BIG PHARMA EARNINGS WATCH: AMGEN, MERCK, GILEAD & PFIZER

Aug 10, 2026

Pharmaceutical Giants Beat Earnings Estimates Following Price Hikes to Start the Year

Last week, Amgen, Merck, Gilead and Pfizer all reported second quarter earnings that surpassed Wall Street analysts’ expectations, following price hikes on more than 100 drugs across all four companies’ portfolios to start the year. These Big Pharma companies have consistently topped earnings expectations, while continuing to increase prices across their portfolios.

Amgen

Amgen announced second quarter earnings that exceeded analysts’ expectations.
The company’s quarterly revenue increased 10 percent from a year earlier to $10.1 billion, exceeding Wall Street expectations of $9.42 billion.
Cholesterol drug Repatha saw increased sales of $953 million, while sales of osteoporosis drug Evenity brought in $714 million.

Merck

Merck reported better-than-expected second quarter earnings that beat analysts’ expectations.
The company secured quarterly revenue of $16.61 billion, higher than analysts’ estimates of $16.36 billion.
Sales of blockbuster cancer drug Keytruda rose 5 percent to $8.37 billion in the second quarter.
The Big Pharma company raised its revenue forecast for 2026 to between $66.3 billion to $67.3 billion, up from $65.8 billion to $67.0 billion.

Gilead

Gilead posted second quarter earnings that topped Wall Street analysts’ estimates.
In the second quarter, the company’s revenue rose 10 percent to $7.8 billion.
The Big Pharma giant’s HIV treatment Biktarvy brought in $3.8 billion in sales in the quarter.
The company also raised its earnings and sales guidance for the year.

Pfizer

Pfizer also reported second quarter earnings that surpassed Wall Street analysts’ estimates.
The Big Pharma company’s revenue rose to $15.03 billion, ahead of estimates of $14.40 billion.
Pfizer’s blockbuster blood thinner drug Eliquis brought in $2.43 billion in sales.
The company increased their full-year sales to $60.5 billion to $62.5 billion, up from $59.5 billion to $62.5 billion.

All four companies have a history of increasing prices across their portfolios, including at the start of this year.

Amgen

So far in 2026, Amgen has increased the price of 21 prescription drugs, including a five percent increase on autoimmune drug Enbrel.
In 2025, Amgen hiked prices for 23 prescription drugs by an average of five percent.
In 2024, Amgen raised prices on 32 prescription drugs, including a 4.9 percent increase on osteoporosis treatment Prolia, as well as four percent price increases on autoimmune drugs Enbrel and Otezla.
In 2023, Amgen raised prices on more than 20 prescription drugs, including autoimmune drug Otezla by 5.9 percent.

Merck

This year, Merck hiked the price of 20 prescription drugs in its portfolio by an average of 2.5 percent.
Throughout 2025, Merck increased the price of 31 of their prescription drugs.
Merck hiked prices on 34 prescription products in its portfolio in 2024, including price hikes on 20 drugs outpacing the rate of inflation.
Merck raised the price of more than 30 prescription drugs in 2023, including blockbuster diabetes medicines Januvia and Janumet by 4.9 percent each.
In 2022, Merck raised prices on 32 prescription drugs.

Gilead

So far in 2026, Gilead has hiked prices on 17 prescription drugs.
Gilead hiked prices on 11 prescription drugs in 2025 at an average rate of 5.9 percent.
Gilead increased prices on at least 11 prescription drugs in 2024, including HIV drug Biktarvy by 4.9 percent.
Gilead raised prices on at least 11 prescription drugs in 2023, including HIV drug Biktarvy by 5.9 percent.

Pfizer

So far in 2026, Pfizer increased the price of 71 prescription drugs by an average of five percent.
In 2025, Pfizer hiked prices on 89 prescription drugs.
Pfizer hiked prices on more than 90 prescription drugs in 2024.
In 2023, Pfizer hiked drug prices on 102 medications, and in 2022, the company hiked prices on 128 prescriptions in its portfolio.

Stay tuned as we continue to monitor second quarter earnings calls from brand name drug companies in the coming days.

Read more on second quarter earnings from Sanofi, Bristol Myers Squibb and AbbVie HERE.

Read more on second quarter earnings from AstraZeneca and GSK HERE.

Read more on second quarter earnings from Novartis and Roche HERE.

Read more on second quarter earnings from Johnson & Johnson HERE.

Learn more about solutions to lower prescription drug prices and hold Big Pharma accountable HERE.