Amgen 8-K
PositiveEarningsNew guidance
Repatha and EVENITY drive sales growth despite Prolia/XGEVA biosimilar pressure; FY2026 revenue guidance is $38.9B–$39.7B
Filed 2026-11-03 16:05 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q3 2026 results with FY2026 guidance. Volume growth lifted product sales 8% Y/Y, with 17 products posting at least double-digit sales growth; gains in products including Repatha, EVENITY, UPLIZNA and IMDELLTRA were partly offset by biosimilar competition affecting Prolia and XGEVA.
FY2026 guidance is revenue of $38.9B-$39.7B and diluted EPS of $18.34-$19.28 GAAP and $22.90-$23.70 non-GAAP.
Key Figures
| Metric | Q3 2026 |
|---|---|
| Revenue | $10.4B, +8% Y/Y |
| Operating income, GAAP | $3.71B, +47% Y/Y |
| Operating income, non-GAAP | $4.68B, +9% Y/Y |
| Operating margin as a percentage of product sales, GAAP | 37.5%, vs 27.6% |
| Operating margin as a percentage of product sales, non-GAAP | 47.3%, vs 47.1% |
| Net income | $3.86B, +20% Y/Y |
| Diluted EPS | $7.08, +19% Y/Y |
| Diluted EPS, non-GAAP | $6.45, +14% Y/Y |
| Operating cash flow | $4.24B, -9% Y/Y |
| Free cash flow | $3.65B, -14% Y/Y |
- Product sales included Repatha, $1.09B, +37% Y/Y; EVENITY, $751M, +39%; UPLIZNA, $451M, +191%; TEZSPIRE, $538M, +43%; and IMDELLTRA, $406M, +128%. Prolia sales fell 45% to $632M and XGEVA fell 47% to $288M as biosimilars launched globally.
- Lower amortization of acquired assets and manufacturing costs helped lift GAAP operating margin; the prior-year quarter included a $400M Otezla intangible-asset impairment. Free cash flow declined as working capital changed; Q3 2025 benefited from the timing of rebates and collections.
- Cash and cash equivalents were $13.2B and debt outstanding was $54.0B at 9/30/2026. Amgen declared a $2.52-per-share dividend, up 6% Y/Y, and made no share repurchases in the quarter.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue | FY2026 | $38.9B-$39.7B | — | — |
| Diluted EPS, GAAP | FY2026 | $18.34-$19.28 | — | — |
| Diluted EPS, non-GAAP | FY2026 | $22.90-$23.70 | — | — |
| Tax rate, GAAP | FY2026 | 14.5%-16.0% | — | — |
| Tax rate, non-GAAP | FY2026 | 15.0%-16.5% | — | — |
| Capital expenditures | FY2026 | ≈$2.6B | — | — |
| Share repurchases | FY2026 | Not to exceed $3.0B | — | — |
Guidance changes, derived from earlier filings
| Metric | Period | Earlier guidance | Guidance now | Change |
|---|---|---|---|---|
| Revenue | FY2026 | $38.2B-$39.4B | $38.9B-$39.7B | raised |
| Diluted EPS, GAAP | FY2026 | $15.80-$17.08 | $18.34-$19.28 | raised |
| Tax rate, GAAP | FY2026 | 14.5%-16.0% | 14.5%-16.0% | reaffirmed |
| Diluted EPS, non-GAAP | FY2026 | $22.30-$23.50 | $22.90-$23.70 | raised |
| Tax rate, non-GAAP | FY2026 | 15.0%-16.5% | 15.0%-16.5% | reaffirmed |
| Capital expenditures | FY2026 | ≈$2.6B | ≈$2.6B | reaffirmed |
| Share repurchases | FY2026 | Not to exceed $3.0B | Not to exceed $3.0B | reaffirmed |
Investor Takeaways
- Watch the Phase 3 MariTide program in obesity and type 2 diabetes, including two additional studies planned to begin in Q4 2026; progress across these trials will test the reach of Amgen’s obesity strategy.
- Follow IMDELLTRA’s expansion in small cell lung cancer: the company reported a 58% reduction in risk of death when added to first-line maintenance therapy in the Phase 3 DeLLphi-305 study; further clinical and regulatory progress will test whether that benefit extends across its development program.
- The FDA is expected to act by year-end on Amgen’s ABP 206 biosimilar application referencing OPDIVO; the decision will be a near-term regulatory milestone for the biosimilar portfolio.
The summary is written by an AI model reading the filing.
Model 005 · prompt v173 · 2026-11-03 23:39:28Z