The strong beat and raised guidance, particularly the non-GAAP EPS guidance of $22.90-$23.70 vs consensus of $22.40, suggest continued operational momentum. Key watch items: Prolia/XGEVA biosimilar erosion trajectory, TAVNEOS FDA hearing outcome, and MariTide Phase 3 data readouts which could significantly expand Amgen's addressable market in obesity.
Drugs in focus
AMGN drug pipeline →MariTide
● neutral Named in this Press release- Impact
- Phase
- Phase 3
- Time to market
- Phase 3 topline data expected early 2027 (primary completion January 21, 2027). If successful, NDA submission would follow in 2027-2028, with potential FDA approval in 2028-2030 based on analyst estimates.
- Next catalyst
- None dated
What to watchThe next hard catalyst is the Phase 3 MARITIME-1/2 topline readout, expected shortly after the estimated primary completion date of January 21, 2027. Positive data (confirming ~20% weight loss with monthly dosing and good tolerability) could drive significant upside as it validates Amgen's differentiated GIP-antagonist approach and monthly dosing advantage. Negative data (efficacy below competitors or tolerability issues) would be a major setback since Amgen has narrowed its obesity pipeline to MariTide alone. The stock already trades near 52-week highs with elevated options implied volatility (IV rank 76), suggesting the market is pricing in this binary event.
How the stock moved after the report
BULLISH VIEWSTOCK BELOW ENTRY AT T+1- T+0 · Nov 4 $478.48entry
- T+1 · 5d ago −3.80%α +0.61% · $460.28
- T+4 · todayOpen
- T+5 · in 13h Pending
- T+20 · in 23d Pending
- T+60 · in 3mo Pending
Price Chart
REPLAYWatch the reaction play outHow similar events traded
Executive Summary
Amgen reported Q3 2026 non-GAAP EPS of $6.45, beating the $5.78 consensus by 11.6%, and revenue of $10.365B, above the $10.06B consensus. Total revenue grew 8% YoY to $10.4B, driven by product sales growth of 8%, with 17 products delivering double-digit sales growth. The company raised its full-year 2026 non-GAAP EPS guidance to $22.90-$23.70 and revenue guidance to $38.9B-$39.7B, both above consensus expectations.
Key Financial Metrics
Key Facts
- Non-GAAP EPS $6.45 vs consensus $5.78 (beat by 11.6%)
- Total revenue $10.365B vs consensus $10.06B (beat by 3.0%)
- Total revenue grew 8% YoY to $10.4B
- Product sales grew 8% YoY to $9.883B
- GAAP EPS $7.08, up 19% from $5.93 YoY
- Non-GAAP operating margin improved 0.2pp to 47.3%
- Full-year 2026 revenue guidance raised to $38.9B-$39.7B
- Full-year 2026 non-GAAP EPS guidance raised to $22.90-$23.70
- Free cash flow $3.7B in Q3 vs $4.2B in Q3 2025
- No share repurchases in Q3 2026
- Repatha sales +37% YoY to $1.085B
- UPLIZNA sales +191% YoY to $451M
- Prolia sales -45% YoY due to biosimilar competition
- XGEVA sales -47% YoY due to biosimilar competition
- TAVNEOS facing FDA request for voluntary withdrawal; hearing requested
- MariTide Phase 3 program advancing across multiple indications
Financial Impact
EPS beat of $0.67 (11.6%) on consensus of $5.78; revenue beat of $305M (3.0%) on consensus of $10.06B; full-year guidance raised by ~$0.50 at midpoint on non-GAAP EPS and $400M at midpoint on revenue
Risk Factors
- Prolia sales declined 45% YoY and XGEVA declined 47% YoY due to biosimilar competition, representing ongoing erosion of key legacy franchises
- TAVNEOS faces FDA request for voluntary withdrawal; company requested a hearing and submitted supporting materials in July 2026
- Free cash flow declined to $3.7B from $4.2B in Q3 2025 due to working capital changes
- Debt outstanding remains high at $54.0B vs cash of $13.2B
- No share repurchases in Q3 2026 despite $3.0B authorization for the year
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-prn-302928131 |
Track record
24 reports on AMGN
6 of 7 bullish or bearish reports moved the stock their way by T+1. Best: +25.11% at T+60 after the Jun 3, 2026 report. 6 of 7 went positive at some point.
Filters
- Nov 3, 20267d ago 8-K Bullish 5/10 No price data
- Nov 3, 20267d ago Press Release Bullish 5/10 Viewing Entry $478.48 to $460.28 Now $465.23 −2.77% ▼ −3.80% +0.61% vs SPY
- Oct 27, 202613d ago 3 Neutral 2/10 Entry $451.83 to $460.73 Now $465.23 +2.97% ▲ +1.97% +2.35% vs SPY
- Oct 27, 202614d ago Press Release Neutral 2/10 Entry $451.83 to $460.73 Now $465.23 +2.97% ▲ +1.97% +2.35% vs SPY
- Oct 27, 202614d ago Institutional Cluster Mixed 3/10 Entry $447.95 to $451.83 Now $465.23 +3.86% ▲ +0.87% +0.52% vs SPY
- Oct 26, 202615d ago 8-K Neutral 2/10 Entry $447.95 to $451.83 Now $465.23 +3.86% ▲ +0.87% +0.52% vs SPY
- Oct 20, 202621d ago Court Ruling Neutral 1/10 Entry $438.34 to $447.28 Now $465.23 +6.13% ▲ +2.04% +3.22% vs SPY
- Oct 9, 20264w ago Court Ruling Bearish 6/10 Entry $417.57 to $412.84 Now $465.23 −11.41% ▲ +1.13% +1.12% vs SPY
- Sep 10, 20268w ago ANALYST-DOWNGRADE Bearish 4/10 Entry $382.47 to $377.35 Now $465.23 −21.64% ▲ +1.34% +2.19% vs SPY
- Sep 8, 20269w ago ANALYST-DOWNGRADE Bearish 4/10 Entry $393.17 to $391.27 Now $465.23 −18.33% ▲ +0.48% +0.02% vs SPY
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers