Amgen Inc Earnings - Q3 2026 Analysis & Highlights
Amgen reported broad-based third-quarter growth, raised its 2026 revenue and EPS guidance, and highlighted commercial momentum and late-stage pipeline progress—particularly for IMDELLTRA, TEZSPIRE, dazodalibep, and MariTide.
Key financial results
Total revenue increased 8% year over year to $10.4 billion; product sales also grew 8%.
The six key growth drivers grew 27% year over year and accounted for more than 70% of product sales.
Free cash flow was $3.7 billion. Non-GAAP operating margin was 47%, and non-GAAP R&D spending increased 11% year over year.
SG&A expenses declined 1% year over year, primarily due to investment timing and, to a lesser extent, productivity efforts.
Amgen did not provide a quarterly EPS figure in the cited remarks; it raised its full-year non-GAAP EPS guidance to $22.90–$23.70.
Business segment results
General Medicine: Repatha sales rose 37% to $1.1 billion; EVENITY sales rose 39% to $751 million.
Inflammation: TEZSPIRE sales rose 43% to $538 million, with growth driven by demand in severe, uncontrolled asthma.
Rare Disease: The portfolio grew 21% to $1.6 billion. UPLIZNA sales rose 191% to $451 million, while TEPEZZA sales declined 6% to $526 million, partly reflecting a prior-year inventory build.
Biosimilars: Sales increased 26% to $977 million; PAVBLU sales rose 41% to $300 million.
Innovative Oncology: The portfolio grew 21% to $2.1 billion. BLINCYTO sales rose 27% to $496 million, and IMDELLTRA sales more than doubled to $406 million.
Across the portfolio, 17 products delivered double-digit sales growth, and 17 products were annualizing at more than $1 billion based on third-quarter sales.
Segment profit was not reported in the cited remarks.
Capital allocation
Amgen invested $600 million in capital expenditures during the quarter and expected full-year 2026 capex of approximately $2.6 billion, including capacity investments to support commercial growth and prepare for a potential MariTide launch.
The company paid a dividend of $2.52 per share, up 6% from the third quarter of 2025.
Amgen expected 2026 share repurchases not to exceed $3 billion.
Management said capital allocation would balance investment in innovation and future growth with returns to shareholders, while maintaining financial discipline.
Industry trends and dynamics
Amgen described substantial unmet need in several markets: it estimated 100 million people worldwide remained above their LDL-C goals, and said nearly half of U.S. EoE patients remained inadequately controlled with existing treatments.
Repatha demand was supported by updated ACC and AHA guidelines favoring earlier, more intensive LDL lowering and supporting PCSK9 inhibitor use without requiring prior ezetimibe treatment.
TEZSPIRE’s U.S. new-to-brand prescription growth of 15% outpaced 3% market growth in severe, uncontrolled asthma.
Amgen characterized obesity treatment as an active development category, citing daily oral and weekly injectable programs, while positioning MariTide’s monthly or less-frequent dosing as differentiated.
Management said access to obesity medicines outside the U.S. could be more challenging and consumer-driven, while outcomes data could support reimbursement in more markets.
Competitive landscape
Amgen said Repatha was the only PCSK9 inhibitor with Phase 3 cardiovascular outcomes evidence in both primary and secondary prevention.
TEZSPIRE had achieved 34% new-to-brand prescription share among U.S. allergists and was continuing to gain share among pulmonologists.
Amgen cited UPLIZNA’s efficacy, twice-yearly dosing, broad payer coverage, and patient support services as factors supporting adoption.
Management described the Sjögren’s treatment space as increasingly competitive, while noting that there had been little progress for patients for years and that dazodalibep had shown efficacy in systemic disease and symptoms.
Amgen said it aimed to be first or in the first wave with biosimilar launches, including candidates for EYLEA HD, OPDIVO, KEYTRUDA, and OCREVUS.
The company identified its established bispecific T-cell engager experience and clinic-support organization as capabilities it could apply to IMDELLTRA and future oncology launches.
Macroeconomic environment
The call did not provide specific commentary on inflation, tariffs, recession, or broader macroeconomic conditions.
Growth opportunities and strategies
IMDELLTRA: Phase 3 DeLLphi-305 results showed median overall survival of 21.1 months with IMDELLTRA plus IMFINZI versus 12.7 months with IMFINZI alone in first-line maintenance treatment. Amgen said it was working toward regulatory filings and viewed the medicine as having potential to become a cornerstone therapy across multiple stages of small cell lung cancer.
Amgen highlighted the potential to reduce IMDELLTRA treatment burden: the FDA had shortened monitoring for the first two doses in the second-line setting, and DeLLphi-305 used one to two hours of monitoring.
TEZSPIRE: The Phase 3 CROSSING study in EoE met both co-primary endpoints at week 24, with benefits sustained through week 52; Amgen viewed EoE as an additional potential treatment opportunity.
Dazodalibep: The Phase 3 systemic Sjögren’s study met its primary endpoint, with placebo-adjusted ESSDAI improvements of 1.8 points for monthly dosing and 1.4 points for quarterly dosing; Amgen was awaiting results from a second Phase 3 symptomatic-disease study.
MariTide: Amgen advanced its Phase 3 program, completed enrollment in both sleep-apnea studies and its cardiovascular outcomes study, and began the first of three Phase 3 Type 2 diabetes studies.
The company described MariTide as potentially allowing monthly dosing or as few as four or six doses per year, and said its development program was designed to evaluate starting, continuing, and switching treatment.
Other pipeline opportunities included advancing xaluritamig in early-stage and advanced prostate cancer and moving daxdilimab into Phase 3 after positive Phase 2 results in discoid lupus.
Amgen said it was using technology, data-driven insights, and artificial intelligence to improve the speed and efficiency of drug discovery, development, manufacturing, and delivery.
Financial Guidance and Outlook
Amgen raised 2026 guidance to $38.9 billion–$39.7 billion in total revenue and $22.90–$23.70 in non-GAAP EPS.
It expected 2026 non-GAAP other expense of $2.0 billion–$2.1 billion, a non-GAAP tax rate of 15%–16.5%, and full-year non-GAAP operating margin as a percentage of product sales of approximately 45%–46%.
The company expected full-year 2026 other revenue of approximately $1.9 billion and share repurchases not to exceed $3 billion.
Amgen anticipated a sequential increase in fourth-quarter operating expenses, including higher cost-of-sales margin due to sales mix and profit-share expenses, as well as higher SG&A from investment timing and continued investment in marketed products.
Management did not anticipate a step-down in operating margin in 2027 compared with its 2026 guidance.
Amgen said it continued to expect 2026 capital expenditures of approximately $2.6 billion.
