Amgen Q3 2026: Growth Portfolio Offsets Denosumab Cliff

Amgen reported third-quarter 2026 non-GAAP earnings per share of $6.45, beating the consensus estimate of $5.78. That marked the sixth consecutive quarter the company has topped EPS expectations, a streak that runs back through Q2 2025 when it posted $6.02 against a $5.28 estimate, and Q3 2025 when it delivered $5.64 against a $5.01 estimate.

Revenue came in at $10.37 billion, up 8.4% year over year and ahead of the $10.07 billion Wall Street had been modeling. The growth was broad-based: seventeen products posted at least double-digit gains, led by Repatha, TEZSPIRE, EVENITY, UPLIZNA and IMDELLTRA.

The headline risk going into the quarter was denosumab biosimilar erosion, and those fears proved well-founded. Prolia fell 45% and XGEVA dropped 47% as competing biologics gained traction globally. The growth portfolio absorbed that pressure and still produced top- and bottom-line beats, which is precisely the case management needed to make.

Looking ahead, Amgen guided full-year 2026 revenue of $38.9 billion to $39.7 billion, with non-GAAP EPS of $22.90 to $23.70. That EPS range is the number investors will use to judge whether the denosumab cliff has been durably bridged or whether the Q3 beat was partly a timing benefit. The pipeline adds another layer to watch: an FDA action on the ABP 206 biosimilar is expected by year-end, two additional MariTide Phase 3 studies in type 2 diabetes are set to start in Q4 2026, and dazodalibep's OASIZ 303 study is also expected to complete in Q4 2026.

One risk that emerged during the quarter is the FDA's request that Amgen voluntarily withdraw TAVNEOS from the U.S. market, a headwind that sits alongside continued pressure on Enbrel from IRA Medicare Part D price setting, which pushed Enbrel's net selling price down 14%. Free cash flow also fell on working capital changes, declining to $3.65 billion despite operating income rising 47% year over year.