Amgen Q3 revenue beats expectations on higher volumes

Overview

• US biotech firm's Q3 revenue rose 8%, beating analyst expectations

• Adjusted EPS for Q3 increased 14%, beating analyst expectations

• Product sales growth driven by volume, but some key drugs declined due to biosimilar launches

Outlook

• Amgen expects 2026 total revenue between $38.9 bln and $39.7 bln

• Company forecasts 2026 GAAP EPS of $18.34 to $19.28 and non-GAAP EPS of $22.90 to $23.70

• Amgen projects 2026 capital expenditures of about $2.6 bln

Result Drivers

• VOLUME GROWTH - Amgen said overall product sales growth in Q3 was driven by higher volumes

• BIOSIMILAR COMPETITION - Amgen said declines in Prolia and XGEVA sales were due to multiple biosimilars launching globally

• HIGHER OPERATING EXPENSES - Amgen said adjusted EPS growth was partially offset by higher operating expenses

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 13 "strong buy" or "buy", 19 "hold" and 4 "sell" or "strong sell"

• The average consensus recommendation for the pharmaceuticals peer group is "buy."

• Wall Street's median 12-month price target for Amgen Inc is $410.00, about 11.9% below its November 2 closing price of $465.45

• The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 17 three months ago

Reuters Recommended Reads

• Nov 2 - Vertex Pharmaceuticals' Q3 revenue slightly beats estimates, outlook raised

• Nov 2 - Neurocrine Biosciences Q3 revenue jumps 41% on strong INGREZZA, CRENESSITY, VYKAT XR demand

• Nov 3 - Pfizer Q3 revenue beats estimates on new launches; raises guidance

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)