Amgen (NASDAQ:AMGN) Posts Earnings Results, Beats Expectations By $0.66 EPS

Amgen (NASDAQ:AMGN) released its quarterly earnings data on Tuesday. The medical research company reported $6.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.79 by $0.66, FiscalAI reports. Amgen had a return on equity of 124.14% and a net margin of 22.95%. The business had revenue of $10.37 billion for the quarter, compared to the consensus estimate of $10.07 billion. During the same quarter in the previous year, the company posted $5.64 EPS. The company’s revenue was up 8.5% compared to the same quarter last year.

Here are the key takeaways from Amgen’s conference call:

• Third-quarter revenue rose 8% year over year to $10.4 billion, with all six key growth drivers posting double-digit growth and collectively increasing 27% to more than 70% of product sales.
• Amgen raised its 2026 guidance to revenue of $38.9 billion-$39.7 billion and non-GAAP EPS of $22.90-$23.70, supported by $3.7 billion in quarterly free cash flow and a 47% non-GAAP operating margin.
• The company highlighted strong commercial momentum from Repatha, EVENITY, TEZSPIRE, UPLIZNA, BLINCYTO, and IMDELLTRA; IMDELLTRA sales more than doubled to $406 million and its first-line maintenance trial showed median overall survival of 21.1 months versus 12.7 months for IMFINZI alone.
• Amgen reported positive Phase III results for IMDELLTRA, TEZSPIRE in eosinophilic esophagitis, and dazodalibep in systemic Sjögren’s disease, while advancing daxdilimab into Phase III and continuing development of MariTide, xaluritamig, and other pipeline programs.
• Management expects higher operating expenses in the fourth quarter and plans approximately $2.6 billion of 2026 capital expenditures, including manufacturing investments to support commercial growth and a potential MariTide launch; however, it said 2027 operating margins should not decline from 2026 levels.

Amgen Stock Down 0.9%

Amgen stock opened at $461.26 on Wednesday. The company has a debt-to-equity ratio of 4.44, a current ratio of 1.37 and a quick ratio of 1.13. The stock has a market capitalization of $249.37 billion, a PE ratio of 28.67, a price-to-earnings-growth ratio of 3.41 and a beta of 0.43. Amgen has a 12 month low of $294.48 and a 12 month high of $475.64. The business has a 50 day simple moving average of $420.83 and a 200-day simple moving average of $376.16.

Amgen Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 20th will be issued a $2.52 dividend. This represents a $10.08 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, November 20th. Amgen’s dividend payout ratio (DPR) is presently 62.65%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Truist Financial upped their price objective on Amgen from $362.00 to $380.00 and gave the company a “hold” rating in a research report on Wednesday, October 7th. BMO Capital Markets dropped their target price on shares of Amgen from $450.00 to $415.00 and set a “market perform” rating on the stock in a report on Monday, October 12th. Argus boosted their target price on shares of Amgen from $375.00 to $460.00 and gave the stock a “buy” rating in a report on Wednesday, August 19th. Cantor Fitzgerald increased their price objective on Amgen from $400.00 to $440.00 and gave the company a “neutral” rating in a report on Monday, October 5th. Finally, Oppenheimer reiterated an “outperform” rating on shares of Amgen in a research note on Friday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, sixteen have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Amgen has an average rating of “Hold” and a consensus price target of $389.71.

Key Stories Impacting Amgen

Here are the key news stories impacting Amgen this week:

• Positive Sentiment: Amgen reported third-quarter revenue of $10.37 billion, up 8.5% year over year, and adjusted earnings of $6.45 per share. Both figures beat analyst estimates. The company also raised its 2026 revenue and earnings outlook; its revenue midpoint was slightly above consensus. Amgen Raises 2026 Outlook as Q3 Revenue Grows 8% to $10.4 Billion
• Positive Sentiment: Six key growth products reportedly increased sales by 27%, helping offset declining TEPEZZA sales. The company also highlighted pipeline progress, though investors are awaiting further MariTide data. Amgen Q3 2026 Earnings Call Highlights
• Neutral Sentiment: Amgen’s quality chief is retiring and an internal deputy will take over. The transition may draw attention, but the report did not indicate an immediate operational change. Amgen’s quality chief to retire as internal successor steps up
• Negative Sentiment: Despite the earnings beat, investors focused on biosimilar competition facing key products, which weighed on shares after the report. TEPEZZA’s sales decline also highlights pressure within the portfolio. Amgen beats estimates but shares dip on biosimilar concerns
• Negative Sentiment: A recent FDA warning letter over alleged misleading promotion of cancer drug Vectibix adds regulatory risk, though it was not the main focus of the earnings news. Amgen Gets FDA Warning Letter Over Misleading Vectibix Promotion

Insider Activity at Amgen

In related news, SVP Nancy A. Grygiel sold 2,970 shares of the company’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $402.16, for a total transaction of $1,194,415.20. Following the completion of the sale, the senior vice president owned 7,340 shares of the company’s stock, valued at approximately $2,951,854.40. This represents a 28.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Rachna Khosla sold 1,252 shares of Amgen stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $416.43, for a total value of $521,370.36. Following the transaction, the senior vice president owned 6,404 shares in the company, valued at approximately $2,666,817.72. The trade was a 16.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 6,222 shares of company stock valued at $2,540,926. 0.85% of the stock is owned by company insiders.

About Amgen

Amgen Inc is a biotechnology company that discovers, develops, manufactures and delivers medicines for serious illnesses. Its research focuses on areas including oncology, cardiovascular disease, inflammation, bone health, nephrology and neuroscience.

The company’s products include biologic and specialty medicines such as Enbrel for inflammatory diseases, Prolia and Evenity for osteoporosis, Xgeva for skeletal-related complications, Repatha for cardiovascular risk reduction, Otezla for inflammatory conditions, Tezspire for severe asthma, Blincyto for certain blood cancers, and Lumakras for specific cancers.

Founded in 1980, Amgen is headquartered in Thousand Oaks, California.