Amgen raises its 2026 revenue outlook after a $10.4 billion quarter

What happened

Amgen reported third-quarter 2026 total revenues of $10,365 million on Tuesday 3 November, 8 percent more than the $9,557 million of the same quarter a year earlier. ^[1]

Net income under U.S. accounting rules (GAAP) was $3,864 million, against $3,216 million a year earlier, and operating income was $3,710 million, against $2,526 million. Diluted earnings per share were $7.08, up from $5.93. Product sales were $9,883 million and other revenues $482 million. ^[1]

Why it matters

The release shows two forces at once. Amgen said Repatha, Evenity, Uplizna and Imdelltra grew by double digits or more, while Prolia and Xgeva fell 45 and 47 percent as biosimilars, lower-priced copies of a biologic drug, launched worldwide. ^[1]

Amgen said 17 products delivered at least double-digit sales growth in the quarter, and that product sales grew 8 percent, driven by volume. ^[1]

The drugs

Amgen reported these third-quarter sales, with the change from a year earlier. Repatha was $1,085 million (up 37 percent), Evenity $751 million (up 39 percent) and Prolia $632 million (down 45 percent). Tezspire was $538 million (up 43 percent), Tepezza $526 million (down 6 percent) and Uplizna $451 million (up 191 percent). ^[1]

Blincyto was $496 million (up 27 percent), Otezla $481 million (down 18 percent) and Nplate $472 million (up 3 percent). Krystexxa was $419 million (up 31 percent), Imdelltra $406 million (up 128 percent), Enbrel $611 million (up 5 percent) and Xgeva $288 million (down 47 percent). ^[1]

Amgen attributed Enbrel's lower net selling price to Medicare Part D price setting under the Inflation Reduction Act, in effect in 2026. Reuters reported that Repatha faces new competition from Merck's daily pill Lipfendra, and that the Food and Drug Administration proposed in April to withdraw Tavneos, whose sales were $105 million. Amgen said it continues to engage with the agency and believes Tavneos has a favorable benefit-risk profile. ^{[1, 3]}

The 2026 outlook

Amgen said it expects 2026 total revenues of $38.9 billion to $39.7 billion, capital expenditures of about $2.6 billion and share repurchases of no more than $3.0 billion. ^[1]

In its second-quarter release, Amgen had given a revenue range of $38.2 billion to $39.4 billion, so the range was raised at both ends. ^{[2, 3]}

MariTide

Amgen describes MariTide as an antibody-peptide conjugate that activates the GLP-1 receptor and blocks the GIPR receptor, with a long-acting design that supports as few as four or six doses a year. The release says MARITIME-1 and MARITIME-2, its Phase 3 weight-management studies, are ongoing, and that enrollment is complete in the cardiovascular outcomes study and both sleep apnea studies. ^[1]

The company said a Phase 3 study against semaglutide in type 2 diabetes was started and two more type 2 diabetes studies will begin in the fourth quarter of 2026. Reuters reported that initial results from the Phase 3 group are not expected until next year. ^{[1, 3]}

What settles it next

Amgen filed its quarterly report on Form 10-Q on Wednesday 4 November, the fuller account behind the release. Amgen said the two further type 2 diabetes MariTide studies start in the fourth quarter of 2026, and Reuters reported that first Phase 3 results are not expected until next year. ^{[4, 1, 3]}

Who it reaches

Amgen (AMGN) is direct: the results are its own filing. Merck (MRK) is adjacent: Reuters named Merck's oral Lipfendra as new competition for Repatha, one of the drugs that grew most in Amgen's quarter. ^{[1, 3]}