-time review pilot is a longer-term positive. - Biosimilars incl. PAVBLU (Q1 $280M) and BLINCYTO (Q1 $415M, +12%).

The LOE headwinds — is erosion still "in line"?

Prolia (Q1 $727M, −34%) and XGEVA (Q1 $411M, −27%): management guided to accelerating biosimilar erosion through 2026. Q2 magnitude is the single biggest number to watch on the "springboard" thesis — the growth drivers must out-run this.
Enbrel (Q1 $320M, −37%): hit by IRA Medicare Part D price-setting (effective Jan 1, 2026) and 340B mix. Otezla is also now selected for IRA price-setting (drove a $1.2B impairment in 2025).

Pipeline — MariTide is the multi-year story

Amgen has said 2026 is about "disciplined data generation." No pivotal MariTide efficacy readout is expected at this print, but watch commentary on: - 3-step dose escalation tolerability (management says nausea/vomiting are lower and short-lived vs. GLP-1 peaks/troughs) — the key differentiation debate. - The newly initiated MARITIME-SWITCH (switching off weekly GLP-1s to every-8-/12-week MariTide) and the MARITIME-1/-2 long-term extension maintenance studies — plus three T2D Phase 3s to start in 2026. - Manufacturing scale-up capex tied to a MariTide launch. Other late-stage catalysts flagged for H2 2026: Sjögren's (dazodalibep, two Phase 3s), TEZSPIRE eosinophilic esophagitis, plus Olpasiran (OCEAN(a)) progress. Note recent pruning: AMG 193 (PRMT5) discontinued, subcutaneous blinatumomab paused on inflammatory safety signals, and rocatinlimab returned to Kyowa Kirin — expect questions on portfolio prioritization.

Three overhangs likely to drive Q&A

Cybersecurity breach (8-K, July 31, event July 29): Amgen disclosed unauthorized activity in third-party cloud environments with data — including proprietary data and patient protected health information — exfiltrated. The company deemed it material but stated it is not reasonably likely to have a material impact on financial condition/results, with no impact yet to products, manufacturing, or financial systems. The investigation is ongoing. Expect management to be pressed on scope, remediation cost, and potential litigation/notification obligations. This is the freshest, least-quantified risk.
IRS tax dispute: The 2010–2015 Tax Court case awaits a decision no earlier than H2 2026 (i.e., potentially imminent). Separately, an April 2026 draft NOPA for 2016–2018 asserts adjustments that, if sustained in full, could be material to the financials. Given AMGN's ~$57B debt load, any adverse tax outcome is a real balance-sheet consideration.
TAVNEOS (~$119M/qtr): FDA has proposed to withdraw approval (efficacy/data-integrity and hepatotoxicity concerns). The drug remains on the market during the process; watch for any update on the hearing path and label changes.

Margins, capital & balance sheet

Management guided Q2 operating margin roughly in line with Q1 (~45%), and full-year non-GAAP margin 45–46%. Watch non-GAAP cost of sales (19.5% of sales in Q1, rising on higher profit-share/royalty and mix) and R&D (+16%) as MariTide spend scales.
Cash $12.0B; debt $57.3B; leverage ~3.2x; dividend $2.52/qtr (+6% YoY).
BeOne Medicines equity stake creates large GAAP-only swings (equity gains/losses) — focus on non-GAAP.
Bradway signaled continued BD/M&A appetite ("value-add" tuck-ins) — a possible source of upside optionality, and note guidance excludes any BD.

Bottom line — what to watch on the print

Sequential build in Repatha/UPLIZNA/EVENITY/IMDELLTRA vs. the pace of Prolia/XGEVA/Enbrel erosion — the core "grow-through-LOE" test.
A second guidance raise vs. a simple reaffirmation.
Any quantification / new disclosure on the cyber incident and its cost.
Tax commentary — timing of the Tax Court ruling and framing of the 2016–2018 NOPA.
MariTide tone — dose-escalation tolerability, enrollment pace, and manufacturing readiness ahead of pivotal data.

Net: fundamentals into the quarter look solid and the setup favors another in-line-to-better operational print, but the cyber breach and tax exposures are wildcards that could swing the stock more than the P&L itself.

Preview based on Amgen's Q1 2026 and Q4 2025 earnings releases/calls, the July 31, 2026 cybersecurity 8-K, and market pricing through Aug 3, 2026. Not investment advice.