Amgen Raises 2026 Guidance as Q3 Revenue Grows 8%

Amgen Inc. (NASDAQ: AMGN) increased its 2026 revenue and non-GAAP earnings guidance after third-quarter sales rose 8%, supported by broad growth across major products, rare diseases, oncology and biosimilars.

The biotechnology company now expects full-year revenue of $38.9 billion to $39.7 billion, compared with its previous range of $38.2 billion to $39.4 billion. Non-GAAP diluted earnings per share are projected at $22.90 to $23.70, up from the prior $22.30-to-$23.50 range. Amgen maintained its expected non-GAAP tax rate of 15% to 16.5% and capital expenditures of approximately $2.6 billion.

For the quarter ended Sept. 30, total revenue increased to $10.37 billion from $9.56 billion a year earlier. Product sales rose 8% to $9.88 billion, while other revenue increased 15% to $482 million.

GAAP net income reached $3.86 billion, up from $3.22 billion, and GAAP diluted EPS increased to $7.08 from $5.93. On a non-GAAP basis, net income rose 15% to $3.52 billion, while diluted EPS advanced 14% to $6.45. Non-GAAP operating income increased 9% to $4.7 billion, with the operating margin edging up to 47.3% of product sales from 47.1%.

Broad portfolio growth supports sales

Amgen said its six key growth drivers collectively grew 27% year over year and accounted for more than 70% of quarterly product sales. Repatha sales increased 37%, Evenity gained 39% and Tezspire rose 43%. Rare-disease products and the company’s innovative oncology portfolio each grew 21%, while biosimilars advanced 26%.

The innovative oncology category includes Blincyto, Imdelltra, Kyprolis, Lumakras, Nplate and Vectibix. Amgen also highlighted growing adoption of Pavblu among retina specialists and the expansion of Uplizna across neuromyelitis optica spectrum disorder, immunoglobulin G4-related disease and generalized myasthenia gravis.

Overall, 17 products recorded at least double-digit sales growth during the quarter. Another 17 products were generating sales at an annualized rate of at least $1 billion based on third-quarter performance.

Pipeline investment rises

Non-GAAP research and development expense increased 11% to $2.1 billion. As of Sept. 30, Amgen reported 297 clinical trials, including pipeline and real-world evidence studies, involving about 43,000 patients.

Among the quarter’s principal clinical developments, the Phase 3 DeLLphi-305 study showed a positive overall-survival benefit for Imdelltra plus AstraZeneca’s Imfinzi as first-line maintenance treatment for extensive-stage small cell lung cancer compared with Imfinzi alone. Imdelltra also received U.S. approval for reduced monitoring of six to eight hours for the first two doses.

Amgen announced positive Phase 3 results for dazodalibep in patients with moderate-to-severe systemic Sjögren’s disease, with detailed data scheduled for presentation in November. The company also presented positive Phase 3 results for Tezspire in eosinophilic esophagitis and positive Phase 2 findings for daxdilimab in discoid lupus erythematosus. A new Phase 3 study of Uplizna in primary membranous nephropathy was initiated.

The late-stage pipeline spans general medicine, rare disease, inflammation, oncology and biosimilars. Programs include multiple Phase 3 studies of MariTide in chronic weight management and related metabolic and cardiovascular conditions, as well as expanded studies of Imdelltra, Uplizna and Tezspire.

Cash flow declines as capital spending increases

Third-quarter operating cash flow was $4.24 billion, down from $4.68 billion a year earlier. Non-GAAP free cash flow declined to $3.65 billion from $4.25 billion as capital expenditures increased to $587 million from $436 million.

Amgen ended September with $13.19 billion in cash and cash equivalents, compared with $9.13 billion at the end of 2025. Outstanding debt totaled $54.0 billion, down from $54.6 billion. The company paid a quarterly dividend of $2.52 per share, compared with $2.38 a year earlier, and reported no share repurchases during the quarter.

Amgen cautioned that its outlook remains subject to clinical and regulatory outcomes, competition including biosimilars, pricing and reimbursement pressure, manufacturing constraints, intellectual-property disputes and integration risks related to acquisitions and collaborations. The company also identified litigation, cybersecurity incidents, geopolitical conditions and limited access to capital markets as factors that could cause actual results to differ from its expectations.