Amgen (AMGN) Q3 2026 Earnings
GAAP diluted EPS of $7.08 includes net gains from equity investments, noncash amortization of acquired intangible assets and other items, all excluded from non-GAAP EPS of $6.45. The prior-year quarter included Otezla intangible asset impairment charges.
How Did AMGN Stock React to Q3 2026 Earnings?
Did AMGN Beat Earnings? Q3 2026 Results
Yes. Amgen reported Q3 2026 earnings of $6.45 a share on Nov 3, 2026, beating the $5.78 consensus estimate by 11.5%. Revenue was $10.4B against a $10.1B estimate.
Amgen delivered a strong third quarter of 2026, posting adjusted non-GAAP EPS of $6.45, beating the $5.78 consensus estimate by 11.55% and extending the company's streak of consensus EPS beats to six consecutive quarters. Revenue climbed 8.4% year over year to $10.37 billion, clearing the $10.07 billion consensus by 2.95%, as broad-based volume growth across newer brands more than offset sharp declines in mature products. The standout driver was the company's growth portfolio, with seventeen products posting at least double-digit gains; Repatha surged 37% to $1.08 billion and UPLIZNA soared 191% to $451 million, while IMDELLTRA more than doubled, rising 128% to $406 million. Those gains helped absorb steep denosumab erosion, with Prolia falling 45% and XGEVA dropping 47% due to biosimilar competition. Ahead of the report, some analysts had anticipated sequential declines, making the breadth of outperformance particularly notable. Looking ahead, Amgen guided full-year 2026 revenue of $38.90 billion to $39.70 billion, with non-GAAP EPS of $22.90 to $23.70, underscoring management's confidence in sustained volume momentum through year-end.
- Product sales grew 8%, driven by volume growth
- Repatha +37%, EVENITY +39%, TEZSPIRE +43%, UPLIZNA +191% and IMDELLTRA +128% on volume growth
- KRYSTEXXA +31% on higher net selling price
- Prolia -45% and XGEVA -47% as biosimilars launched globally
- Otezla -18% on lower volume, sales deductions and price
- Enbrel net selling price down 14% from IRA Medicare Part D price setting
- GAAP cost of sales ratio fell 5.5 points on lower acquisition-related amortization and manufacturing costs
- Non-GAAP R&D up 11% on Research and Early Pipeline spending, including business development
- Free cash flow fell on working capital changes
“Amgen delivered another strong quarter as our strategy for long-term growth continued to produce results across the enterprise.”
Amgen CEO, on the earnings call
What Is Amgen's Outlook?
For full year 2026, Amgen expects: - Total revenues of $38.9 billion to $39.7 billion - GAAP EPS of $18.34 to $19.28, with a GAAP tax rate of 14.5% to 16.0% - Non-GAAP EPS of $22.90 to $23.70, with a non-GAAP tax rate of 15.0% to 16.5% - Capital expenditures of approximately $2.6 billion - Share repurchases not to exceed $3.0 billion On the pipeline, Amgen expects an FDA action on the ABP 206 BLA by year-end. Two more MariTide Phase 3 type 2 diabetes studies will start in Q4 2026, and OASIZ 303 is expected to complete in Q4 2026.
AMGN YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $10.4B | $9.6B | +8.5% |
| Operating Income | $3.7B | $2.5B | +46.9% |
| Net Income | $3.9B | $3.2B | +20.2% |
AMGN Revenue by Segment
AMGN Revenue by Geography
When Does Amgen Report Next?
Figures from SEC filings and company reports. Not investment advice.