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Amgen Q3 Earnings: Will Strong Drug Sales Offset Headwinds?
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Key Takeaways
Amgen will report Q3 results on Nov. 3, with consensus estimates for sales at $9.95 billion and EPS at $5.74.
Repatha, Evenity, Tezspire and Uplizna may drive volume growth, offsetting biosimilar erosion for some drugs.
Amgen faces higher operating expenses as investors await updates on its obesity candidate, MariTide.
Amgen (AMGN - Free Report) is scheduled to report third-quarter 2026 results on Nov. 3, after market close. In the last reported quarter, the company's earnings beat expectations by 12.32%. The Zacks Consensus Estimate for third-quarter sales and earnings is pegged at $9.95 billion and $5.74 per share, respectively.
Factors to Consider for Amgen
In the third quarter, Amgen’s product sales are expected to have been driven by strong volume growth of products like Repatha, Evenity, Tezspire, Uplizna, partially offset by biosimilar erosion for Prolia and Xgeva and weakness in mature brands like Otezla and Enbrel. However, price declines for some products and increases in 340B program utilization are likely to have offset some of the gains from volume increases.
The Zacks Consensus Estimate for Repatha, Tezspire, Uplizna and Evenity sales is pegged at $1.04 billion, $553.0 million, $391 million and $727.0 million, respectively.
Patents for Prolia and Xgeva expired in 2025. Sales of these best-selling drugs are eroding significantly in 2026 as several biosimilars have been launched globally, with more biosimilars expected. The Zacks Consensus Estimate for Prolia and Xgeva is pegged at $686.0 million and $324.0 million, respectively.
Sales of some other drugs like Vectibix, Nplate and Lumakras/Lumykras are likely to have risen in the quarter. Sales of new cancer drug Imdelltra (tarlatamab) are likely to have risen sequentially, driven by volume growth. Kyprolis sales are likely to have declined in the third quarter like the previous one.
In its inflammation portfolio, Enbrel sales are likely to have declined due to declining prices. Otezla sales are likely to have been hurt by lower pricing and volume.
The Zacks Consensus Estimate for Otezla is $510.0 million, while that for Enbrel is $485.0 million.
Amgen’s new biosimilar products, such as the biosimilar versions of J&J’s Stelara, Wezlana, and Regeneron’s (REGN - Free Report) Eylea, Pavblu, are also likely to have contributed to sales growth in recent quarters. Wezlana’s sales are expected mostly from ex-U.S. markets. Pavblu’s sales are expected to have risen sequentially, driven by increased adoption among retina specialists.
Lower revenues from oncology biosimilars (Kanjinti and Mvasi) due to increased competitive pressure are expected to have hurt the top line. Sales of legacy established products are also expected to have declined.
As regards costs, Amgen expects a meaningful sequential increase in operating expenses in the third quarter.
Investors will look for updates on Amgen’s important pipeline candidate, MariTide (maridebart cafraglutide), a GIPR/GLP-1 receptor for obesity.
AMGN’s Earnings Surprise History
This large biotech’s performance has been strong, with earnings beating estimates in the trailing four quarters. The company delivered a four-quarter earnings surprise of 11.28%, on average.
Image Source: Zacks Investment Research
Amgen’s stock has risen 36.9% so far this year compared with an increase of 5.0% for the industry.
Image Source: Zacks Investment Research
What Our Model Says for AMGN
Our proven model does not conclusively predict an earnings beat for Amgen this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
Earnings ESP: Amgen’s Earnings ESP is -1.82%. The Zacks Consensus Estimate is pegged at $5.74 per share, while the Most Accurate Estimate is pegged lower at $5.64 per share. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Amgen has a Zacks Rank #3.
Stocks to Consider
Here are two drug/biotech stocks that have the right combination of elements to beat on earnings this time around:
Gilead’s stock has risen 29.6% so far this year. GILD beat estimates in each of the last four quarters. The company has a four-quarter earnings surprise of 7.12%, on average. Gilead is scheduled to report third-quarter results on Oct. 29.
Pfizer (PFE - Free Report) has an Earnings ESP of +3.53% and a Zacks Rank #3 at present.
Shares of Pfizer have risen 19.7% so far this year. Pfizer beat earnings estimates in each of the last four reported quarters, delivering an average earnings surprise of 16.62%. Pfizer is scheduled to report third-quarter results on Nov. 3.
View the Zacks #1 Rank List
Image: Bigstock
Amgen Q3 Earnings: Will Strong Drug Sales Offset Headwinds?
Key Takeaways
Amgen (AMGN - Free Report) is scheduled to report third-quarter 2026 results on Nov. 3, after market close. In the last reported quarter, the company's earnings beat expectations by 12.32%. The Zacks Consensus Estimate for third-quarter sales and earnings is pegged at $9.95 billion and $5.74 per share, respectively.
Factors to Consider for Amgen
In the third quarter, Amgen’s product sales are expected to have been driven by strong volume growth of products like Repatha, Evenity, Tezspire, Uplizna, partially offset by biosimilar erosion for Prolia and Xgeva and weakness in mature brands like Otezla and Enbrel. However, price declines for some products and increases in 340B program utilization are likely to have offset some of the gains from volume increases.
The Zacks Consensus Estimate for Repatha, Tezspire, Uplizna and Evenity sales is pegged at $1.04 billion, $553.0 million, $391 million and $727.0 million, respectively.
Patents for Prolia and Xgeva expired in 2025. Sales of these best-selling drugs are eroding significantly in 2026 as several biosimilars have been launched globally, with more biosimilars expected. The Zacks Consensus Estimate for Prolia and Xgeva is pegged at $686.0 million and $324.0 million, respectively.
Sales of some other drugs like Vectibix, Nplate and Lumakras/Lumykras are likely to have risen in the quarter. Sales of new cancer drug Imdelltra (tarlatamab) are likely to have risen sequentially, driven by volume growth. Kyprolis sales are likely to have declined in the third quarter like the previous one.
In its inflammation portfolio, Enbrel sales are likely to have declined due to declining prices. Otezla sales are likely to have been hurt by lower pricing and volume.
The Zacks Consensus Estimate for Otezla is $510.0 million, while that for Enbrel is $485.0 million.
Amgen’s new biosimilar products, such as the biosimilar versions of J&J’s Stelara, Wezlana, and Regeneron’s (REGN - Free Report) Eylea, Pavblu, are also likely to have contributed to sales growth in recent quarters. Wezlana’s sales are expected mostly from ex-U.S. markets. Pavblu’s sales are expected to have risen sequentially, driven by increased adoption among retina specialists.
Lower revenues from oncology biosimilars (Kanjinti and Mvasi) due to increased competitive pressure are expected to have hurt the top line. Sales of legacy established products are also expected to have declined.
As regards costs, Amgen expects a meaningful sequential increase in operating expenses in the third quarter.
Investors will look for updates on Amgen’s important pipeline candidate, MariTide (maridebart cafraglutide), a GIPR/GLP-1 receptor for obesity.
AMGN’s Earnings Surprise History
This large biotech’s performance has been strong, with earnings beating estimates in the trailing four quarters. The company delivered a four-quarter earnings surprise of 11.28%, on average.
Amgen’s stock has risen 36.9% so far this year compared with an increase of 5.0% for the industry.
What Our Model Says for AMGN
Our proven model does not conclusively predict an earnings beat for Amgen this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
Earnings ESP: Amgen’s Earnings ESP is -1.82%. The Zacks Consensus Estimate is pegged at $5.74 per share, while the Most Accurate Estimate is pegged lower at $5.64 per share. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Amgen has a Zacks Rank #3.
Stocks to Consider
Here are two drug/biotech stocks that have the right combination of elements to beat on earnings this time around:
Gilead Sciences (GILD - Free Report) has an Earnings ESP of +4.08% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Gilead’s stock has risen 29.6% so far this year. GILD beat estimates in each of the last four quarters. The company has a four-quarter earnings surprise of 7.12%, on average. Gilead is scheduled to report third-quarter results on Oct. 29.
Pfizer (PFE - Free Report) has an Earnings ESP of +3.53% and a Zacks Rank #3 at present.
Shares of Pfizer have risen 19.7% so far this year. Pfizer beat earnings estimates in each of the last four reported quarters, delivering an average earnings surprise of 16.62%. Pfizer is scheduled to report third-quarter results on Nov. 3.