European Investor
04 Nov 2026, 09:07
Amgen Slips 0.8% Premarket as Strong Q3 Growth Is Offset by Biosimilar Pressure and Lower Cash Flow
Amgen (NASDAQ: AMGN) shares fell about 0.8% in premarket trading despite reporting strong third-quarter 2026 revenue and earnings growth, as weakness in several mature products and lower free cash flow offset broad portfolio strength.
Third-quarter revenue increased 8% year over year to $10.4 billion, driven by higher product volumes. GAAP EPS rose 19% to $7.08, while non-GAAP EPS increased 14% to $6.45. GAAP operating margin expanded sharply to 37.5%, while non-GAAP operating margin improved slightly to 47.3%.
Several growth products delivered strong gains. Repatha sales increased 37% to $1.09 billion, EVENITY rose 39% to $751 million and TEZSPIRE climbed 43% to $538 million. UPLIZNA revenue surged 191% to $451 million, while IMDELLTRA increased 128% to $406 million.
However, biosimilar competition continued to weigh heavily on established products. Prolia sales fell 45% to $632 million and XGEVA declined 47% to $288 million following multiple biosimilar launches. Otezla sales also dropped 18%, while TEPEZZA declined 6%.
Free cash flow decreased to $3.7 billion from $4.2 billion a year earlier, mainly because of working-capital changes and a favorable timing benefit in the prior-year period.
The modest 0.8% premarket decline appears to reflect the mixed composition of the quarter rather than weakness in overall earnings. Amgen continues to generate strong growth across newer cardiovascular, rare disease and oncology products, but accelerating biosimilar erosion in Prolia and XGEVA, along with softer cash flow, remains an important offset to the company’s broader commercial momentum.
Amgen (NASDAQ: AMGN) shares fell about 0.8% in premarket trading despite reporting strong third-quarter 2026 revenue and earnings growth, as weakness in several mature products and lower free cash flow offset broad portfolio strength.
Third-quarter revenue increased 8% year over year to $10.4 billion, driven by higher product volumes. GAAP EPS rose 19% to $7.08, while non-GAAP EPS increased 14% to $6.45. GAAP operating margin expanded sharply to 37.5%, while non-GAAP operating margin improved slightly to 47.3%.
Several growth products delivered strong gains. Repatha sales increased 37% to $1.09 billion, EVENITY rose 39% to $751 million and TEZSPIRE climbed 43% to $538 million. UPLIZNA revenue surged 191% to $451 million, while IMDELLTRA increased 128% to $406 million.
However, biosimilar competition continued to weigh heavily on established products. Prolia sales fell 45% to $632 million and XGEVA declined 47% to $288 million following multiple biosimilar launches. Otezla sales also dropped 18%, while TEPEZZA declined 6%.
Free cash flow decreased to $3.7 billion from $4.2 billion a year earlier, mainly because of working-capital changes and a favorable timing benefit in the prior-year period.
The modest 0.8% premarket decline appears to reflect the mixed composition of the quarter rather than weakness in overall earnings. Amgen continues to generate strong growth across newer cardiovascular, rare disease and oncology products, but accelerating biosimilar erosion in Prolia and XGEVA, along with softer cash flow, remains an important offset to the company’s broader commercial momentum.
