Amgen (AMGN) Earnings Date & Reports

Key Takeaways

• Amgen is scheduled to report third-quarter 2026 results on November 3, 2026, after the market close.
• Analysts expect adjusted earnings per share (EPS) of roughly $5.77 on revenue of about $10.05 billion.
• The company has topped consensus EPS estimates in eight consecutive quarters.
• Investors will focus on biosimilar competition pressuring legacy drugs like Prolia and XGEVA, alongside momentum from newer growth products.
• Amgen previously raised its full-year 2026 guidance to revenue of $38.2–$39.4 billion and non-GAAP EPS of $22.30–$23.50.

Earnings Context and Why It Matters

Amgen's third-quarter report arrives at a pivotal moment for the biotechnology giant. In its most recent quarter, reported on August 4, 2026, the company delivered adjusted EPS of $6.29, beating the $5.62 consensus, while revenue climbed 9.5% year over year to $10.05 billion. Management raised full-year guidance and highlighted that six key growth drivers now account for roughly 70% of sales. However, biosimilar competition has intensified against older blockbusters, creating a tug-of-war between legacy erosion and new-product momentum. For investors, this print offers a critical read on whether that growth engine can sustain itself while absorbing competitive and operating-cost pressures.

Earnings Expectations

Wall Street expects Amgen to report adjusted EPS of approximately $5.77 for the third quarter of 2026, with consensus revenue near $10.05 billion. That compares with EPS of $5.64 and revenue of about $9.56 billion in the year-ago period, implying roughly 2% earnings growth and 5% revenue growth. Some estimates run slightly lower, reflecting modest dispersion among analysts.

These figures follow a standout second quarter, when Amgen posted $6.29 in EPS against a $5.62 estimate and generated $10.05 billion in revenue versus a $9.43 billion consensus. The company has now beaten EPS expectations in eight straight quarters, a track record that raises the bar for this upcoming release. Management has also signaled that third-quarter operating expenses will rise, driven by a $100 million business development payment and continued pipeline investment, which investors will weigh against top-line performance.

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Market Reaction and Investor Sentiment

Sentiment heading into Amgen's report is cautiously optimistic. The stock has climbed more than 30% over the past year and traded near a 52-week high following its strong second-quarter results, which pushed shares up nearly 3% in a single session. Amgen's consistent earnings beats have reinforced investor confidence in management's execution, but the market's reaction will likely hinge on the durability of growth rather than the headline beat alone.

Key risks include accelerating biosimilar erosion in the bone-health franchise, elevated third-quarter operating expenses, and the stock's valuation premium relative to industry peers. Because Amgen has a long history of positive surprises, any shortfall on revenue or cautious commentary on forward growth could trigger outsized price sensitivity, even if the EPS result lands in line.

Forward Outlook and Key Factors to Monitor

Beyond the headline numbers, investors should listen closely to how management frames the balance between legacy-product declines and growth-driver expansion. The company's six key growth drivers, which include newer therapies across oncology, inflammation, and rare disease, have become the central story, and commentary on their trajectory will shape the post-earnings narrative.

Margin and expense trends also warrant attention. With management flagging higher operating costs tied to a business development payment and pipeline investment, investors will want reassurance that spending supports future revenue without eroding profitability. Guidance updates for the fourth quarter and any adjustments to the full-year range of $38.2–$39.4 billion in revenue and $22.30–$23.50 in non-GAAP EPS will be closely scrutinized.

Finally, competitive dynamics in biosimilars remain a swing factor. The pace of decline in products like Prolia and XGEVA, offset by strength in Amgen's own biosimilar portfolio, will help determine whether the company can sustain its recent growth rate. As always, these factors are informational and do not constitute a forecast of the company's future performance.

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