Key Notes
- Amgen reported $10.37 billion in third-quarter revenue, $6.45 in adjusted earnings per share and $4.68 billion in adjusted operating income.
- Repatha sales rose 37% and topped $1 billion, while Prolia sales fell 45% as biosimilar competition increased.
- Amgen now expects 2026 revenue of $38.9 billion to $39.7 billion and adjusted earnings of $22.90 to $23.70 per share.
Amgen (Nasdaq: AMGN) raised its full-year sales and adjusted earnings forecasts after third-quarter results beat estimates. Revenue rose 8% from a year earlier to $10.37 billion, and adjusted earnings increased 14% to $6.45 a share. Higher sales of cholesterol drug Repatha and other medicines helped offset a steep decline for osteoporosis treatment Prolia.
Quarterly revenue exceeded the $10.05 billion estimate, while adjusted earnings topped the $5.77 estimate by 68 cents a share. Adjusted operating income of $4.68 billion also exceeded the $4.33 billion estimate. On a GAAP basis, earnings reached $7.08 a share, up from $5.93 a year earlier. Amgen results
Repatha Sales Top $1 Billion as Prolia Falls
Repatha sales rose 37% to $1.085 billion, primarily because Amgen sold more doses. Evenity, another osteoporosis treatment, gained 39% to $751 million, while asthma drug Tezspire rose 43% to $538 million. Overall product sales increased 8%, with Amgen attributing the growth to higher volume.
Prolia sales fell 45% to $632 million after multiple biosimilars entered markets around the world. Lower volume accounted for part of the decline, with lower net prices and changes to estimated sales deductions accounting for the rest. The quarter shows how growth in newer products can offset pressure on established drugs when competitors enter.
Amgen Lifts Full-Year Revenue and Profit Forecasts
Amgen now expects 2026 revenue of $38.9 billion to $39.7 billion, up from $38.2 billion to $39.4 billion. The midpoint rose by $500 million to $39.3 billion. Management also increased its adjusted earnings forecast to $22.90 to $23.70 per share from $22.30 to $23.50, lifting the midpoint by 40 cents. Prior guidance
Adjusted operating margin edged up 0.2 percentage points to 47.3%. Free cash flow fell to $3.7 billion from $4.2 billion. Amgen attributed the decline to working capital and said the prior-year quarter had benefited from the timing of rebates and collections.
MariTide Trials Continue
Amgen also said it had begun enrolling adults with type 2 diabetes in a Phase 3 study comparing its experimental MariTide treatment with semaglutide. It plans to start two additional Phase 3 studies in type 2 diabetes during the fourth quarter. A separate trial is studying people who switch from weekly semaglutide or tirzepatide to less frequent MariTide dosing.
The program advances as rivals test new ways to compete in obesity and diabetes care. We previously reported on Eli Lilly’s head-to-head study of its experimental retatrutide against Ozempic. The Amgen study will provide a separate comparison for MariTide in adults with type 2 diabetes.
