Amgen Q3 2026 results: $10.4B revenue, EPS up

Financial results

Total revenues were $10.4 billion in Q3 2026, up 8% versus Q3 2025. GAAP EPS increased 19% to $7.08, with GAAP operating income rising to $3.7 billion and a GAAP operating margin of 37.5%. Non-GAAP EPS was $6.45, up 14%, and non-GAAP operating margin was 47.3%. Free cash flow was $3.7 billion versus $4.2 billion in Q3 2025.

Product performance

Seventeen products delivered at least double-digit sales growth and 17 products are annualizing at more than $1 billion. Notable Q3 product results: Repatha $1,085M (+37%), EVENITY $751M (+39%), Prolia $632M (−45% due to biosimilars), TEZSPIRE $538M (+43%), UPLIZNA $451M (+191%), IMDELLTRA $406M (+128%).

Cash flow and capital allocation

A $2.52 per-share dividend was paid (6% increase year-over-year). No share repurchases occurred in Q3. Cash and cash equivalents totaled $13.2 billion and debt outstanding was $54.0 billion as of September 30, 2026.

2026 guidance

Full-year 2026 outlook: total revenues $38.9–$39.7 billion; GAAP EPS $18.34–$19.28 (tax rate 14.5%–16.0%); non-GAAP EPS $22.90–$23.70 (tax rate 15.0%–16.5%); capital expenditures about $2.6 billion; share repurchases not to exceed $3.0 billion.

Pipeline and development updates

Key programs: MariTide Phase 3 studies are ongoing/enrolling across multiple indications; Repatha showed nominal mortality reductions in VESALIUS-CV pre-specified analyses; Olpasiran Phase 3 programs continue; UPLIZNA trials expanded into autoimmune hepatitis and nephropathy with additional studies planned; TEPEZZA Phase 3 Chronic-J met endpoints; TAVNEOS remains under FDA engagement with a hearing requested; Dazodalibep showed positive Phase 3 OASIZ-301 results in Sjögren’s disease; IMDELLTRA Phase 3 DeLLphi-305 reported overall survival benefit in first-line maintenance.