Amgen reported third quarter total revenue of 10.365 billion dollars, up 8 percent from a year earlier and ahead of the roughly 10.1 billion dollars analysts expected, with product sales also up 8 percent to 9.883 billion dollars on volume growth alone. Adjusted earnings rose 14 percent to 6.45 dollars a share, well ahead of the 5.79 dollars expected, while GAAP earnings rose 19 percent to 7.08 dollars a share on net income of 3.864 billion dollars.
The company raised its full year 2026 outlook to revenue of 38.9 billion to 39.7 billion dollars, from 38.2 billion to 39.4 billion dollars previously, and to adjusted earnings of 22.90 to 23.70 dollars a share, from 22.30 to 23.50 dollars. Capital spending is still expected near 2.6 billion dollars, and free cash flow in the quarter was 3.7 billion dollars, down from 4.2 billion dollars a year earlier on working capital timing.
The product mix explains the raise. Repatha sales rose 37 percent to 1.09 billion dollars, Evenity rose 39 percent to 751 million dollars, Tezspire rose 43 percent to 538 million dollars, Uplizna rose 191 percent to 451 million dollars and Imdelltra rose 128 percent to 406 million dollars. Against that, Prolia sales fell 45 percent to 632 million dollars, below the 697 million dollars expected, as patent expiry brought biosimilar competition.
Amgen framed the quarter as proof that its growth portfolio can outrun erosion in the mature brands, while investors still marked the shares slightly lower after the release. The next test is execution on MariTide, its experimental obesity drug, which management continues to position as a future driver rather than a current revenue line.