Amgen Inc (AMGN) · Nov 3, 2026 · Earnings
Beat — Non-GAAP EPS $6.45 vs ~$5.79 consensus; revenue $10.365B vs ~$10.07B
Amgen’s Q3 earnings beat consensus and full-year EPS guidance rose, but biosimilar erosion remains a clear drag on legacy products.
Amgen is in a portfolio transition: newer growth products and its late-stage pipeline are being asked to replace accelerating biosimilar pressure on older blockbusters, while MariTide and other programs receive heavier investment. The pre-release consensus was roughly $5.79 of quarterly EPS and $10.07 billion of revenue, while Amgen entered the quarter with full-year non-GAAP EPS guidance of $22.30–$23.50.
| Q3 2026 | Q3 2025 | Consensus / prior guide | |
|---|---|---|---|
| Revenue (Income Statement) | $10.365B (+8.5%) | $9.557B | ~$10.07B |
| Non-GAAP diluted EPS (EPS reconciliation) | $6.45 (+14.4%) | $5.64 | ~$5.79 |
| GAAP diluted EPS (Income Statement) | $7.08 (+19.4%) | $5.93 | |
| Non-GAAP operating margin (Financial Highlights) | 47.3% (+0.2 pts.) | 47.1% | |
| FY 2026 non-GAAP EPS guide (EPS guidance reconciliation) | $22.90–$23.70 | $22.30–$23.50 prior guide | |
| Free cash flow (Cash Flow statement) | $3.654B (-14.0%) | $4.248B |
The quarter cleared both major benchmarks. Revenue grew 8.5% to $10.365 billion and non-GAAP diluted EPS reached $6.45, comfortably above the published consensus of about $5.79. The beat was not just an accounting artifact: product sales rose 8%, led by Repatha, Evenity, Tezspire, Uplizna, Blincyto and newer oncology products. “Total product sales” were $9,883 million versus $9,137 million a year earlier.
The growth engine is working, but legacy erosion is severe. Prolia sales fell 45% to $632 million and XGEVA fell 47% to $288 million as multiple biosimilars launched globally. That drag was more than offset this quarter by Repatha sales up 37% to $1.085 billion, Tezspire up 43% to $538 million, Evenity up 39% to $751 million, and IMDELLTRA reaching $406 million. The mix is improving, but the replacement process remains necessary rather than optional.
Management raised the outlook, making this more than a one-quarter beat. Full-year non-GAAP EPS guidance moved to $22.90–$23.70 from $22.30–$23.50, while GAAP EPS guidance rose to $18.34–$19.28 from the prior $15.80–$17.08 range. That is the clearest positive change in the filing: Amgen is now signaling that the stronger commercial performance and favorable year-to-date results can absorb its ongoing biosimilar and pricing headwinds. The company also said R&D increased 11% because of higher spending in Research and Early Pipeline, including business development, so the guidance improvement is not coming from simply starving future growth.
Cash generation was the main blemish. Third-quarter free cash flow declined to $3.654 billion from $4.248 billion, with the company attributing the decline to working-capital timing and higher capital expenditures. This is a limitation on the quarter, not a reversal of the operating result, especially since cash and equivalents rose to $13.2 billion from $9.1 billion at year-end while debt was modestly lower.
The pipeline adds support to the replacement story, but it is still future value. MariTide’s Phase 3 studies are enrolling, while IMDELLTRA’s label change shortens initial monitoring and recent trials support broader use. The filing also points to a year-end FDA action on the ABP 206 biosimilar application, giving investors a concrete near-term regulatory milestone. These developments strengthen the longer-term portfolio narrative, but they do not yet offset the fact that Prolia and XGEVA are already losing substantial revenue.
Bottom line: This was a clearly better-than-expected quarter with a real guidance raise, not merely favorable company spin. Amgen’s newer products are currently outrunning biosimilar erosion, although the business still has to prove that this replacement engine can remain ahead as legacy declines deepen.
FDA action on ABP 206 BLA, by year-end
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