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Amgen beat Q3 estimates, with adjusted EPS up 14% to $6.45 and sales up 8% to $10.37 billion.
Repatha, Evenity, Uplizna and oncology drugs grew, offsetting steep declines in Prolia and Xgeva.
Amgen raised 2026 revenue guidance to $38.9-$39.7 billion and adjusted EPS to $22.90-$23.70.
Amgen (AMGN - Free Report) reported third-quarter 2026 adjusted earnings of $6.45 per share, up 14% year over year, driven primarily by higher revenues, which offset the impact of higher costs. Earnings per share beat the Zacks Consensus Estimate of $5.74.
Total revenues increased 8% year over year to $10.37 billion, surpassing the consensus estimate of $9.95 billion.
Product sales grew 8% to $9.88 billion, driven by higher volumes. Seventeen products delivered double-digit sales growth during the quarter.
AMGN's Bone and Heart Drugs Deliver Strong Growth
Repatha sales surged 37% year over year to $1.09 billion, exceeding the Zacks Consensus Estimate of $1.04 billion. The increase was driven by volume growth. New-to-brand prescriptions in the United States rose more than 60%, supported by increased use in secondary prevention and high-risk primary prevention patients.
Evenity sales climbed 39% to $751 million, topping the consensus estimate of $727 million. Growth was driven by robust patient demand.
Prolia sales declined 45% to $632 million, missing the consensus estimate of $686 million. Multiple biosimilar launches globally affected volumes and pricing. Xgeva revenues fell 47% to $288 million, below the consensus estimate of $324 million, due to similar competitive pressures.
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.
Amgen's Inflammation Portfolio Shows Mixed Trends
Asthma drug Tezspire sales increased 43% year over year to $538 million, driven by strong demand in severe uncontrolled asthma. Tezspire sales, however, missed the Zacks Consensus Estimate of $584 million. U.S. new-to-brand prescriptions increased 15%, compared with 3% market growth.
Amgen has a partnership with AstraZeneca (AZN - Free Report) for Tezspire. Amgen and AstraZeneca share costs and profits equally after AstraZeneca pays a mid-single-digit inventor royalty to Amgen.
While AstraZeneca leads development, Amgen leads manufacturing.
Otezla sales declined 18% to $481 million, missing the consensus estimate of $510 million. Lower volumes, unfavorable sales deductions and lower prices affected performance.
Enbrel revenues rose 5% to $611 million, exceeding the consensus estimate of $485 million. Favorable sales deductions and higher inventory levels offset lower net selling prices and volumes.
AMGN's Rare Disease Drugs Maintain Momentum
Amgen's rare-disease portfolio generated $1.6 billion in quarterly sales, up 21% year over year. Growth was supported by additional indications and international expansion.
Uplizna sales surged 191% to $451 million, surpassing the Zacks Consensus Estimate of $391 million, driven by strong patient demand across all three approved indications, aided by broader physician adoption and the drug’s twice-yearly maintenance dosing.
Tepezza revenues declined 6% to $526 million, reflecting lower inventory levels as the third quarter of last year benefited from an inventory build. Krystexxa sales rose 31% to $419 million, primarily benefiting from higher net selling prices.
Tavneos sales declined 2% to $105 million. Amgen continues discussions with the FDA regarding the agency's request for voluntary withdrawal of the drug from the U.S. market.
Amgen's Oncology and Biosimilar Sales Advance
Amgen's innovative oncology portfolio generated $2.1 billion in sales, up 21% year over year.
Blincyto revenues increased 27% to $496 million, supported by broader prescribing and international adoption. Imdelltra sales surged 128% to $406 million, reflecting strong uptake in small-cell lung cancer.
The biosimilar portfolio generated $977 million in sales, up 26%. Sales of Pavblu, a biosimilar of Regeneron’s Eylea, increased 41% to $300 million, supported by higher volumes and growing adoption among retina specialists. Sales of Wezlana, a biosimilar version of J&J’s Stelara, were $60 million, up 36% year over year. Sales of Amjevita/Amgevita, a biosimilar of AbbVie’s Humira, were $191 million in the quarter, up 24% year over year.
AMGN’s Cost and Margin Discussion
Adjusted operating margin increased 0.2 percentage points year over year to 47.3% in the third quarter.
Adjusted operating expenses increased 8% to $5.69 billion. R&D expenses rose 11% year over year to $2.11 billion, reflecting higher spending on research and early-stage pipeline programs, including business development activities. SG&A expenses declined 1% to $1.68 billion due to the timing of investments and Amgen’s ongoing productivity efforts.
AMGN Raises 2026 Revenue and Earnings Guidance
Amgen raised its full-year 2026 revenue guidance to $38.9-$39.7 billion from the previous range of $38.2-$39.4 billion. The lower end of the revised guidance is in line with the Zacks Consensus Estimate of $38.9 billion.
Adjusted earnings guidance was increased to $22.90-$23.70 per share from the earlier projection of $22.30-$23.50. The Zacks Consensus Estimate is pegged at $22.96 per share.
Our Take on AMGN’s Q3 Results
Amgen delivered a strong third quarter, beating earnings and revenue estimates. Robust demand for Repatha, Evenity, Tezspire, Uplizna and oncology products more than offset biosimilar erosion for Prolia and Xgeva and weakness in mature brands like Otezla and Enbrel. Amgen’s key growth drivers, which include Repatha, Evenity, Tezspire and oncology and rare disease drugs, as well as biosimilar products, rose 27% year over year in the third quarter. These key growth drivers represented more than 70% of Amgen’s total product sales. Amgen also raised its financial outlook for 2026, for the third time this year.
However, shares of Amgen declined approximately 2% in after-hours trading on Nov. 3 despite reporting better-than-expected third-quarter earnings and revenues and raising its full-year 2026 guidance. This was probably due to steep declines in sales of Prolia and Xgeva in the quarter. Although Amgen increased its 2026 revenue and earnings outlook, the revised ranges were broadly consistent with market expectations.
Shares of Amgen have risen 38.3% so far this year compared with the industry’s rise of 8.7%.
Image Source: Zacks Investment Research
Investors are closely monitoring Amgen's obesity candidate, MariTide. The company is developing MariTide, an antibody-peptide conjugate that activates the GLP-1 receptor and blocks the GIP receptor, for monthly or potentially less frequent dosing. MariTide is expected to be administered as a single injection using a convenient autoinjector device. Its less frequent dosing schedule could differentiate it from Eli Lilly’s (LLY - Free Report) and Novo Nordisk’s (NVO - Free Report) popular GLP-1-based obesity drugs, Zepbound (tirzepatide) and Wegovy (semaglutide), respectively, which are weekly injections. MariTide's potential for monthly or less frequent dosing could reduce treatment burden and potentially improve long-term treatment adherence if approved.
Amgen has 10 global phase III studies underway with MariTide in obesity, type II diabetes and other obesity-related conditions.
View the Zacks #1 Rank List
Image: Bigstock
AMGN Stock Down Despite Q3 Earnings & Sales Beat, Raised Guidance
Key Takeaways
Amgen (AMGN - Free Report) reported third-quarter 2026 adjusted earnings of $6.45 per share, up 14% year over year, driven primarily by higher revenues, which offset the impact of higher costs. Earnings per share beat the Zacks Consensus Estimate of $5.74.
Total revenues increased 8% year over year to $10.37 billion, surpassing the consensus estimate of $9.95 billion.
Product sales grew 8% to $9.88 billion, driven by higher volumes. Seventeen products delivered double-digit sales growth during the quarter.
AMGN's Bone and Heart Drugs Deliver Strong Growth
Repatha sales surged 37% year over year to $1.09 billion, exceeding the Zacks Consensus Estimate of $1.04 billion. The increase was driven by volume growth. New-to-brand prescriptions in the United States rose more than 60%, supported by increased use in secondary prevention and high-risk primary prevention patients.
Evenity sales climbed 39% to $751 million, topping the consensus estimate of $727 million. Growth was driven by robust patient demand.
Prolia sales declined 45% to $632 million, missing the consensus estimate of $686 million. Multiple biosimilar launches globally affected volumes and pricing. Xgeva revenues fell 47% to $288 million, below the consensus estimate of $324 million, due to similar competitive pressures.
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.
Amgen's Inflammation Portfolio Shows Mixed Trends
Asthma drug Tezspire sales increased 43% year over year to $538 million, driven by strong demand in severe uncontrolled asthma. Tezspire sales, however, missed the Zacks Consensus Estimate of $584 million. U.S. new-to-brand prescriptions increased 15%, compared with 3% market growth.
Amgen has a partnership with AstraZeneca (AZN - Free Report) for Tezspire. Amgen and AstraZeneca share costs and profits equally after AstraZeneca pays a mid-single-digit inventor royalty to Amgen.
While AstraZeneca leads development, Amgen leads manufacturing.
Otezla sales declined 18% to $481 million, missing the consensus estimate of $510 million. Lower volumes, unfavorable sales deductions and lower prices affected performance.
Enbrel revenues rose 5% to $611 million, exceeding the consensus estimate of $485 million. Favorable sales deductions and higher inventory levels offset lower net selling prices and volumes.
AMGN's Rare Disease Drugs Maintain Momentum
Amgen's rare-disease portfolio generated $1.6 billion in quarterly sales, up 21% year over year. Growth was supported by additional indications and international expansion.
Uplizna sales surged 191% to $451 million, surpassing the Zacks Consensus Estimate of $391 million, driven by strong patient demand across all three approved indications, aided by broader physician adoption and the drug’s twice-yearly maintenance dosing.
Tepezza revenues declined 6% to $526 million, reflecting lower inventory levels as the third quarter of last year benefited from an inventory build. Krystexxa sales rose 31% to $419 million, primarily benefiting from higher net selling prices.
Tavneos sales declined 2% to $105 million. Amgen continues discussions with the FDA regarding the agency's request for voluntary withdrawal of the drug from the U.S. market.
Amgen's Oncology and Biosimilar Sales Advance
Amgen's innovative oncology portfolio generated $2.1 billion in sales, up 21% year over year.
Blincyto revenues increased 27% to $496 million, supported by broader prescribing and international adoption. Imdelltra sales surged 128% to $406 million, reflecting strong uptake in small-cell lung cancer.
The biosimilar portfolio generated $977 million in sales, up 26%. Sales of Pavblu, a biosimilar of Regeneron’s Eylea, increased 41% to $300 million, supported by higher volumes and growing adoption among retina specialists. Sales of Wezlana, a biosimilar version of J&J’s Stelara, were $60 million, up 36% year over year. Sales of Amjevita/Amgevita, a biosimilar of AbbVie’s Humira, were $191 million in the quarter, up 24% year over year.
AMGN’s Cost and Margin Discussion
Adjusted operating margin increased 0.2 percentage points year over year to 47.3% in the third quarter.
Adjusted operating expenses increased 8% to $5.69 billion. R&D expenses rose 11% year over year to $2.11 billion, reflecting higher spending on research and early-stage pipeline programs, including business development activities. SG&A expenses declined 1% to $1.68 billion due to the timing of investments and Amgen’s ongoing productivity efforts.
AMGN Raises 2026 Revenue and Earnings Guidance
Amgen raised its full-year 2026 revenue guidance to $38.9-$39.7 billion from the previous range of $38.2-$39.4 billion. The lower end of the revised guidance is in line with the Zacks Consensus Estimate of $38.9 billion.
Adjusted earnings guidance was increased to $22.90-$23.70 per share from the earlier projection of $22.30-$23.50. The Zacks Consensus Estimate is pegged at $22.96 per share.
Our Take on AMGN’s Q3 Results
Amgen delivered a strong third quarter, beating earnings and revenue estimates. Robust demand for Repatha, Evenity, Tezspire, Uplizna and oncology products more than offset biosimilar erosion for Prolia and Xgeva and weakness in mature brands like Otezla and Enbrel. Amgen’s key growth drivers, which include Repatha, Evenity, Tezspire and oncology and rare disease drugs, as well as biosimilar products, rose 27% year over year in the third quarter. These key growth drivers represented more than 70% of Amgen’s total product sales. Amgen also raised its financial outlook for 2026, for the third time this year.
However, shares of Amgen declined approximately 2% in after-hours trading on Nov. 3 despite reporting better-than-expected third-quarter earnings and revenues and raising its full-year 2026 guidance. This was probably due to steep declines in sales of Prolia and Xgeva in the quarter. Although Amgen increased its 2026 revenue and earnings outlook, the revised ranges were broadly consistent with market expectations.
Shares of Amgen have risen 38.3% so far this year compared with the industry’s rise of 8.7%.
Image Source: Zacks Investment Research
Investors are closely monitoring Amgen's obesity candidate, MariTide. The company is developing MariTide, an antibody-peptide conjugate that activates the GLP-1 receptor and blocks the GIP receptor, for monthly or potentially less frequent dosing. MariTide is expected to be administered as a single injection using a convenient autoinjector device. Its less frequent dosing schedule could differentiate it from Eli Lilly’s (LLY - Free Report) and Novo Nordisk’s (NVO - Free Report) popular GLP-1-based obesity drugs, Zepbound (tirzepatide) and Wegovy (semaglutide), respectively, which are weekly injections. MariTide's potential for monthly or less frequent dosing could reduce treatment burden and potentially improve long-term treatment adherence if approved.
Amgen has 10 global phase III studies underway with MariTide in obesity, type II diabetes and other obesity-related conditions.
AMGN’s Zacks Rank
Amgen currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Amgen Inc. Price and Consensus
Amgen Inc. price-consensus-chart | Amgen Inc. Quote