Amgen Inc.: EPS $6.45 vs $5.79 expected; revenue $10.4B vs $10.1B
Key Facts
Q3 FY2026 results
| Metric | Actual | Estimate | Surprise | Year ago |
|---|---|---|---|---|
| EPS (USD) | 6.45 | 5.79 | +11.4% | 5.64 |
| Revenue (USD bn) | 10.37 | 10.07 | +3.0% | 9.56 |
Recent reports: actual vs estimate
| Reported | Period | EPS (USD) | Estimate | Surprise | Revenue (USD bn) | Estimate | Surprise |
|---|---|---|---|---|---|---|---|
| Nov 3, 2026 | Q3 FY2026 | 6.45 | 5.79 | +11.4% | 10.37 | 10.07 | +3.0% |
| Aug 4, 2026 | Q2 FY2026 | 6.29 | 5.62 | +11.9% | 10.05 | 9.43 | +6.7% |
| Apr 30, 2026 | Q1 FY2026 | 5.15 | 4.77 | +8.0% | 8.62 | 8.58 | +0.5% |
| Feb 3, 2026 | Q4 FY2025 | 5.29 | 4.73 | +11.8% | 9.87 | 9.47 | +4.1% |
| Nov 4, 2025 | Q3 FY2025 | 5.64 | 5.02 | +12.4% | 9.56 | 8.97 | +6.6% |
| Aug 5, 2025 | Q2 FY2025 | 6.02 | 5.28 | +14.0% | 9.17 | 8.94 | +2.6% |
| May 1, 2025 | Q1 FY2025 | 4.90 | 4.27 | +14.8% | 8.15 | 8.06 | +1.1% |
| Feb 4, 2025 | Q4 FY2024 | 5.31 | 5.04 | +5.4% | 9.09 | 8.88 | +2.3% |
Source: Figures from the EL7 database. Estimates are the analyst consensus carried by our data vendor (FMP), not official figures.
Amgen Inc. results: EPS $6.45 vs $5.79 expected; revenue $10.4B vs $10.1B. The results cover the company's Q3 FY2026. EPS came in above analysts' estimate by 11.4%; revenue above the estimate by 3.0%.
Revenue was up 8.5% from $9.6 billion a year earlier (Q3 FY2025). EPS was up 14.4% from $5.64 a year earlier. On its record, EPS topped analysts' estimates in 7 of 7 earlier comparable reports.
What the results mean
Amgen’s results reflect growth driven by rising sales volumes across a diversified portfolio. Repatha, EVENITY, UPLIZNA, TEZSPIRE and oncology medicines supported business expansion, while management highlighted commercial portfolio strength, clinical progress and late-stage drug development as foundations for durable growth.
These drivers face pressures within the portfolio. Biosimilar competition weighed on Prolia and XGEVA, while Otezla sales declined because of volumes, net selling prices and sales deduction adjustments. Enbrel sales benefited from inventory and deduction adjustments despite price and volume pressure, making the sources of product growth important to understanding performance quality.
Revenue growth supported profitability, with rising adjusted operating expenses limiting its contribution. Free cash flow declined because of working capital changes and the timing of rebates and collections, highlighting the importance of distinguishing business performance from the conversion of earnings into cash.
What to watch on the earnings call: The durability of volume growth in products supporting sales, biosimilar pressure on Prolia and XGEVA, the role of inventory and sales deductions in portfolio performance, expense control and cash conversion, clinical progress across the development pipeline, and regulatory discussions concerning TAVNEOS.
For the full analysis of Amgen Inc. stock — valuation, scores and financial statements — see the stock page linked with this story.