Amgen Inc.

(NASDAQ Global Select)
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Bullish +65

Amgen stock in focus as company raises 2026 outlook

Drug pricing Earnings report Guidance raised AI-generated analysis

πŸ“ˆ Amgen raised its full-year 2026 revenue guidance to $38.9 billion–$39.7 billion and adjusted EPS guidance to $22.90–$23.70 following a strong Q3 performance.

πŸ’° Third-quarter revenue grew 8% year-over-year to $10.4 billion, with product sales also up 8% driven by new therapies.

πŸ“Š GAAP earnings per share rose 19% to $7.08, while adjusted EPS increased 14% to $6.45 in the third quarter of 2026.

πŸš€ High-growth products Repatha, EVENITY, UPLIZNA, and IMDELLTRA delivered strong sales increases, with UPLIZNA revenue jumping 191%.

⚠️ Established franchises Prolia and XGEVA faced sharp declines of 45% and 47% respectively due to global biosimilar competition.

πŸ“‰ Enbrel's net selling price fell 14% reflecting the ongoing impact of U.S. Medicare Part D price setting under the Inflation Reduction Act.

πŸ’Έ Free cash flow declined to $3.7 billion from $4.2 billion, attributed mainly to working-capital movements and favorable prior-year timing effects.

πŸ”¬ R&D spending increased 11% to $2.1 billion as the company continues heavy investment in its pipeline despite lower acquisition-related costs.

πŸ’‰ MariTide remains a central pipeline catalyst, now being tested in multiple Phase 3 studies for obesity and related conditions including Type 2 diabetes.

πŸ“ˆ Amgen expects capital expenditure of approximately $2.6 billion and share repurchases of no more than $3.0 billion for the year.

Bullish Signals
  • Amgen raised its full-year 2026 revenue guidance to $38.9 billion–$39.7 billion and adjusted EPS guidance to $22.90–$23.70 following a strong Q3 performance.
  • Third-quarter revenue grew 8% year-over-year to $10.4 billion, with product sales also up 8% driven by new therapies.
  • GAAP earnings per share rose 19% to $7.08, while adjusted EPS increased 14% to $6.45 in the third quarter of 2026.
  • High-growth products Repatha, EVENITY, UPLIZNA, and IMDELLTRA delivered strong sales increases, with UPLIZNA revenue jumping 191%.
  • MariTide remains a central pipeline catalyst, now being tested in multiple Phase 3 studies for obesity and related conditions including Type 2 diabetes.
  • CEO Robert Bradway expressed confidence that the commercial portfolio, clinical advances, and late-stage pipeline support Amgen's confidence in durable growth.
Risk Factors
  • Established franchises Prolia and XGEVA faced sharp declines of 45% and 47% respectively due to global biosimilar competition.
  • Enbrel's net selling price fell 14% reflecting the ongoing impact of U.S. Medicare Part D price setting under the Inflation Reduction Act.
  • Free cash flow declined to $3.7 billion from $4.2 billion, attributed mainly to working-capital movements and favorable prior-year timing effects.
Full Analysis
Amgen reported third-quarter 2026 results on Tuesday, November 3, after the U.S. market close, raising its full-year 2026 outlook following a strong performance in newer therapies. The company's revenue increased 8% year over year to $10.4 billion, driven by significant growth in its obesity and cardiovascular portfolios while facing headwinds from biosimilar competition on established franchises. Financial metrics for the quarter showed GAAP earnings per share rising to $7.08 from $5.93 a year earlier, with adjusted earnings per share increasing to $6.45. Adjusted operating income reached $4.7 billion, representing an operating margin of 47.3%. However, free cash flow declined to $3.7 billion from $4.2 billion in the prior-year quarter, primarily due to working-capital movements and favorable timing effects. Amgen's product portfolio displayed a sharp divergence between emerging growth medicines and mature brands under pressure. High-growth drugs like Repatha, EVENITY, UPLIZNA, and IMDELLTRA delivered substantial revenue increases, whereas Prolia and XGEVA sales fell sharply due to global biosimilar launches. Additionally, Enbrel's net selling price decreased 14% reflecting ongoing impacts from the Inflation Reduction Act. For fiscal year 2026, Amgen raised its revenue guidance to a range of $38.9 billion to $39.7 billion and adjusted earnings per share projections to $22.90 to $23.70. The company expects capital expenditure of approximately $2.6 billion and plans share repurchases of no more than $3.0 billion. CEO Robert Bradway highlighted the commercial portfolio, clinical advances, and late-stage pipeline as key drivers for durable growth. Central to Amgen's future strategy is MariTide, an obesity candidate currently being tested in multiple Phase 3 studies targeting Type 2 diabetes, cardiovascular disease, heart failure, and sleep apnea. Management expressed confidence that the combination of its commercial portfolio strength and late-stage pipeline progress supports a positive long-term outlook for the biotechnology giant.