Amgen Reports Third Quarter 2026 Financial Results

Executive Summary

Amgen Inc. furnished Form 8-K under Item 2.02 detailing financial results for the third quarter ended September 30, 2026.

Financial Highlights

• Total Revenues: Increased 8% year-over-year to $10.4 billion, driven by product sales volume growth.
• GAAP Operating Income & EPS: GAAP operating income rose to $3.7 billion (up from $2.5 billion in Q3 2025), with GAAP operating margin expanding 9.9 percentage points to 37.5%. GAAP EPS increased 19% to $7.08.
• Non-GAAP Operating Income & EPS: Non-GAAP operating income reached $4.7 billion (operating margin 47.3%), and Non-GAAP EPS grew 14% to $6.45 from $5.64.
• Free Cash Flow: $3.7 billion generated in Q3 2026 compared to $4.2 billion in Q3 2025, primarily affected by working capital timing differences.

Key Product Performance

• Growth Drivers:
  • Repatha®: Sales climbed 37% YoY to $1,085 million.
  • EVENITY®: Sales increased 39% YoY to $751 million.
  • UPLIZNA®: Grew 191% YoY to $451 million.
  • TEZSPIRE®: Rose 43% YoY to $538 million.
  • IMDELLTRA®: Surged 128% YoY to $406 million.
• Declines & Headwinds:
  • Prolia®: Fell 45% YoY to $632 million following multiple biosimilar launches.
  • XGEVA®: Decreased 47% YoY to $288 million due to biosimilar competition.
  • Otezla®: Dropped 18% YoY to $481 million.