Amgen stock in focus as company raises 2026 outlook

Published on 11/04/2026 at 13:29 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Amgen stock enters the next phase after the company raised its 2026 outlook. Third-quarter revenue rose 8% to 10.4 billion US dollars.

Quarterly growth meets pipeline pressure

Adjusted earnings per share rose 14% year over year, while GAAP earnings per share increased 19%.
Repatha, EVENITY, UPLIZNA and IMDELLTRA delivered strong growth, but Prolia and XGEVA declined sharply as biosimilars launched globally.
Amgen is advancing MariTide through multiple Phase 3 studies targeting obesity and related conditions.

Amgen, US0311621009, Illustration mit AI erstellt.

Amgen reported third-quarter 2026 results on Tuesday, November 3, after the U.S. market close. In a company release, management said revenue increased 8% year over year to 10.4 billion US dollars, with product sales also up 8%.

Growth offsets legacy-product pressure

Amgen's GAAP earnings per share rose to 7.08 US dollars from 5.93 US dollars in the year-earlier quarter. Adjusted earnings per share increased to 6.45 US dollars from 5.64 US dollars, while adjusted operating income reached 4.7 billion US dollars and the adjusted operating margin was 47.3%.

The result combined lower acquisition-related costs with continued investment in the pipeline. Research and development spending increased 11% to 2.1 billion US dollars. Free cash flow declined to 3.7 billion US dollars from 4.2 billion US dollars, which Amgen attributed mainly to working-capital movements and favorable timing effects in the prior-year quarter.

The product portfolio showed a sharp split between growth medicines and established brands facing biosimilar competition. Repatha sales rose 37% to 1.085 billion US dollars, while EVENITY sales increased 39% to 751 million US dollars. UPLIZNA revenue jumped 191% to 451 million US dollars, and IMDELLTRA sales climbed 128% to 406 million US dollars.

By contrast, Prolia sales fell 45% to 632 million US dollars and XGEVA sales dropped 47% to 288 million US dollars as multiple biosimilars launched globally. Amgen also said Enbrel's net selling price fell 14%, reflecting the ongoing impact of U.S. Medicare Part D price setting under the Inflation Reduction Act.

Higher guidance keeps focus forward

For 2026, Amgen now expects revenue of 38.9 billion to 39.7 billion US dollars. Adjusted earnings per share are projected at 22.90 to 23.70 US dollars, while GAAP earnings per share are expected in a range of 18.34 to 19.28 US dollars. The company also expects capital expenditure of approximately 2.6 billion US dollars and share repurchases of no more than 3.0 billion US dollars.

Chief Executive Robert Bradway said the commercial portfolio, clinical advances and late-stage pipeline support Amgen's confidence in durable growth. The central pipeline catalyst remains MariTide, an obesity candidate now being tested in several Phase 3 studies, including programs involving people with Type 2 diabetes, cardiovascular disease, heart failure and sleep apnea.

The real-time quote of Amgen stock was 420.15 euros on Lang & Schwarz at 13:17 CET on Wednesday, November 4, 2026.

For investors, the earnings release strengthens the near-term case for Amgen's newer products, but the sharp erosion in Prolia and XGEVA sales underlines the pressure on mature franchises. The balance between growth launches, biosimilar exposure and MariTide's clinical progress remains central to the stock's outlook.

The broader U.S. equity market is tracked through the S&P 500.

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