Amgen’s third-quarter revenue rose 8% to $10.4 billion, a deceleration from the 10.0% full-year growth rate filed for fiscal 2025. The slowdown reflects a portfolio in transition: newer medicines like Repatha and EVENITY accelerated sharply, while older franchises Prolia and XGEVA collapsed under biosimilar pressure, each losing nearly half their sales year-over-year.
Product sales grew 8% to $9,883 million in the quarter, driven by volume. Seventeen products delivered double-digit sales growth, and seventeen products now annualize above $1 billion in quarterly sales. On the earnings line, GAAP EPS jumped 19% to $7.08, lifted by higher revenues; GAAP operating margin expanded 9.9 percentage points to 37.5%. Non-GAAP EPS rose 14% to $6.45, with non-GAAP operating margin ticking up 0.2 percentage points to 47.3%. Free cash flow declined to $3.7 billion from $4.2 billion a year ago, driven by working capital timing, though the company attributed the prior-year quarter to favorable rebate and collection timing. The company did not issue forward guidance in this release.
What it means
The 8% revenue growth masks two opposing forces. Amgen’s newer commercial portfolio is firing: Repatha climbed 37% to $1,085 million, EVENITY jumped 39% to $751 million, and UPLIZNA more than tripled to $451 million. These gains suggest the company’s clinical strategy is translating to market share. But the portfolio’s older pillars are crumbling. Prolia fell 45% to $632 million and XGEVA dropped 47% to $288 million as biosimilar entrants captured volume; Otezla declined 18% to $481 million. Enbrel, a franchise Amgen acquired, fell 14% in net selling price alone, reflecting the Inflation Reduction Act’s Medicare price-setting mechanism that took effect in 2026.
The operating margin picture is split between GAAP and non-GAAP. GAAP margin jumped 9.9 percentage points to 37.5%, a substantial move that likely reflects one-time items or accounting adjustments (the release does not itemize them). Non-GAAP margin, the operational baseline, barely budged, up 0.2 percentage points to 47.3%, suggesting the underlying business is absorbing biosimilar losses and pricing pressure without margin expansion. The 0.2 percentage point non-GAAP margin gain against 8% revenue growth indicates operating expenses are rising faster than sales.
The open question is whether the newer portfolio’s growth rate can sustain as it scales. Repatha, EVENITY, and UPLIZNA are all growing from smaller bases; volume-driven gains at their current sizes may not offset the dollar losses from Prolia and XGEVA as biosimilar adoption deepens. Free cash flow’s decline to $3.7 billion, even accounting for working capital timing, suggests cash conversion is tightening.
Source: the company’s 8-K filed 2026-11-03 with the SEC.
For the standing yardsticks on Amgen: the price tag, the filed record, and the four gauges, refreshed with each edition, see the BullScope Evidence Sheet: Amgen.
