Amgen earnings: third quarter 2026

Amgen sold more medicines in the third quarter of 2026: revenue rose 8% to $10.4 billion, and the company says the growth came from selling more rather than from higher prices. Its adjusted earnings per share, which leave out items such as gains on shares it owns in other companies, rose 14% to $6.45. Reported profit rose faster, helped by $1.5 billion of such investment gains and lower accounting charges. Amgen raised its forecasts for the year's sales and profit. The softer spots were cash and costs: free cash flow fell in the quarter, and underlying costs grew about as fast as sales. ¹

Against what analysts expected

Amgen's adjusted earnings per share of $6.45 were about 12% above the $5.74 analysts expected on average, according to Nasdaq's earnings calendar. ¹²

The strong points

• Revenue grew 8% to $10.4 billion, and Amgen says that came from selling more medicines, not from raising prices. ¹
• Adjusted earnings per share, the company's own figure that leaves out one-off items such as gains on shares it holds, rose 14% to $6.45. ¹
• Cash rose to $13.2 billion while debt edged down, and the amount due within a year roughly halved. ¹

The weak points

• Free cash flow, the cash left after running the business and investing in it, fell to $3.7 billion from $4.2 billion a year earlier, even though profit rose. ¹
• Underlying costs grew about as fast as sales, with research spending up 11%, so the adjusted operating margin barely moved. ¹

What the company expects

• Amgen raised its forecast for this year's revenue to $38.9-39.7 billion, from $38.2-39.4 billion three months ago. ¹
• It also raised its forecast for adjusted earnings per share to $22.90-23.70, from $22.30-23.50 before. ¹

Our verdict on the quarter

A very strong report. Amgen raised its forecasts for the year's sales and profit, earned well above what analysts expected, and grew both sales and underlying profit on higher volumes; the dip in quarterly cash was largely a matter of timing.

The results as published

• The results release itself
• The filing it came with (SEC)
• The previous results, for what it forecast then

Notes

1. Amgen's results release, 3 November 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 3 November 2026. ↩