Key Highlights

  • Total third-quarter revenues advanced 8% to USD 10.4 billion, product sales reached USD 9.883 billion, and seventeen products recorded double-digit increases.
  • GAAP EPS climbed 19%, from USD 5.93 to USD 7.08, while non-GAAP EPS rose 14%, from USD 5.64 to USD 6.45, for Amgen (NASDAQ:AMGN).
  • Biosimilar entries pushed Prolia sales down 45% to USD 632 million and Xgeva down 47% to USD 288 million.
  • Free Cash Flow totaled USD 3.7 billion versus USD 4.2 billion last year, and the 2026 non-GAAP EPS outlook is USD 22.90 to USD 23.70.

Repatha, Imdelltra and Uplizna Offset Biosimilar Losses

Amgen (NASDAQ:AMGN) reported third-quarter 2026 results on November 3, 2026. Overall Revenue rose 8% to USD 10.4 billion, while product sales came in at USD 9.883 billion versus USD 9.137 billion. Repatha climbed 37% to USD 1,085 million, Evenity 39% to USD 751 million, Tezspire 43% to USD 538 million, Imdelltra 128% to USD 406 million and Uplizna 191% to USD 451 million, with Volume the main contributor in each case. Prolia dropped 45% to USD 632 million; volume fell 23%, and the rest split evenly between lower net price and revised sales deduction estimates. Xgeva declined 47% as biosimilar denosumab versions arrived.

GAAP Margin Expands Faster Than the Non-GAAP Margin

GAAP Operating Margin gained 9.9 points to 37.5%, as cost of sales fell to 28.2% of product sales from 33.7% on smaller acquisition-related amortization and lower Manufacturing costs. The non-GAAP operating margin edged up only 0.2 points to 47.3% of product sales, because non-GAAP operating expenses rose 8% on greater profit-share expense and an 11% R&D increase tied to early pipeline and Business development work. Enbrel sales grew 5%, yet its net selling price dropped 14% under Medicare Part D price setting that took effect in 2026. Tepezza slipped 6% on lower inventory, and Otezla fell 18%. The company continues to work with the FDA on Tavneos.

Cash Position, Full-Year Targets and MariTide Studies

At September 30, 2026 cash stood at USD 13.2 billion against USD 54.0 billion of debt. Amgen bought back no shares in the quarter, and the USD 2.52 Dividend paid September 11, 2026 was 6% higher than a year earlier. For 2026 it guides revenue of USD 38.9 billion to USD 39.7 billion, GAAP EPS of USD 18.34 to USD 19.28, Capital spending near USD 2.6 billion and Buybacks no greater than USD 3.0 billion. Multiple Phase 3 trials of the obesity candidate MariTide are underway, including MARITIME-1 and MARITIME-2, and cardiovascular, heart failure and sleep apnea studies are either enrolling or have finished enrolling. Trial outcomes, biosimilar pricing and drug price rules pose the main risks.

Where Things Stand

Volume gains at Repatha, Evenity, Tezspire, Imdelltra and Uplizna outweighed the biosimilar losses at Prolia and Xgeva, which is what lets Amgen (NASDAQ:AMGN) grow revenue 8% to USD 10.4 billion. Debt of USD 54.0 billion remains large, and free cash flow fell on working-capital timing, since the prior-year period had favorable rebate and collection timing. The non-GAAP margin stayed nearly flat, so profit growth depends on volume rather than a higher margin rate. Next up are biosimilar competition, Medicare pricing decisions and MariTide trial readouts.