Amgen (AMGN) Q3 2026 earnings summary

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.