Amgen Inc.

Third quarter total revenues were $10.4 billion, up 8% year over year. Non-GAAP operating margin was 47%. Free cash flow was $3.7 billion. Non-GAAP R&D spending increased 11% year over year, while SG&A decreased 1%. Product-specific growth included Repatha at $1.1 billion, up 37%; EVENITY at $751 million, up 39%; TEZSPIRE at $538 million, up 43%; UPLIZNA at $451 million, up 191%; TEPEZZA at $526 million, down 6%; biosimilars at $977 million, up 26%; BLINCYTO at $496 million, up 27%; and IMDELLTRA at $406 million, more than double year over year. Amgen raised 2026 guidance to revenue of $38.9 billion to $39.7 billion and non-GAAP EPS of $22.90 to $23.70. It now expects non-GAAP other income and expense of $2.0 billion to $2.1 billion of expense, full-year non-GAAP operating margin of roughly 45% to 46%, full-year other revenue of approximately $1.9 billion, a non-GAAP tax rate of 15% to 16.5%, and share repurchases not to exceed $3 billion.

Bob Bradway said the first three quarters showed the strength of Amgen's broad portfolio and pipeline, calling the performance 'exactly the kind' of result the strategy was designed to produce. He stressed that Amgen is seeing durable growth from both commercial execution and R&D, and highlighted the company's ability to keep investing while returning cash to shareholders. His tone was confident and upbeat, with repeated emphasis on long-term growth into the next decade.

Thomas Dittrich said this was his first quarterly earnings call as CFO and emphasized continuity in financial discipline, capital allocation, and investment priorities. He cited 47% non-GAAP operating margin, $3.7 billion of free cash flow, $600 million of quarterly capex, and 11% year-over-year growth in non-GAAP R&D spending, while SG&A fell 1%. He also noted expected 2026 capex of about $2.6 billion, a 6% increase in the quarterly dividend to $2.52 per share, and reiterated that Amgen does not expect a step-down in operating margin in 2027 versus 2026 guidance.

Analysts focused heavily on Sjogren's, IMDELLTRA, MariTide, biosimilars capacity, and future business development. On Sjogren's, management said it is hard to directly read through from the systemic Phase III to the symptomatic study because the populations differ, and they said they would have more to say after Q4 data. On IMDELLTRA, management said the reduced monitoring time and the strong survival data should help drive rapid uptake and support a regulatory filing around the world. On MariTide, management said the tolerability profile has been mostly mild and short-lived so far, but it would not provide blinded trial details; on M&A, Bradway said Amgen remains disciplined and looks for deals that fit its therapeutic focus and offer shareholder returns.