Key Highlights

  • Total revenues increased 8% to USD 10.4 billion, driven by Volume growth, with seventeen products posting double-digit sales growth.
  • GAAP EPS rose 19% to USD 7.08, and non-GAAP EPS rose 14% to USD 6.45 on higher revenues.
  • Repatha rose 37% to USD 1,085 million and Uplizna rose 191% to USD 451 million, offsetting a 45% Prolia drop.
  • Free Cash Flow was USD 3.7 billion, and full-year Revenue guidance is USD 38.9 billion to USD 39.7 billion.

Revenue and Earnings

Amgen Inc. (NASDAQ:AMGN) reported third-quarter 2026 total revenues of USD 10.4 billion, an 8% increase from the third quarter of 2025, with product sales also up 8% on volume growth. Seventeen products delivered double-digit sales growth, and seventeen products are annualizing above USD 1 billion based on third-quarter sales.

GAAP EPS increased 19% from USD 5.93 to USD 7.08. GAAP Operating Income rose from USD 2.5 billion to USD 3.7 billion, lifting GAAP Operating Margin by 9.9 percentage points to 37.5%. Non-GAAP EPS rose 14% from USD 5.64 to USD 6.45, with non-GAAP operating income of USD 4.7 billion against USD 4.3 billion and a non-GAAP operating margin of 47.3%. Chairman and Chief Executive Officer Robert Bradway said the strength of the commercial portfolio and a promising late-stage pipeline reinforce confidence in durable growth.

Analyst estimates were EPS of USD 5.79 against reported EPS of USD 6.45, and revenue of USD 10.07 billion against reported revenue of USD 10.37 billion.

Product Sales

Repatha sales rose 37% to USD 1,085 million on volume growth. Uplizna sales rose 191% to USD 451 million, also on volume. Prolia sales fell 45% to USD 632 million as multiple Biosimilars launched globally, with volume down 23% and the remainder split equally between lower net selling price and changes to estimated sales deductions. Tepezza sales fell 6% to USD 526 million, and Tavneos sales fell 2% to USD 105 million.

In the pipeline, the MariTide Phase 3 program includes MARITIME-1 in adults with obesity or overweight without type 2 diabetes, MARITIME-2 in adults with type 2 diabetes, and MARITIME-CV, a cardiovascular outcomes study that has completed enrollment.

Cash Flow, Balance Sheet and Guidance

Free cash flow was USD 3.7 billion versus USD 4.2 billion a year earlier, reflecting Working Capital changes and the timing of rebates and collections in the prior-year period. Operating Cash Flow was USD 4.2 billion and capital expenditures were USD 0.6 billion. The company paid USD 1.4 billion of dividends and made no share repurchases in the quarter. The third-quarter Dividend of USD 2.52 per share was 6% higher than a year earlier.

Cash and cash equivalents were USD 13.2 billion at September 30, 2026, up from USD 9.1 billion at year end, and Debt outstanding was USD 54.0 billion versus USD 54.6 billion. For 2026, Amgen expects revenues of USD 38.9 billion to USD 39.7 billion, non-GAAP EPS of USD 22.90 to USD 23.70, GAAP EPS of USD 18.34 to USD 19.28, capital expenditures of USD 2.6 billion and share repurchases not exceeding USD 3.0 billion.

Measures to Follow

Biosimilar erosion in Prolia, volume trends for Repatha and Uplizna and Phase 3 MariTide readouts are the measures to follow into the final quarter.