Amgen (AMGN) Earnings: Q3 2026 Results and Next Report Date

The quarter ended September 30, 2026 and Amgen published the results on November 3, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Amgen reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Amgen states operating margin as operating income as a percentage of product sales, not of total revenues.
• Amgen reports one operating segment, human therapeutics. The U.S. and rest-of-world split of product sales comes from its product sales table; the year-ago split is from the Q3 2026 Form 10-Q.

Source: Amgen Q3 2026 results, November 3, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Amgen splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Amgen's Product sales revenue was $9.9 billion in Q3 2026, up 8% from $9.1 billion in Q3 2025, 95% of total revenue.
• Amgen's Other revenues revenue was $482 million in Q3 2026, up 15% from $420 million in Q3 2025, 5% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Amgen said:

“Total revenues in the range of $38.9 billion to $39.7 billion.”

“On a GAAP basis, EPS in the range of $18.34 to $19.28, and a tax rate in the range of 14.5% to 16.0%.”

“On a non-GAAP basis, EPS in the range of $22.90 to $23.70, and a tax rate in the range of 15.0% to 16.5%.”

“Share repurchases not to exceed $3.0 billion.”

Source: Amgen Q3 2026 release, Nov 3, 2026.

This is the company's own guidance as of Nov 3, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the AMGN forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenues and diluted EPS, each as first reported in that quarter's release.

Amgen's next report is expected around February 2, 2027, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q3 2026 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 3, 2026

Amgen reports one operating segment, human therapeutics, and splits its revenue into product sales and other revenues. In Q3 2026 product sales were $9,883 million of $10,365 million in total revenues. Other revenues, $482 million, consist primarily of royalty income and corporate partner revenues. (Amgen Q3 2026 release, Nov 3, 2026; Amgen Form 10-K, 2025, Feb 13, 2026)

Product sales grew 8%, which Amgen put down to volume growth. U.S. product sales were $7,259 million and rest-of-world sales $2,624 million. The 10-Q says U.S. volume grew 8% and rest-of-world volume grew 16%, led by Repatha, UPLIZNA, EVENITY, IMDELLTRA/IMDYLLTRA, TEZSPIRE and PAVBLU. Repatha was the largest product at $1,085 million, up 37%, followed by EVENITY at $751 million, up 39%. (Amgen Q3 2026 release, Nov 3, 2026; Amgen Form 10-Q, Q3 2026, Nov 4, 2026)

Two older bone products are losing sales to biosimilars. Prolia fell 45% to $632 million and XGEVA fell 47% to $288 million as multiple biosimilars have launched globally. Amgen said the Prolia decline came from 23% lower volume, with the remainder split equally between lower net selling price and changes to estimated sales deductions. (Amgen Q3 2026 release, Nov 3, 2026)

U.S. drug pricing law shows up in Enbrel. Its net selling price was 14% lower because of U.S. Medicare Part D price setting effective in 2026 under the Inflation Reduction Act. Enbrel sales still rose 5% to $611 million because of 15% favorable changes to estimated sales deductions and 8% higher inventory levels. (Amgen Q3 2026 release, Nov 3, 2026; Amgen Form 10-Q, Q3 2026, Nov 4, 2026)

Amgen's U.S. sales run through three wholesalers: McKesson, Cencora and Cardinal Health. Each accounted for more than 10% of total revenues in 2025, and together they accounted for 77% of worldwide gross revenues that year. (Amgen Form 10-K, 2025, Feb 13, 2026)

Amgen's GAAP diluted EPS of $7.08 was above its non-GAAP EPS of $6.45 in Q3 2026. GAAP other income included $1,465 million of net gains from equity investments, which Amgen excludes from non-GAAP results. Non-GAAP results also exclude acquisition-related expenses, primarily noncash amortization of intangible assets acquired in business combinations ($881 million in cost of sales this quarter), and a $59 million impairment of intangible assets. (Amgen Q3 2026 release, Nov 3, 2026)

GAAP operating margin, measured against product sales, rose 9.9 percentage points to 37.5%. Amgen said cost of sales fell on lower amortization of acquisition-related assets and lower manufacturing costs. The year-ago quarter carried $1,420 million of acquisition-related cost-of-sales adjustments and a $400 million intangible impairment. On a non-GAAP basis the margin was 47.3%, up 0.2 percentage points. (Amgen Q3 2026 release, Nov 3, 2026)

Average diluted shares were 546 million, against 542 million a year earlier, and Amgen made no share repurchases in the quarter. The GAAP tax rate was 17.5%, against 18.0%, and the non-GAAP tax rate was 15.9%, against 18.2%. Amgen paid a dividend of $2.52 per share, 6% more than a year earlier. (Amgen Q3 2026 release, Nov 3, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Amgen gives a full-year outlook in each release. For full year 2026 it expects total revenues of $38.9 billion to $39.7 billion, GAAP EPS of $18.34 to $19.28 and non-GAAP EPS of $22.90 to $23.70, with capital expenditures of about $2.6 billion and share repurchases not exceeding $3.0 billion. (Amgen Q3 2026 release, Nov 3, 2026)

Through the first nine months of 2026 Amgen reported total revenues of $29,037 million and GAAP diluted EPS of $14.79, against $26,885 million and $11.77 a year earlier. Non-GAAP diluted EPS for the nine months was $17.88. (Amgen Q3 2026 release, Nov 3, 2026)

A consensus figure is the average of the models published by the analysts who cover Amgen, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Amgen's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning AMGN is on is AMGN a buy or a sell?, what analysts expect next is on the AMGN forecast, and what the company does is on the Amgen (AMGN) stock page.

Every number on this page can be traced to a document Amgen published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.