Amgen tops Q3 profit estimates as revenue rises 8% year over year

Amgen (AMGN) said on Nov. 3 that third-quarter non-GAAP earnings per share rose 14% to $6.45, topping the $5.91 consensus estimate. Total revenues rose 8% to $10.37 billion, in line with the $10.27 billion estimate.

Shares rose 2.4% in regular trading as of 9:36 a.m. ET on Nov. 4, from a regular-session close of $461.26.

The medicines maker said in a regulatory filing that GAAP earnings per share increased 19% to $7.08 for the quarter, driven by higher revenues.

Here's how the company did:

• Non-GAAP EPS: $6.45 vs. $5.64 a year earlier, against the $5.91 consensus estimate
• Total revenues: $10.37 billion vs. $9.56 billion a year earlier
• GAAP EPS: $7.08 vs. $5.93 a year earlier
• Free cash flow: $3.7 billion vs. $4.2 billion a year earlier

Product sales

Product sales rose 8% to $9.88 billion, driven by volume growth, the company said. Seventeen products delivered at least double-digit sales growth in the quarter, and seventeen are annualizing at more than $1 billion based on third-quarter sales.

Repatha sales rose 37% to $1.09 billion, and Tezspire sales rose 43% to $538 million. Imdelltra sales more than doubled, up 128% to $406 million.

Prolia sales fell 45% to $632 million as multiple biosimilars launched globally. XGEVA sales fell 47% to $288 million for the same reason.

Outlook and capital returns

For full year 2026, the company expects total revenues of $38.9 billion to $39.7 billion. It expects non-GAAP EPS of $22.90 to $23.70 and GAAP EPS of $18.34 to $19.28. Its tax rate ranges match those in its Aug. 4 release.

The company expects capital expenditures of approximately $2.6 billion and share repurchases not to exceed $3.0 billion. It made no share repurchases in the third quarter.

The board declared a third-quarter dividend of $2.52 per share on July 30, a 6% increase from the same period in 2025.

"Amgen delivered another strong quarter as our strategy for long-term growth continued to produce results across the enterprise," said Robert A. Bradway, chairman and chief executive officer. "The strength of our commercial portfolio, combined with important clinical advances and a promising late-stage pipeline, reinforces our confidence in Amgen's ability to deliver durable growth well into the next decade."

GAAP operating income rose to $3.7 billion from $2.5 billion a year earlier, and GAAP operating margin rose 9.9 percentage points to 37.5%.