Amgen Q3 FY2026: revenue up 8.4%, EPS $7.08, full-year guide raised to $39.3B
Amgen beat on the top and bottom line and lifted full-year revenue guidance to a $39.3 billion midpoint. Revenue rose 8.4% to $10.365 billion while gross margin jumped to 73.1%, and non-GAAP EPS of $6.45 came in 9.2% above consensus. Read the quarter in two layers: the operating business got more profitable, but roughly a fifth of pre-tax profit came from non-operating gains, not pill sales.
1 · Expected vs. Actual
Free preview belowGAAP EPS of $7.08 rose 19.4% from $5.93, and non-GAAP EPS of $6.45 beat the $5.9089 consensus by 9.2%. One oddity worth flagging: GAAP sits above non-GAAP here, because $1.629 billion of other income — largely investment gains — ran through the GAAP line. Strip that out and operating income of $3.710 billion was 35.8% of revenue.
$10.365 billion, up 8.4% from $9.557 billion a year ago and 3.1% above Q2's $10.054 billion, with product sales of $9.883 billion doing the heavy lifting. The more interesting number is margin: gross margin climbed to 73.1% from 67.8%, helped by lower amortization and manufacturing costs. Volume drove the growth — seventeen products grew at least double digits.
Full-year revenue guidance is a $39.3 billion midpoint, and the 1.02% tolerance implies roughly $38.9 billion to $39.7 billion. With $29.037 billion already booked in nine months, the guide implies about $10.26 billion in Q4 — a slight step down from Q3's $10.365 billion. Management has raised the midpoint at each recent check-in: $36.2 billion, then $37.7 billion, $37.8 billion, $38.8 billion and now $39.3 billion.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-04
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