Amgen Tops Estimates With Q3 Revenue of $10.4 Billion and Adjusted EPS of $6.45

Amgen (Nasdaq: AMGN) reported third-quarter revenue of $10.4 billion, above the $10.07 billion analysts expected, and non-GAAP earnings per share of $6.45 against the $5.78 consensus estimate, in an 8-K filed Tuesday, Nov. 3, 2026.

Total revenues rose 8% from the third quarter of 2025, when product sales were $9.1 billion. Product sales in the quarter reached $9.9 billion, which the company attributed mainly to volume growth. Seventeen products delivered at least double-digit sales growth.

On a GAAP basis, earnings per share were $7.08, up 19% from $5.93 a year earlier. Non-GAAP EPS rose 14% from $5.64. GAAP operating income increased to $3.7 billion from $2.5 billion, and GAAP operating margin reached 37.5%.

Medicine sales were mixed. Repatha sales rose 37% to $1.09 billion and EVENITY rose 39% to $751 million. UPLIZNA sales rose 191% to $451 million, and IMDELLTRA rose 128% to $406 million. Prolia fell 45% to $632 million and XGEVA fell 47% to $288 million, as multiple biosimilars have launched globally.

Cash flow and capital return

Free cash flow was $3.7 billion, compared with $4.2 billion a year earlier. The company said the decline was driven by changes in working capital, with the prior-year quarter benefiting from the timing of rebates and collections. The board declared a third-quarter dividend of $2.52 per share, a 6% increase from the same period in 2025. Amgen made no share repurchases in the quarter. Cash and cash equivalents totaled $13.2 billion and debt outstanding was $54.0 billion at Sept. 30.

Full-year outlook

Amgen expects 2026 total revenues of $38.9 billion to $39.7 billion, compared with the $38.97 billion consensus estimate. It forecasts non-GAAP EPS of $22.90 to $23.70, against the consensus of $23.02, and GAAP EPS of $18.34 to $19.28.