Amgen stock enters next phase after Q3 growth and outlook lift

Published on 11/05/2026 at 13:30 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Amgen stock follows a quarter of stronger sales and earnings. Management also lifted its full-year revenue and adjusted EPS ranges.

Amgen expands growth outlook

Third-quarter revenue climbed 8 percent year over year to 10.4 billion US dollars.
Non-GAAP earnings per share increased 14 percent to 6.45 US dollars, while GAAP earnings per share rose 19 percent to 7.08 US dollars.
Repatha, Evenity, Uplizna and Imdelltra delivered strong growth, but biosimilar competition sharply reduced Prolia and Xgeva sales.

Amgen, US0311621009, Illustration mit AI erstellt.

Amgen reported stronger third-quarter results on November 3, 2026, and raised its full-year outlook. The company said in a PR Newswire release that revenue increased 8 percent from the year-earlier period to 10.4 billion US dollars.

GAAP earnings per share rose 19 percent to 7.08 US dollars from 5.93 US dollars. Non-GAAP earnings per share increased 14 percent to 6.45 US dollars from 5.64 US dollars. Non-GAAP operating margin reached 47.3 percent, up from 47.1 percent, while free cash flow fell to 3.7 billion US dollars from 4.2 billion US dollars, mainly because of working-capital changes.

Growth products offset biosimilar pressure

Amgen's commercial performance remained uneven across its portfolio. Repatha revenue rose 37 percent to 1.085 billion US dollars, and Evenity sales increased 39 percent to 751 million US dollars. Uplizna revenue jumped 191 percent to 451 million US dollars, while Imdelltra sales advanced 128 percent to 406 million US dollars.

Older products faced sharper pressure from biosimilar competition. Prolia sales declined 45 percent to 632 million US dollars and Xgeva sales dropped 47 percent to 288 million US dollars. The contrasting product trends leave Amgen reliant on newer growth drivers to offset erosion in established medicines.

Higher guidance keeps execution central

Amgen raised its 2026 revenue forecast to a range of 38.9 billion to 39.7 billion US dollars, compared with the previous range of 38.2 billion to 39.4 billion US dollars. The company lifted its non-GAAP earnings-per-share outlook to 22.90 to 23.70 US dollars from 22.30 to 23.50 US dollars.

Management expects capital expenditures of approximately 2.6 billion US dollars and share repurchases of no more than 3 billion US dollars. It also expects a full-year non-GAAP operating margin of roughly 45 percent to 46 percent of product sales and said it does not anticipate a step-down in operating margin in 2027 compared with its 2026 guidance.

Chief Executive Robert Bradway said the commercial portfolio, clinical progress and late-stage pipeline support durable growth. The company highlighted continued development of MariTide in obesity, as well as programs involving Repatha, Uplizna, TEZSPIRE and Imdelltra. Full results from the OASIZ-301 study of dazodalibep in Sjogren's disease are scheduled for presentation at the American College of Rheumatology meeting in November.

Amgen stock traded at 428.25 euros on Lang & Schwarz at 13:21 CET on Thursday, November 5, 2026. Investors can follow the real-time quote of Amgen stock.