Amgen (AMGN) Q3 2026 Earnings Review: Growth medicines lift outlook despite older-drug declines
Earnings results
- EPS beat $0.66
Actual: $6.45 adjusted · Cons.: $5.79
- Revenue beat about 2.9%
Actual: $10.365B · Cons.: $10.07B
- Guidance raised
FY2026 adjusted EPS $22.90–$23.70 vs. $22.30–$23.50 previously.
What the company reported
Amgen raised its full-year revenue and adjusted profit outlook as growth medicines offset declines in Prolia and Xgeva amid competing treatments.
Q3 2026 earnings recap
Amgen raised its sales and profit outlook as growth medicines offset steep declines in older treatments facing competing versions.
- Adjusted profit per share reached $6.45 versus the $5.79 consensus, while revenue grew 8% to $10.37 billion and beat the $10.07 billion forecast.
- The new full-year outlook calls for $38.9–39.7 billion in sales and $22.9–$23.7 in adjusted profit per share, up from $38.2–39.4 billion and $22.3–$23.5.
- Repatha sales rose 37% and Evenity grew 39%, helping offset Prolia’s 45% decline as competing versions of the medicine launched globally.
- Free cash flow, cash left after equipment spending, fell to $3.7 billion from $4.2 billion because of payment timing, while debt remained $54 billion.
- At the November 3 close, Amgen traded at about 27 times trailing reported earnings, which include investment gains and may differ from recurring drug-business profits.
- The shares fell about 1.4% after close versus $461.26, while the regular close stayed above the $437 short-term price average and below the recent $476 high.
Watch whether newer medicines can keep replacing lost older-drug sales while Amgen funds clinical trials and works down its debt.
Financials, technicals and earnings
Charts through Nov 3, 2026.
Technical setup and risks
The regular close remains above both price averages, while an after-close decline leaves the $437 shorter-term average and $476 recent high as useful references.
AI-assisted earnings research with verified issuer results. Charts use the stated completed session. Educational information; investing involves risk.