Amgen Inc.

Amgen Inc. (Nasdaq: AMGN) develops and sells biotechnology medicines. Its commercial portfolio spans general medicine, rare diseases, inflammation, oncology and established products. The company also develops biosimilars that compete with other manufacturers' medicines.

The latest results show why the portfolio's composition matters. Sales growth across much of the business is absorbing a faster decline in Prolia and Xgeva. That pressure was anticipated: the 2025 annual report and June 2026 quarterly report already warned of accelerating erosion as competing biosimilars entered markets.

Product sales beyond two declining medicines

Quarterly product sales reached $9.883 billion, up from $9.137 billion a year earlier. Prolia fell to $632 million from $1.139 billion, while Xgeva fell to $288 million from $539 million. Combined, those two products lost $758 million.

Our comparison removes the two medicines from both years. All other product sales increased to $8.963 billion from $7.459 billion, or about 20.2%. That growth was faster than Q2's 18.4%. These are reported dollar comparisons, including price, inventory and estimated sales-deduction effects.

The broader gains are substantial. Repatha sales reached $1.085 billion, Evenity $751 million, Uplizna $451 million and Imdelltra $406 million. The portfolio comparison measures commercial revenue offsets across different medicines.

Latest earnings

Total revenue includes product sales and other revenue. Amgen calculates the operating margins shown here using product sales as the denominator. The adjusted margin therefore differs from operating income divided by total revenue.

Adjusted operating income removes acquisition-related expenses, intangible impairments, restructuring and selected other items. The total operating-expense adjustments fell to $966 million from $1.779 billion. That decline explains $813 million of the $1.184 billion GAAP operating-income improvement; adjusted operating income rose $371 million.

Adjusted net income and EPS also remove equity-investment gains and related tax effects. Those gains were $1.465 billion, versus $1.963 billion a year earlier. Removing them helps explain why adjusted EPS is below GAAP EPS despite adding back some operating expenses.

Forecasts and cash

The annual revenue forecast is $38.9 billion to $39.7 billion, versus August's $38.2 billion to $39.4 billion. Adjusted EPS is expected at $22.90 to $23.70, versus $22.30 to $23.50. February's original forecasts were $37.0 billion to $38.4 billion of revenue and $21.60 to $23.00 of adjusted EPS.

Quarterly operating cash fell to $4.241 billion from $4.684 billion. After capital spending of $587 million, free cash flow was $3.654 billion, versus $4.248 billion. Amgen attributes the decline to working capital, with the year-earlier Q3 benefiting from rebate and collection timing.

Nine-month free cash flow improved to $8.620 billion from $7.139 billion. September cash was $13.190 billion, versus $13.989 billion in June. Debt carrying amounts totaled $54.007 billion, down from $57.304 billion in June and $54.604 billion at year-end.

Amgen made no program share repurchases in Q3 and paid approximately $1.4 billion of dividends. Its unchanged annual plan calls for about $2.6 billion of capital spending and share repurchases not exceeding $3 billion.

Read our analysis of growth outside Prolia and Xgeva for the latest portfolio comparison.