$AMGN · AMGEN INC
Amgen reported Q3 2026 results via 8-K Item 2.02. Total revenues grew 8% YoY to $10.4B on product sales of $9.88B. GAAP diluted EPS rose 19% to $7.08; non-GAAP EPS rose 14% to $6.45. GAAP operating margin expanded 9.9pp to 37.5%. Free cash flow was $3.7B, down from $4.2B a year ago. The quarter highlighted strong growth from Repatha, TEZSPIRE, UPLIZNA, and IMDELLTRA, but Prolia and XGEVA saw steep declines from biosimilar competition.
- Total revenues rose 8% YoY to $10.4B, with product sales of $9.88B driven by volume growth.
- GAAP diluted EPS of $7.08, up 19% from $5.93 a year ago; non-GAAP EPS of $6.45, up 14% from $5.64.
- Prolia sales collapsed 45% YoY to $632M and XGEVA fell 47% to $288M as multiple biosimilars launched globally.
- GAAP operating margin expanded 9.9pp to 37.5%; non-GAAP operating margin edged up 0.2pp to 47.3%.
- Free cash flow declined to $3.7B from $4.2B a year ago, with Q3 2025 benefiting from favorable rebate/collection timing.
Extended-hours trading shows AMGN at $453.00, down 1.79% from the $461.26 regular close. The modest post-market decline suggests the biosimilar-driven erosion in Prolia/XGEVA and the free cash flow drop are weighing against otherwise solid top-line growth and margin expansion.
Amgen's earnings reveal a bifurcated portfolio: newer drugs are surging but legacy blockbusters Prolia and XGEVA are in freefall from biosimilars, testing whether the growth pipeline can sustain overall revenue momentum.
Amgen's biosimilar-exposed legacy franchise (Prolia/XGEVA) is deteriorating faster than the newer growth drivers (Repatha +37%, TEZSPIRE +43%, UPLIZNA +191%) can offset, a dynamic mirrored across large-cap pharma peers facing patent cliffs.
Prolia and XGEVA face accelerating biosimilar competition globally, with Prolia down 45% YoY (23% lower volume, lower net selling price) and XGEVA down 47% (32% lower volume, 11% lower net selling price). TAVNEOS continues to decline amid ongoing FDA engagement over its benefit-risk profile.