Amgen (AMGN) official guidance

We continue to expect capital expenditures of approximately $2.6 billion in 2026, reflecting significant investment in our business to scale manufacturing capacity for volume growth, including for MariTide's launch.

We expect a non-GAAP tax rate in the range of 15.0%-16.5%.

We now expect 2026 total revenues in the range of $38.2 billion-$39.4 billion and non-GAAP earnings per share between $22.30 and $23.50.

As a result, consistent with 2025, we expect a meaningful sequential increase in operating expenses in the third quarter.

We continue to expect the full year non-GAAP operating margin as a percentage of product sales to be roughly 45%-46%.

We now anticipate non-GAAP other income and expense to be in the range of $2.1 billion-$2.2 billion of expense in 2026.

We expect full year non-GAAP R&D expense to grow high single digits year-over-year, which includes nine ongoing global phase III clinical trials for MariTide.

For the full year, we now expect other revenue to be approximately $1.9 billion.

We now expect 2026 total revenues in the range of $38.2 billion-$39.4 billion and non-GAAP earnings per share between $22.30 and $23.50.

We expect share repurchases not to exceed $3 billion.

•On a GAAP basis, EPS in the range of $15.80 to $17.08, and a tax rate in the range of 14.5% to 16.0%.

•On a GAAP basis, EPS in the range of $15.80 to $17.08, and a tax rate in the range of 14.5% to 16.0%.

We further expect the second quarter operating margin to be in line with the first quarter operating margin.

Prolia and Xgeva combined delivered $1.1 billion in sales in the first quarter, a decrease of 32% year-over-year. Erosion since loss of exclusivity remains in line with our expectations. We anticipate accelerated sales erosion over the remainder of 2026, driven by increased competition from multiple biosimilars.

For 2026, we continue to expect accelerated sales erosion driven by increased competition, as multiple biosimilars have launched globally.

For 2026, we continue to expect accelerated sales erosion driven by increased competition, as multiple biosimilars have launched globally.

We expect non-GAAP R&D expense to grow low single digits, excluding the roughly $300 million of business development transactions in 2025.

In line with lower product sales in the first quarter, we expect Q1 non-GAAP operating margin to be the lowest of the year and roughly the same as Q4 of 2025.

We expect sales erosion driven by unfavorable pricing in the U.S. and generic launches, particularly in the EU.

For total company revenues, we expect lower mid-single-digit year-over-year growth in the first quarter.

For 2026, we expect net selling price to decline by roughly mid single-digits.

For 2026, we expect continued RAVICTI sales erosion driven by generic competition.

For 2025, we now expect capital expenditures of roughly $2.2 billion-$2.3 billion to expand network capacity for our products across the portfolio and our innovative pipeline, including MariTide.

We are pleased to report that we have returned to our pre-Horizon capital structure ahead of plan, and we will achieve greater than $500 million. In pre-tax cost synergies in 2025 in connection with the acquisition.

We now expect a non-GAAP tax rate in the range of 15.0%-16.5%.

We expect 2025 total revenues in the range of $35.8 billion-$36.6 billion and non-GAAP earnings per share between $20.60 and $21.40.

Non-GAAP R&D expenses are now expected to grow at a mid-20s% rate year over year in 2025.

We continue to expect the full-year non-GAAP operating margin as a percentage of product sales to be roughly 45%.

We now anticipate non-GAAP OINE to be in the range of $2.1 billion-$2.2 billion in 2025.

For the full year, we now expect other revenue to be approximately $1.5 billion.

We expect 2025 total revenues in the range of $35.8 billion-$36.6 billion and non-GAAP earnings per share between $20.60 and $21.40.

•On a GAAP basis, EPS in the range of $13.76 to $14.60, and a tax rate in the range of 14.5% to 16.0%.

•On a GAAP basis, EPS in the range of $13.76 to $14.60, and a tax rate in the range of 14.5% to 16.0%.

For the remainder of 2025, we expect sales erosion driven by biosimilar competition, as biosimilars have launched in the U.S. market.

For the remainder of 2025, we expect sales erosion driven by biosimilar competition, as biosimilars have launched in the U.S. market.

•Share repurchases not to exceed $500 million.