Amgen (NASDAQ:AMGN) reported third-quarter revenue growth of 8% year over year to $10.4 billion, supported by broad-based demand across its portfolio and continued clinical progress in several late-stage programs. The company raised its full-year revenue and adjusted earnings outlook while highlighting growth in cardiovascular, bone health, inflammation, rare disease, oncology and biosimilar medicines.
Chairman and Chief Executive Officer Bob Bradway said Amgen’s six key growth drivers increased sales by 27% from a year earlier and accounted for more than 70% of third-quarter product sales. Seventeen products posted double-digit sales growth, while 17 products were annualizing at more than $1 billion in sales based on third-quarter performance.
“Strong commercial and operations execution and continued innovation from our research and development organization reinforce our confidence in Amgen’s ability to deliver durable long-term growth,” Bradway said.
Key Products Drive Sales Growth
Murdo Gordon, executive vice president of global markets and policy, said all six key growth drivers delivered double-digit growth during the quarter.
- Repatha: Sales rose 37% year over year to $1.1 billion. U.S. average weekly new-to-brand prescriptions increased more than 60% from the prior year, according to Gordon. He cited cardiovascular outcomes data and updated clinical guidelines supporting earlier and more intensive LDL cholesterol lowering.
- EVENITY: Sales climbed 39% to $751 million, with U.S. demand supported by an expanding prescriber base and adoption among physicians treating patients at high fracture risk.
- TEZSPIRE: Sales increased 43% to $538 million, driven by demand in severe uncontrolled asthma. The company said the medicine achieved 34% new-to-brand prescription share among U.S. allergists.
- UPLIZNA: Sales surged 191% to $451 million, reflecting demand across approved indications. Amgen said new and continuing U.S. patients with generalized myasthenia gravis increased 45% sequentially.
- IMDELLTRA: Sales more than doubled from a year ago to $406 million.
- Biosimilars: The portfolio grew 26% to $977 million. PAVBLU, Amgen’s biosimilar to EYLEA, posted 41% growth to $300 million.
Amgen’s rare disease portfolio grew 21% to $1.6 billion, while innovative oncology sales increased 21% to $2.1 billion. BLINCYTO sales rose 27% to $496 million. TEPEZZA generated $526 million in sales, down 6% from the prior year due to an inventory build in the third quarter of 2025, the company said.
Phase III Data Highlight Oncology and Inflammation Pipeline
The company reported positive phase III results in small cell lung cancer, eosinophilic esophagitis and Sjögren’s disease.
Jay Bradner, Amgen’s executive vice president of research and development, detailed results from the DeLLphi-305 study of IMDELLTRA plus IMFINZI as first-line maintenance treatment for small cell lung cancer. The combination produced median overall survival of 21.1 months, compared with 12.7 months for IMFINZI alone. Amgen said it is working to file the results with regulators globally.
Bradner said IMDELLTRA’s safety profile in the study was consistent with prior experience, with cytokine release syndrome and ICANS primarily low grade and occurring mostly after the first two doses. The study used one- to two-hour monitoring, which could support outpatient use if reflected in future labeling.
Gordon noted that the FDA has already shortened the recommended monitoring period for the first two IMDELLTRA doses in the second-line setting to six to eight hours from 22 to 24 hours. He said the change could aid adoption in community oncology practices.
For TEZSPIRE, the Phase III CROSSING study in adolescents and adults with uncontrolled eosinophilic esophagitis met both co-primary endpoints at week 24, demonstrating improvements in histologic remission and swallowing symptoms versus placebo. Amgen said benefits were sustained through week 52, which Bradner described as the first demonstration of sustained 52-week efficacy for a biologic in a placebo-controlled eosinophilic esophagitis trial.
In systemic Sjögren’s disease, Amgen’s Phase III OASIZ-301 study of dazodalibep met its primary endpoint. Monthly dosing improved ESSDAI from baseline by 5.6 points and quarterly dosing by 5.2 points, representing placebo-adjusted improvements of 1.8 and 1.4 points, respectively. The treatment effect emerged by week four and continued through week 48. The company expects results from a second Phase III study in symptomatic Sjögren’s disease later this year.
Amgen also plans to advance daxdilimab into Phase III testing after positive Phase II results in primary discoid lupus. Both tested doses met the study’s primary endpoint, with improvements in active skin disease observed as early as week four.
MariTide Program Advances
Amgen said it completed enrollment in two Phase III sleep apnea studies and its cardiovascular outcomes study for MariTide, its obesity candidate. The company also initiated the first of three Phase III studies in type 2 diabetes.
Bradner said MariTide is being developed as a monthly obesity therapy with the potential for dosing as infrequently as four or six times annually. He said the company has observed that the medicine’s duration of activity does not correspond with a similarly prolonged side-effect profile, based on early clinical investigations and patient symptom diaries.
Gordon said Amgen views MariTide as differentiated by its potential monthly, every-eight-week or every-12-week dosing schedule. The company expects to pursue access and reimbursement based on the therapy’s clinical profile, while also developing evidence in type 2 diabetes, atherosclerotic cardiovascular disease and sleep apnea.
Financial Outlook Raised
Chief Financial Officer Thomas Dittrich said Amgen generated $3.7 billion in free cash flow during the quarter and reported a non-GAAP operating margin of 47%. Non-GAAP research and development expense increased 11% year over year, reflecting investment in early research, the pipeline and business development activity. Selling, general and administrative expense declined 1%.
Capital expenditures totaled $600 million in the quarter, including investments in manufacturing sites in North Carolina, Ohio and Puerto Rico. The company continues to expect approximately $2.6 billion in capital expenditures for 2026, including capacity investments intended to support commercial growth and potential MariTide launch preparations.
Amgen raised its 2026 revenue guidance to $38.9 billion to $39.7 billion and its non-GAAP earnings-per-share outlook to $22.90 to $23.70. The company continues to expect a full-year non-GAAP operating margin of roughly 45% to 46% of product sales and said it does not anticipate an operating-margin step-down in 2027 compared with its 2026 guidance.
The company returned capital to shareholders through a quarterly dividend of $2.52 per share, up 6% from the third quarter of 2025. Amgen expects share repurchases not to exceed $3 billion in 2026.
About Amgen (NASDAQ:AMGN)
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.
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