Amgen Beats Forecasts With $10.4 Billion in Third Quarter Revenue and Raises Its 2026 Outlook

Amgen reported third quarter 2026 revenue of $10.4 billion, up 8 percent from a year earlier, and raised its outlook for the full year. The total was $10.365 billion in the company release, above the average Wall Street estimate of $10.1 billion.

Adjusted earnings rose 14 percent from a year earlier to $6.45 a share, beating analysts expectations of $5.79 a share, according to LSEG data. On a GAAP basis, earnings were $7.08 a share, up 19 percent from $5.93 a share a year earlier.

Profit and margins

GAAP net income was $3.864 billion for the quarter. GAAP operating income rose from $2.5 billion to $3.7 billion, and the GAAP operating margin rose 9.9 percentage points to 37.5 percent.

Product sales were $9.883 billion of the $10.365 billion in total revenue. The gap between the adjusted earnings figure of $6.45 a share and the GAAP figure of $7.08 a share is the difference between the two measures the company reported for the same quarter, and both measures rose from a year earlier.

A higher outlook for 2026

Amgen raised its full year 2026 outlook to adjusted earnings of $22.90 to $23.70 a share, on revenue of $38.9 billion to $39.7 billion. The prior projection was adjusted earnings of $22.30 to $23.50 a share, on revenue of $38.2 billion to $39.4 billion.

Both ends of both ranges moved up. The low end of the earnings range rose 60 cents a share, and the low end of the revenue range rose $700 million, after a third quarter that came in ahead of estimates on revenue and on adjusted earnings.

The drugs that carried the quarter

Sales of the cholesterol drug Repatha rose 37 percent to $1.09 billion, slightly ahead of analysts expectations of $1.04 billion. Sales of the bone drug Evenity rose 39 percent to $751 million, beating estimates of $724 million.

The older osteoporosis drug Prolia went the other way. Its sales fell 45 percent to $632 million, missing the $697 million forecast.

Sales of the rare disease therapy Uplizna jumped 191 percent from a year ago to $451 million. Sales of the lung cancer drug Imdelltra rose 128 percent to $406 million. Sales of Tavneos fell 2 percent to $105 million.

MariTide and the share reaction

One result investors still wait for is MariTide. Initial results from Amgen's broad group of Phase 3 MariTide trials are not expected until next year. Analysts forecast the weight loss market could be worth $150 billion a year in the next decade.

Amgen shares eased back 1.8 percent in postmarket trading despite the raised outlook, as biosimilar drugs cut into revenue for certain products, the Wall Street Journal reported in its afterhours earnings roundup. The quarter itself beat forecasts on the two lines Wall Street watches first, revenue and adjusted earnings, and the company raised its guidance for the year on the strength of it.