Amgen Beats Q3 2026 Estimates and Raises Full-Year Guidance

AMGN reported third-quarter 2026 revenue of $10.37 billion on Tuesday, Nov. 3, up 8.5% from a year earlier, with adjusted (non-GAAP) EPS of $6.45. FirstSquawk put consensus at $10.05 billion and $5.77, while MarketBeat cited $10.07 billion and $5.79, so the size of the beat depends on the data vendor.

The company's release showed GAAP EPS up 19% to $7.08 from $5.93, above the non-GAAP figure, which rose 14% from $5.64 to $6.45. Non-GAAP operating income was $4.68 billion against an estimate of $4.33 billion. Amgen raised its 2026 outlook to revenue of $38.9 billion to $39.7 billion, from $38.2 billion to $39.4 billion, and non-GAAP EPS of $22.90 to $23.70, from $22.30 to $23.50. The release's GAAP EPS range is $18.34 to $19.28.

Product trends diverged. Per the release, Repatha sales rose 37% to $1,085 million and Blincyto rose 27% to $496 million, while Xgeva fell 47% to $288 million and Prolia fell 45% to $632 million; Zacks reported the same direction. Non-GAAP operating expenses rose 8% year over year, and free cash flow was $3.7 billion, down from $4.2 billion a year earlier, the release said.

MarketBeat lists the consensus rating as Hold with an average price target of $389.71 and flagged an FDA warning letter over Vectibix promotion as a regulatory concern; that letter was not part of the earnings release. The $2.52 quarterly dividend was declared July 30, and no increase was reported. Investors may watch whether the Xgeva and Prolia declines, higher non-GAAP expenses and softer free cash flow weigh on the raised 2026 range.