Amgen Q3 EPS Rises 19.4% to $7.08 as Revenue Climbs 8.5% to $10.37 Billion
Amgen's third-quarter profit climbed 19.4% on a per-share basis as sales of newer medicines such as Repatha, EVENITY and UPLIZNA more than offset steep biosimilar-driven declines for its denosumab drugs Prolia and XGEVA.
The Thousand Oaks, California-based biotech reported GAAP earnings of $7.08 per diluted share, up from $5.93 a year earlier, according to the earnings release it filed with an 8-K on Tuesday. Non-GAAP EPS rose 14.4% to $6.45 from $5.64.
Total revenue grew 8.5% to $10.37 billion from $9.56 billion, and product sales rose 8.2% to $9.88 billion, driven by volume growth. Net income increased 20.1% to $3.86 billion.
"Amgen delivered another strong quarter as our strategy for long-term growth continued to produce results across the enterprise," Chairman and CEO Robert A. Bradway said in the release.
Growth drugs carry the quarter
Repatha was the top-selling product, with sales up 36.6% to $1.09 billion. EVENITY grew 38.8% to $751 million, and inflammation drug TEZSPIRE rose 42.7% to $538 million.
Rare-disease medicine UPLIZNA posted sales up 191.0% to $451 million, while oncology drug IMDELLTRA jumped 128.1% to $406 million. Amgen said 17 products delivered at least double-digit sales growth in the quarter.
Some established franchises lost ground. Prolia sales fell 44.5% to $632 million and XGEVA dropped 46.6% to $288 million as multiple biosimilars launched globally, the company said. Otezla declined 17.8% to $481 million.
Margins and cash
GAAP operating margin widened 9.9 percentage points to 37.5%, helped by lower amortization expense from acquisition-related assets and lower manufacturing costs. On a non-GAAP basis, operating margin rose 0.2 percentage point to 47.3%.
Free cash flow fell to $3.7 billion from $4.2 billion, which Amgen attributed to working-capital changes after the year-earlier quarter benefited from the timing of rebates and collections. The company made no share repurchases in the quarter. It ended September with $13.2 billion in cash and cash equivalents and $54.0 billion of debt.
2026 outlook
For the full year, Amgen expects:
- Total revenue of $38.9 billion to $39.7 billion
- GAAP EPS of $18.34 to $19.28
- Non-GAAP EPS of $22.90 to $23.70
- Share repurchases not to exceed $3.0 billion
Pipeline notes
Amgen said a Phase 3 study of TEPEZZA in Japanese patients with chronic thyroid eye disease met both primary endpoints. It also reported that the Phase 3 DeLLphi-305 study showed adding IMDELLTRA to durvalumab in first-line maintenance therapy for small cell lung cancer cut the risk of death by 58%.
The company said it continues to engage the U.S. Food and Drug Administration over the agency's request that it voluntarily withdraw TAVNEOS from the U.S. market. MariTide, its experimental weight-management drug, remains in a broad Phase 3 program, with two more Type 2 diabetes studies set to begin in the fourth quarter.
By the numbers
- Revenue: $10.37 billion, up 8.5%
- GAAP EPS: $7.08, up 19.4%
- Non-GAAP EPS: $6.45, up 14.4%
- Repatha sales: $1.09 billion, up 36.6%
- Prolia sales: $632 million, down 44.5%
- Free cash flow: $3.7 billion
Sources
- Amgen Inc. Form 8-K with third-quarter 2026 earnings release, filed Nov. 3, 2026 (accession 0000318154-26-000153)
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