Amgen Inc. (NASDAQ:AMGN) reported its third-quarter 2026 financial results on November 3, 2026, disclosing total revenues of $10.4 billion, an 8% increase compared to the third quarter of 2025.

Key Highlights

  • Total revenues up 8%: Total revenues reached $10.4 billion in Q3 2026, compared to the prior-year quarter.
  • GAAP EPS rose 19%: GAAP earnings per share increased from $5.93 to $7.08 year-over-year, according to the filing.
  • Non-GAAP EPS up 14%: Non-GAAP EPS increased from $5.64 to $6.45, primarily driven by higher revenues, partially offset by higher operating expenses.
  • UPLIZNA sales surged 191%: UPLIZNA (inebilizumab-cdon) sales reached $451 million in Q3 2026, up 191% year-over-year, primarily driven by volume growth.
  • Free cash flow of $3.7 billion: The company generated $3.7 billion of free cash flow in Q3 2026, compared to $4.2 billion in Q3 2025.
  • Seventeen products at $1 billion-plus run rate: Seventeen products are annualizing at more than $1 billion based on third-quarter sales, the filing stated.
  • GAAP operating margin expanded: GAAP operating margin increased 9.9 percentage points to 37.5% in the third quarter.

Amgen's Q3 2026 Product Sales and Operating Results in Detail

According to the filing, total product sales grew 8% year-over-year to $9,883 million in Q3 2026, with U.S. product sales of $7,259 million and rest-of-world sales of $2,624 million. The company reported that seventeen products delivered at least double-digit sales growth in the quarter. Among the standouts, Repatha (evolocumab) sales increased 37% to $1,085 million, EVENITY (romosozumab-aqqg) rose 39% to $751 million, and TEZSPIRE (tezepelumab-ekko) climbed 43% to $538 million, all primarily driven by volume growth, the filing stated.

The filing also noted notable declines in certain products. Prolia (denosumab) sales fell 45% year-over-year to $632 million and XGEVA (denosumab) dropped 47% to $288 million, with both decreases attributed to multiple biosimilars having launched globally. IMDELLTRA (tarlatamab-dlle) posted 128% year-over-year sales growth to $406 million, driven by volume growth. KRYSTEXXA (pegloticase) increased 31% to $419 million, primarily driven by higher net selling price. Enbrel (etanercept) sales increased 5% to $611 million, with the filing noting the "ongoing impact of U.S. Medicare Part D price setting effective in 2026 under the Inflation Reduction Act."

On a GAAP basis, the company disclosed that GAAP operating income increased from $2.5 billion to $3.7 billion, while total GAAP operating expenses decreased 5% year-over-year. Non-GAAP operating income rose from $4.3 billion to $4.7 billion, and non-GAAP operating margin increased 0.2 percentage points to 47.3%. Research and development expenses increased 11% on both a GAAP and non-GAAP basis, driven by higher spend in Research and Early Pipeline, including business development activity, according to the filing. The decline in free cash flow from $4.2 billion to $3.7 billion was attributed to changes in working capital, with Q3 2025 having benefited from the timing of rebates and collections.

What Was Disclosed

Amgen disclosed its Q3 2026 earnings results, reporting 8% revenue growth to $10.4 billion, GAAP EPS of $7.08, non-GAAP EPS of $6.45, and $3.7 billion in free cash flow, alongside detailed product-level sales performance across its commercial portfolio.