Amgen Raises 2026 Outlook as Q3 Sales Rise 8% to $10.4 Billion

Direct answer

Amgen raised its outlook for 2026 after a stronger third quarter. Total revenue rose 8% from a year earlier to $10.4 billion, and adjusted earnings rose 14% to $6.45 per share. The company now expects full year revenue of $38.9 billion to $39.7 billion, with adjusted earnings of $22.90 to $23.70 per share.

What happened

Amgen reported its third quarter 2026 results on November 3, 2026. Product sales also rose 8%, to $9.9 billion. On a standard accounting basis, earnings per share rose 19%, from $5.93 to $7.08. Adjusted earnings, which strip out some one off items, rose from $5.64 to $6.45 per share. Reuters reported that revenue beat the average Wall Street estimate of $10.1 billion, and adjusted earnings beat the $5.79 estimate in LSEG data. Free cash flow was $3.7 billion, down from $4.2 billion a year earlier, which the company linked to the timing of rebates and collections. Growth came mainly from a small group of newer products. Amgen said its six key growth drivers grew 27% from a year earlier and made up more than 70% of product sales. Cholesterol drug Repatha rose 37% to $1.09 billion. Rare disease therapy Uplizna jumped 191% to $451 million. Lung cancer drug Imdelltra rose 128% to $406 million. Not every product grew. Sales of osteoporosis drug Prolia fell 45% to $632 million, missing the $697 million forecast, as patent expirations brought more competition. Reuters reported that Amgen shares dipped nearly 1% in regular trading on November 3 and fell more than 2% after hours, to $450, despite the earnings beat.

Why it matters for beginners

A guidance raise is a company telling investors it now expects a stronger full year than it did before. That is usually a sign of confidence, but it is not a promise, and results can still change. This report is also a useful example of a mixed picture inside one company. Newer products can grow fast while older products lose sales when patents expire and rivals appear. A single strong headline number does not tell the whole story. For beginners, it helps to separate one company from a whole market. One drug company can rise or fall on its own products, while a broad basket spreads that company specific risk. To understand that difference, see our guide to what an index fund is and why beginners use it. This article does not recommend buying or selling Amgen shares. It explains what the company reported and why investors were watching it.

What to watch next

Watch for updates on Amgen’s experimental weight loss drug MariTide, which Reuters highlighted as a key future product. Watch whether fourth quarter costs rise as the finance chief warned, since higher spending could squeeze margins even if sales keep growing. Watch the next quarterly update to see whether the raised full year range holds, and whether older products keep falling as competition grows.

Frequently asked questions

What does Amgen make?

Amgen is a biotechnology company that makes medicines for serious illnesses, including cholesterol, bone, cancer, and rare disease treatments.

What does a raised outlook mean?

It means the company increased its own forecast for the year. It reflects management expectations at the time, not a guaranteed result.

Why did shares dip if earnings beat estimates?

A beat is not the only thing investors judge. They also look at weak products, future costs, and what the guidance implies for coming quarters. In this case, Prolia sales missed forecasts, and the market reaction was negative on the day.

What is adjusted earnings per share?

It is earnings per share after removing some items the company treats as one off or non recurring. It is useful for comparison, but it is not the same as standard earnings, so both figures matter.

Sources

• Amgen, Amgen Reports Third Quarter 2026 Financial Results, November 3, 2026
• Reuters, Amgen posts higher-than-expected third quarter results, but shares dip, November 3, 2026

This article is for general information and education only. It is not legal or financial advice.