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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Amgen
Amgen (AMGN) investor relations material
Amgen Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary3 Nov, 2026
Executive summary
Q3 revenue rose 8% YoY to $10.365B; GAAP diluted EPS increased 19% to $7.08 and non-GAAP diluted EPS rose 14% to $6.45.
Six growth drivers rose 27% and represented over 70% of product sales; 17 products posted double-digit growth, and 17 annualized above $1B.
Product sales growth was primarily volume-driven, partly offset by lower net selling prices.
Financial highlights
Q3 product sales increased 8% to $9.883B; U.S. sales rose 8% to $7.259B and ROW sales rose 10% to $2.624B.
Non-GAAP operating income rose 9% to $4.676B; non-GAAP net income increased 15% to $3.520B.
GAAP operating income increased to $3.710B from $2.526B; net income rose to $3.864B from $3.216B.
Free cash flow was $3.654B, down from $4.248B, with working-capital timing affecting the comparison.
Q3 R&D expense was $2.111B, up 11% YoY; SG&A expense declined 1%.
Outlook and guidance
FY 2026 revenue guidance increased to $38.9B–$39.7B and non-GAAP EPS guidance to $22.90–$23.70.
FY 2026 non-GAAP operating margin guidance remains 45%–46% of product sales; non-GAAP tax-rate guidance is 15.0%–16.5%.
FY 2026 capex is expected to be $2.6B; planned share repurchases are capped at $3.0B.
Q4 operating expenses are expected to rise sequentially; volume growth is expected to be partly offset by net selling-price declines through year-end.
Two additional Phase 3 MariTide studies in T2D are planned to start in Q4 2026.
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Latest events from Amgen
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2026 European Society for Medical Oncology (ESMO) Annual Congress - Volume-led growth and Horizon sales contributions lifted revenue as GAAP margins contracted.AMGNQ4 2023
- Strong revenue growth, pipeline advances, and DTC strategies drive long-term outlook.AMGNMorgan Stanley 24th Annual Global Healthcare Conference
- Strong revenue growth, pipeline advances, and disciplined investment drive long-term outlook.AMGNWells Fargo 21st Annual Healthcare Conference
- Q2 2026 revenue up 10% to $10.1B; GAAP EPS up 65%; strong growth in key products.AMGNQ2 2026
- Double-digit growth, robust pipeline, and key MariTide data set to drive momentum in 2024.AMGNJefferies Global Healthcare Conference 2025
- Robust portfolio growth and late-stage pipeline progress set up multiple 2024 catalysts.AMGNOppenheimer 35th Annual Healthcare Life Sciences Conference (Virtual) 2025
- Up to 20% weight loss at 52 weeks, improved tolerability, and ongoing Phase 3 studies.AMGNStatus Update
- Q2 revenue up 20% to $8.4B, but GAAP EPS down 46% on higher expenses and pricing pressure.AMGNQ2 2024
Next Amgen earnings date
Q4 20264 Feb, 2027
Amgen
Next Amgen earnings date
Q4 20264 Feb, 2027
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Frequently asked questions
American Biotechnology
Amgen is a biotechnology company from California with operations worldwide. Over the years, it has evolved from a fledgling start-up into a pharmaceutical titan, making a name for itself through its research and innovative drug development. Unlike traditional pharmaceutical companies, Amgen uses living cells to produce its products, a challenging approach that can yield groundbreaking results.
Born from Innovation
Amgen, founded in 1980 by William K. Bowes, Jr., George Rathmann, and Joseph Rubinfeld, set out to unlock the potential of biology for patients. The company's original focus was on tools for molecular biology, but it quickly shifted to human therapeutics. One of the company’s flagship treatments is Epogen, which revolutionized the treatment of anemia in patients with chronic kidney disease. Over the years, Amgen has expanded its portfolio of medications to tackle a variety of serious illnesses through a focus on research and development.
Some publicly traded peers operating in the same field include names such as Pfizer, Eli Lilly, Johnson & Johnson, and other large pharmaceutical companies.
A Therapeutic Pioneer
Amgen's extensive product portfolio caters to several therapeutic areas, from cardiovascular disease to oncology, nephrology, and more. Through a combination of biological and small molecule drugs, Amgen targets conditions where there is a high unmet medical need. Today, the company continues to place a big emphasis on research in medicine, striving for innovative solutions that improve the lives of its patients. The fact that Amgen uses living cells in some of their treatments has been a key part of their growth, but also their marketing over the years.
Serving Patients Worldwide
Amgen has expanded its footprint globally, bringing its products and therapies to patients around the world. The company's broad international presence in over 100 countries is supported by strategic partnerships, robust distribution networks, and a commitment to patient care.