News Release Thousand Oaks, CA 91320-1799
One Amgen Center Drive News Release Thousand Oaks, CA 91320-1799 Telephone 805-447-1000 www.amgen.com
THOUSAND OAKS, Calif. (Nov. 3, 2026) - Amgen (NASDAQ:AMGN) today announced financial results for the third quarter of 2026. “Amgen delivered another strong quarter as our strategy for long-term growth continued to produce results across the enterprise,” said Robert A. Bradway, chairman and chief executive officer. “The strength of our commercial portfolio, combined with important clinical advances and a promising late-stage pipeline, reinforces our confidence in Amgen’s ability to deliver durable growth well into the next decade.” Key results include:
• For the third quarter, total revenues increased 8% to $10.4 billion in comparison to the third quarter of 2025.
◦ Seventeen products delivered at least double-digit sales growth in the third quarter.
◦ Seventeen products are annualizing at more than $1 billion based on third quarter sales.
• GAAP earnings per share (EPS) increased 19% from $5.93 to $7.08 for the third quarter, driven by higher revenues.
◦ For the third quarter, GAAP operating income increased from $2.5 billion to $3.7 billion, and GAAP operating margin increased 9.9 percentage points to 37.5%.
• Non-GAAP EPS increased 14% from $5.64 to $6.45 for the third quarter, primarily driven by higher revenues, partially offset by higher operating expenses.
◦ For the third quarter, non-GAAP operating income increased from $4.3 billion to $4.7 billion, and non-GAAP operating margin increased 0.2 percentage points to 47.3%.
• The Company generated $3.7 billion of free cash flow in the third quarter of 2026 versus $4.2 billion in the third quarter of 2025, driven by changes in working capital, with the third quarter of 2025 benefiting from the timing of rebates and collections, partially offset by current period business performance.
References in this release to “non-GAAP” measures, measures presented “on a non- GAAP basis,” and “free cash flow” (computed by subtracting capital expenditures from operating cash flow) refer to non-GAAP financial measures. Adjustments to the most directly comparable GAAP financial measures and other items are presented on the attached reconciliations. Refer to Non-GAAP Financial Measures below for further discussion.
(evolocumab) sales increased 37% year-over-year to $1,085 million in the third quarter, primarily driven by volume growth. •
(romosozumab-aqqg) sales increased 39% year-over-year to $751 million in the third quarter, driven by volume growth. •
(denosumab) sales decreased 45% year-over-year to $632 million in the third quarter as multiple biosimilars have launched globally. The decrease was driven by 23% lower volume with the remainder driven equally by lower net selling price and changes to estimated sales deductions.
(teprotumumab-trbw) sales decreased 6% year-over-year to $526 million in the third quarter, driven by lower inventory levels.
(pegloticase) sales increased 31% year-over-year to $419 million in the third quarter, primarily driven by higher net selling price.
(inebilizumab-cdon) sales increased 191% year-over-year to $451 million in the third quarter, primarily driven by volume growth.
(avacopan) sales decreased 2% year-over-year to $105 million in the third quarter, driven by 9% lower volume, 8% unfavorable changes to estimated sales deductions and 5% lower net selling price, partially offset by higher inventory levels. We continue to engage with the U.S. Food and Drug Administration (FDA) and believe that TAVNEOS demonstrates clinical effectiveness and a favorable benefit-risk profile.
(tezepelumab-ekko) sales increased 43% year-over-year to $538 million in the third quarter, driven by volume growth.
(apremilast) sales decreased 18% year-over-year to $481 million in the third quarter, driven by 13% lower volume, 9% unfavorable changes to estimated sales deductions and 4% lower net selling price, partially offset by higher inventory levels.
(etanercept) sales increased 5% year-over-year to $611 million in the third quarter, driven by 15% favorable changes to estimated sales deductions and 8% higher inventory levels, partially offset by 14% lower net selling price, reflecting the ongoing impact of U.S. Medicare Part D price setting effective in 2026 under the Inflation Reduction Act, and lower volume.
(adalimumab-atto)/AMGEVITA™ (adalimumab) sales increased 24% year-over-year to $191 million in the third quarter, primarily driven by 18% volume growth and higher net selling price.
(aflibercept-ayyh) sales increased 41% year-over-year to $300 million in the third quarter, driven by 71% volume growth, partially offset by 18% lower net selling price.
(blinatumomab) sales increased 27% year-over-year to $496 million in the third quarter, primarily driven by volume growth.
(tarlatamab-dlle)/IMDYLLTRA™ (tarlatamab) sales increased 128% year-over-year to $406 million in the third quarter, driven by volume growth.
(panitumumab) sales increased 18% year-over-year to $335 million in the third quarter, primarily driven by volume growth.
(carfilzomib) sales decreased 8% year-over-year to $330 million in the third quarter, primarily driven by lower volume.
sales increased 6% year-over-year to $102 million in the third quarter, driven by 14% volume growth, partially offset by 5% unfavorable changes to estimated sales deductions and lower inventory levels.
(romiplostim) sales increased 3% year-over-year to $472 million in the third quarter. U.S. government orders were $65 million in Q3’26 compared to $90 million in Q3’25. Excluding these U.S. government orders, Nplate sales increased 11% year-over-year, primarily driven by volume growth.
(denosumab) sales decreased 47% year-over-year to $288 million in the third quarter as multiple biosimilars have launched globally. The decrease was primarily driven by 32% lower volume and 11% lower net selling price.
(bevacizumab-awwb) sales decreased 21% year-over-year to $168 million in the third quarter, primarily driven by 11% lower net selling price and lower volume.
(etelcalcetide) , generated $606 million of sales in the third quarter. Sales increased 14% year-over-year, driven by 19% higher net selling price, partially offset by 3% lower volume.
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS Page 4 Product Sales Detail by Product and Geographic Region
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS Page 5 Operating Expense, Operating Margin and Tax Rate Analysis
as a percentage of product sales decreased 5.5 percentage points, driven by lower amortization expense from acquisition-related assets and lower manufacturing costs, partially offset by higher profit share expense and changes in our sales mix.
expenses increased 11% driven by higher spend in Research and Early Pipeline, including business development activity.
expenses decreased 2% driven by lower general and administrative expenses, partially offset by higher commercial product-related expenses.
decreased 0.5 percentage points for the third quarter primarily driven by the change in earnings mix, including lower net unrealized gains on our equity investments, partially offset by net favorable items in the prior year as compared to the current year.
as a percentage of product sales increased 1.1 percentage points, driven by higher profit share expense and changes in our sales mix, partially offset by lower manufacturing costs.
expenses increased 11% driven by higher spend in Research and Early Pipeline, including business development.
expenses decreased 1% driven by lower general and administrative expenses, partially offset by higher commercial product-related expenses.
as a percentage of product sales increased 0.2 percentage points for the third quarter to 47.3%.
decreased 2.3 percentage points for the third quarter primarily driven by the change in earnings mix.
• The Company generated $3.7 billion of free cash flow in the third quarter of 2026 versus $4.2 billion in the third quarter of 2025, driven by changes in working capital, with the third quarter of 2025 benefiting from the timing of rebates and collections, partially offset by current period business performance.
The Company declared a third quarter 2026 dividend on July 30, 2026 of $2.52 per share that was paid on September 11, 2026 to all stockholders of record as of August 21, 2026, representing a 6% increase from the same period in 2025.
During the third quarter of 2026, there were no repurchases of shares of common stock under our stock repurchase program.
Cash and cash equivalents totaled $13.2 billion and debt outstanding totaled $54.0 billion as of September 30, 2026.
The Company provided the following updates on selected product and pipeline programs:
MariTide is a differentiated antibody-peptide conjugate that activates the glucagon-like peptide-1 (GLP-1) receptor and antagonizes the glucose-dependent insulinotropic
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS Page 7 polypeptide receptor (GIPR). MariTide's long-acting design supports starting with monthly dosing, and staying on MariTide with as few as four or six doses per year.
• MARITIME-1, a Phase 3 study of MariTide for chronic weight management, is ongoing in adults living with obesity or overweight, without Type 2 diabetes (T2D).
• MARITIME-2, a Phase 3 study of MariTide for chronic weight management, is ongoing in adults living with obesity or overweight, with T2D.
• MARITIME-CV, a Phase 3 study of MariTide on cardiovascular (CV) outcomes, has completed enrollment of adults living with established atherosclerotic cardiovascular disease and obesity or overweight.
• MARITIME-HF, a Phase 3 study of MariTide on reduction of heart failure (HF) events and cardiovascular risk, is enrolling adults living with heart failure with preserved or mildly reduced ejection fraction and obesity.
• MARITIME-OSA-1, a Phase 3 study of MariTide, has completed enrollment of adults living with obstructive sleep apnea (OSA) on positive airway pressure therapy and living with obesity or overweight.
• MARITIME-OSA-2, a Phase 3 study of MariTide, has completed enrollment of adults living with OSA not on positive airway pressure therapy and living with obesity or overweight.
• MARITIME-SWITCH, a Phase 3 study of MariTide, is enrolling adults living with obesity or overweight who will be switching from weekly tirzepatide or weekly semaglutide to MariTide on an every eight-week or quarterly dosing schedule.
• MARITIME-1 EXTENSION, a Phase 3 long-term extension study of MariTide, to evaluate the maintenance of weight loss with monthly, every eight-week or quarterly dosing, is enrolling adults living with obesity or overweight without T2D who completed the MARITIME-1 study.
• MARITIME-2 EXTENSION, a Phase 3 long-term extension study of MariTide, to evaluate the maintenance of weight loss with monthly and every eight-week dosing, is enrolling adults living with obesity or overweight with T2D who completed the MARITIME-2 study.
• MARITIME-T2D-3 study, a Phase 3 study of MariTide, to evaluate efficacy compared to semaglutide, was initiated and is enrolling adults living with T2D.
• Two additional Phase 3 studies of MariTide in people living with T2D will be initiated in Q4 2026.
• A Phase 2b study of MariTide to assess the effect of MariTide on liver fat reduction and weight loss has completed enrollment of adults living with obesity or overweight with elevated liver fat.
• In August, results from a new pre-specified analysis of the Phase 3 VESALIUS- CV pre-cardiovascular event trial on the protective effects of Repatha on fatal outcomes were presented at the European Society of Cardiology (ESC) Congress.
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS Page 8 ▪ 15% reduction in non-cardiovascular death, largely explained by lower rates of non-fatal myocardial infarction, stroke, and ischemia-driven revascularization
◦ Repatha also demonstrated that the reduction in mortality began around 1.5 years after treatment and continued through a median 4.6 years of follow-up.
• In August, results from a new pre-specified analysis of the Phase 3 VESALIUS- CV trial on the protective effect of Repatha on total cardiovascular events were also presented at ESC Congress. In this study, Repatha:
◦ reduced the total number of MACE (major adverse cardiac events), providing support for the role of intensive low-density lipoprotein cholesterol lowering to prevent first and subsequent MACE in patients at high cardiovascular risk and no prior MI or stroke
◦ demonstrated a 27% relative reduction in the risk of a composite of coronary heart disease death, heart attack or ischemic stroke (3-P MACE)
◦ demonstrated a 20% reduction in a broader composite that also included ischemia-driven revascularization (4-P MACE)
• EVOLVE-MI, a Phase 4 study of Repatha initiated within 10 days of an acute myocardial infarction to reduce the risk of cardiovascular events, is ongoing.
• Olpasiran is a potentially best-in-class small interfering ribonucleic acid (siRNA) molecule that reduces lipoprotein(a) (Lp(a)) synthesis in the liver.
• The OCEAN(a)-Outcomes trial, a Phase 3 secondary prevention CV outcomes study, is ongoing in patients with established atherosclerotic CV disease and elevated Lp(a).
• The OCEAN(a)-PreEvent trial, a Phase 3 primary prevention CV outcomes study, is enrolling patients with elevated Lp(a) at high risk for a first major CV event.
• The OCEAN(a)-Coronary Computed Tomography Angiography (CCTA), a Phase 3 coronary artery plaque study, is enrolling patients with atherosclerotic CV disease and elevated Lp(a).
• MERCURY, a Phase 2/3 study of UPLIZNA, was initiated in patients with autoimmune hepatitis (AIH).
• MOMENT, a Phase 3 study of UPLIZNA, was initiated in patients with primary membranous nephropathy (PMN).
• In September, new one-year extension data from the Phase 3 MINT study in patients with generalized myasthenia gravis (gMG) were presented at Annual Neuromuscular Study Group (NMSG) and at the American Association of Neuromuscular & Electrodiagnostic Medicine (AANEM) Annual Meeting. Key findings included:
◦ sustained numerical improvements in Myasthenia Gravis Activities of Daily Living (MG-ADL) and Quantitative Myasthenia Gravis (QMG) scores at Year 1 of the open label period (OLP)
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS Page 9 ◦ observed improvements both in participants who continued UPLIZNA from the randomized controlled period (RCP) and in those who initiated UPLIZNA during the OLP, demonstrating similar patterns of improvement regardless of initial treatment assignment
◦ UPLIZNA continued to demonstrate a safety profile consistent with the established safety profile of UPLIZNA across all approved indications
◦ efficacy and safety outcomes support the longer-term use of UPLIZNA for the treatment of gMG
• A Phase 3 study of UPLIZNA in patients with chronic inflammatory demyelinating polyneuropathy (CIDP) will be initiated H2 2026 - H1 2027.
• Chronic-J, a Phase 3 study of TEPEZZA in Japanese patients with chronic thyroid eye disease (TED) met both primary endpoints, with a safety profile consistent with the established profile. The results will be shared with the scientific community and regulatory authorities.
• The Company continues to engage the U.S. Food and Drug Administration (FDA) regarding the Center for Drug Evaluation and Research’s request to voluntarily withdraw TAVNEOS from the U.S. market. On June 1, 2026, the Company requested a hearing to discuss this topic and submitted supporting materials to the FDA on July 23, 2026. The Company believes that these materials support a favorable benefit-risk profile of TAVNEOS for patients with AAV.
• A Phase 3, open-label study of TAVNEOS in combination with rituximab or a cyclophosphamide-containing regimen is ongoing in patients from six years to < 18 years of age with active AAV (Granulomatosis with Polyangiitis (GPA)/Microscopic Polyangiitis (MPA)).
• In October, the Company announced results from the Phase 3 OASIZ-301 study of dazodalibep in adults with Sjögren's disease and moderate-to-severe systemic disease activity with full results to be presented as a late-breaking oral presentation at the American College of Rheumatology (ACR) Convergence in November. In this study, dazodalibep:
◦ achieved statistically significant and clinically meaningful improvements of systemic disease activity at Week 48 with a change from baseline of 5.6 points with every-four-week dosing (1.8 points placebo-adjusted improvement) and 5.2 points with every-12-week dosing (1.4 points placebo-adjusted improvement), as measured by the EULAR Sjögren’s Syndrome Disease Activity Index (ESSDAI)
◦ demonstrated statistically significant and clinically meaningful improvements of patient-reported dryness, a key secondary endpoint, at Week 48 with a change from baseline of 2.50 points (1.17 points placebo-adjusted improvement) and 1.98 points (0.93 points placebo-adjusted improvement) with every-four-week dosing, as measured by the EULAR Sjögren’s Syndrome Patient Reported Index (ESSPRI)
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS Page 10 dryness score and the Diary for Assessing Sjögren’s Patient Reported Index (DASPRI) dryness score, respectively
◦ demonstrated a favorable safety profile that was similar across treatment groups
• OASIZ 303, the Phase 3 study of dazodalibep in Sjögren’s patients with moderate-to-severe symptom burden with low systemic disease activity, is ongoing and is expected to complete in Q4 2026.
• AMG 732 is an insulin-like growth factor-1 receptor (IGF-1R) targeting monoclonal antibody.
• A Phase 2 study of AMG 732 is ongoing in patients with moderate-to-severe active TED.
• A Phase 3 study evaluating the safety of Otezla in pediatric patients aged six through 17 years with mild to moderate plaque psoriasis, has been completed. The safety findings were consistent with the established safety profile of Otezla. The Company plans to submit the results to the FDA.
• In October, the results from the Phase 3 CROSSING study of TEZSPIRE in eosinophilic esophagitis (EOE) were presented at the American College of Gastroenterology (ACG) and the United European Gastroenterology Week (UEGW). In this study, TEZSPIRE dosed every four weeks:
◦ achieved histologic remission at Week 24 in 64.8% and 68.9% of EoE patients receiving the 210 mg and 420 mg doses, respectively, vs 3.5% for placebo
◦ reduced the frequency and severity of dysphagia symptoms at Week 24 by 18.8 points and 22.0 points in EoE patients receiving 210 mg and 420 mg doses, respectively, vs 14.7 points for placebo, as measured by the Dysphagia Symptom Questionnaire (DSQ) score
◦ sustained histological remission and continued symptom improvement through Week 52
◦ achieved total endoscopic remission at Week 52 in 34.4% and 29.5% of EoE patients receiving the 210 mg and 420 mg doses, respectively, vs 4.1% for placebo
• Two Phase 3 studies of TEZSPIRE are enrolling adults with moderate to very severe chronic obstructive pulmonary disease (COPD) and a blood eosinophil count (BEC) ≥ 150 cells/µL.
• Daxdilimab is a first-in-class plasmacytoid dendritic cell depleting monoclonal antibody targeting immunoglobulin-like transcript 7 (ILT7).
• In September, results from the Phase 2 study of daxdilimab in adult patients with moderate-to-severe primary discoid lupus erythematosus (DLE) were presented at the European Academy of Dermatology and Venereology (EADV). In this study, daxdilimab dosed every four weeks:
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS Page 11 ◦ achieved statistically significant and clinically meaningful improvements in disease activity by 10.2 points with low dose (6.0 points placebo-adjusted improvement) and 9.9 points with high dose (5.7 points placebo-adjusted improvement), as measured by the change from baseline of the Cutaneous Lupus Erythematosus Disease Area and Severity Index - Activity (CLASI-A) score at Week 24
◦ showed statistically significant improvement in disease activity as early as Week 4 with the low dose and Week 8 with the high dose
◦ demonstrated a ≥50% reduction in CLASI-A score (CLASI-50) at Week 24 in 61.7% of patients on low dose (38.0% placebo-adjusted improvement) and 62.1% of DLE patients on high dose (38.4% placebo-adjusted improvement)
◦ achieved a clear or almost-clear skin at Week 24 in 60.3% of patients on low dose (51.5% placebo-adjusted improvement) and 51.6% of DLE patients on high dose (42.8% placebo-adjusted improvement), as measured by the proportion of patients achieving the Cutaneous Lupus Activity Investigator’s Global Assessment (CLA-IGA 0/1)
◦ demonstrated a favorable safety profile, with no serious adverse events or deaths reported
• Blinatumomab is a bispecific T-cell engager (BiTE ® ) molecule targeting CD19.
• A Phase 2 study of blinatumomab in autoimmune disease is enrolling adults with refractory rheumatoid arthritis.
• A Phase 2 study of blinatumomab in autoimmune disease is ongoing in adults with systemic lupus erythematosus (SLE), with and without nephritis.
• A Phase 2 study of inebilizumab in autoimmune disease has completed enrollment of adults with SLE with nephritis.
• Sunakiment is an inhaled anti-thymic stromal lymphopoietin (TSLP) fragment antigen-binding (Fab) protein.
• The Company is planning a Phase 3 development program in asthma in collaboration with AstraZeneca.
• Golden Gate, a Phase 3 study of BLINCYTO alternating with low-intensity chemotherapy, is ongoing in older adult patients with newly diagnosed CD19-positive Philadelphia chromosome (Ph) negative B-cell precursor acute lymphoblastic leukemia (B-ALL).
• A potentially registration-enabling Phase 2 study of subcutaneous blinatumomab in both adults and adolescents with relapsed or refractory CD19-positive Ph- negative B-ALL remains on partial clinical hold by the FDA.
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS Page 12 • A Phase 1b/2 study of subcutaneous blinatumomab in pediatric patients with relapsed or refractory and minimal residual disease positive (MRD+) B-ALL remains on partial clinical hold by the FDA.
• Discussions are underway with the FDA on a path forward to reopen both subcutaneous blinatumomab studies.
• In September, the FDA approved an update to the IMDELLTRA Prescribing Information, reducing the recommended monitoring time for the first two doses from 22 to 24 hours to 6 to 8 hours from the start of infusion in an appropriate healthcare setting.
• In September, at the World Conference on Lung Cancer (WCLC), two key IMDELLTRA results were presented:
◦ A Phase 2 alternate dosing study, DeLLphi-309, evaluating IMDELLTRA dosed every three weeks or every four weeks, demonstrated durable objective response and maintained overall survival (OS) in both dosing frequencies compared to the established every 2 week dosing. Extended dosing regimens may offer flexibility in treatment combination for small cell lung cancer (SCLC) patients who are often taking other therapies.
◦ Results from the Phase 1b DeLLphi-308 subcutaneous administration study showed for the first time that subcutaneous IMDELLTRA can achieve comparable exposures to the intravenous route, to be further characterized in the Phase 3 DeLLphi-315 study
• In October, three key IMDELLTRA results were presented at the European Society for Medical Oncology (ESMO) Congress:
◦ The landmark Phase 3 DeLLphi-305 study showed that addition of IMDELLTRA to IMFINZI
(durvalumab) in first-line maintenance therapy significantly improved OS (58% reduction in risk of death) and progression-free survival (66% reduction in risk of disease progression or death) for patients who completed initial chemo- immunotherapy without progression. The DeLLphi-305 results were published simultaneously in the New England Journal of Medicine.
◦ IMDELLTRA continued to demonstrate a safety profile consistent with the established safety profile of IMDELLTRA in the approved second-line setting
◦ A long-term update with a median follow-up of 30.8 months from the Phase 1b DeLLphi-303 first-line maintenance study, showed an estimated median OS of 37.9 months among patients that received IMDELLTRA plus a PD-L1 inhibitor as a first- line maintenance regimen following initial chemo-immunotherapy
◦ A long-term update from the Phase 3 DeLLphi-304 study, which established IMDELLTRA as the standard of care for patients who have had progression on or after platinum-based chemotherapy, showed sustained OS benefit with twice as many patients alive at two years with IMDELLTRA (30%) compared to standard chemotherapy (15%). The DeLLphi-304 results were published simultaneously in Annals of Oncology.
• The Company is advancing a comprehensive, global clinical development program across extensive-stage (ES) and limited-stage (LS) SCLC:
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS Page 13 ◦ DeLLphi-303, a Phase 1b study of IMDELLTRA in combination with a programmed cell death protein ligand-1 (PD-L1) inhibitor, carboplatin and etoposide or separately in combination with a PD-L1 inhibitor alone, is ongoing in patients with first-line ES-SCLC
◦ DeLLphi-306, a Phase 3 study of IMDELLTRA following concurrent chemoradiation therapy, is ongoing in patients with LS-SCLC
◦ DeLLphi-308, a Phase 1b study evaluating subcutaneous tarlatamab, is enrolling patients with second-line or later ES-SCLC
◦ DeLLphi-310, a Phase 1b study of IMDELLTRA in combination with YL201, a B7-H3 targeting antibody-drug conjugate (ADC), with or without a PD-L1 inhibitor, is ongoing in patients with ES-SCLC
◦ DeLLphi-311, a Phase 1b study of IMDELLTRA in combination with etakafusp alfa (AB248), a novel CD8+ T-cell selective interleukin-2 (IL-2), is ongoing in patients with second-line or later ES-SCLC
◦ DeLLphi-312, a Phase 3 study of IMDELLTRA in combination with carboplatin, etoposide and durvalumab, has completed enrollment of patients with first-line ES-SCLC
◦ DeLLphi-313, a Phase 1b study of IMDELLTRA in combination with zocilurtatug pelitecan, a DLL3 targeting ADC, with and without a PD-L1 inhibitor, is enrolling patients with ES-SCLC
◦ DeLLphi-315, a Phase 3 study of subcutaneous tarlatamab, is enrolling patients with second-line ES-SCLC
• Xaluritamig is a first-in-class BiTE molecule targeting six-transmembrane epithelial antigen of the prostate 1 (STEAP1).
• XALute, a Phase 3 study of xaluritamig, is ongoing in patients with metastatic castration-resistant prostate cancer (mCRPC) who have previously been treated with taxane-based chemotherapy.
• XALience, a Phase 3 study of xaluritamig in combination with abiraterone, is enrolling patients with chemotherapy-naïve mCRPC.
• A Phase 1 study of xaluritamig monotherapy and xaluritamig in combination with abiraterone is enrolling patients with mCRPC who have not yet received taxane- based chemotherapy. Results from a fully outpatient cohort of patients with mCRPC who have previously received taxane-based chemotherapy were presented at ESMO, demonstrating feasibility for a more convenient administration setting.
• A Phase 1b study of neoadjuvant xaluritamig therapy prior to radical prostatectomy is enrolling patients with newly diagnosed localized intermediate or high‐risk prostate cancer.
• A Phase 1b study of xaluritamig is ongoing in patients with high-risk biochemically recurrent prostate cancer after definitive therapy.
• A Phase 1b study of xaluritamig in combination with androgen receptor pathway inhibitors is enrolling patients with metastatic hormone-sensitive prostate cancer.
• A Phase 1b study of xaluritamig is enrolling adults with mCRPC to evaluate an additional dosing regimen.
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS Page 14 • A Phase 1b study of xaluritamig is enrolling adult, adolescent and pediatric patients with relapsed or refractory Ewing sarcoma.
• CodeBreaK 301, a Phase 3 study of LUMAKRAS in combination with Vectibix and FOLFIRI vs. FOLFIRI with or without bevacizumab-awwb, is enrolling patients with first-line KRAS G12C–mutated metastatic colorectal cancer.
• CodeBreaK 202, a Phase 3 study of LUMAKRAS plus platinum doublet chemotherapy vs. pembrolizumab plus chemotherapy, is enrolling patients with first-line KRAS G12C–mutated and PD-L1 negative advanced non-small cell lung cancer (NSCLC).
• PROCLAIM, a Phase 3 study of Nplate for the treatment of chemotherapy-induced thrombocytopenia (CIT) in patients with NSCLC, ovarian cancer, or breast cancer is complete. Full results will be presented at an upcoming medical congress.
• ROMISTER, a Phase 3 study of Nplate plus predniso(lo)ne compared with predniso(lo)ne alone, is enrolling patients with untreated primary immune thrombocytopenia (ITP).
• A randomized, double-blind comparative clinical study of ABP 206 compared with OPDIVO ® (nivolumab) is ongoing in patients with treatment-naïve unresectable or metastatic melanoma. The Biologics License Application (BLA) with the FDA has been submitted and accepted for review. The Company expects an FDA action on this BLA by the end of the year.
• A randomized, double-blind combined pharmacokinetic/comparative clinical study of ABP 234 compared with KEYTRUDA ® (pembrolizumab) in patients with advanced or metastatic non-squamous NSCLC has met both primary and secondary endpoints. We have submitted these results and are awaiting file acceptance by the FDA.
• A randomized, double-blind pharmacokinetic similarity study of ABP 234 compared with KEYTRUDA ® in patients with early-stage non-squamous NSCLC as adjuvant treatment has met both primary and secondary endpoints.
• A randomized, double-blind, pharmacokinetic similarity/comparative clinical study of ABP 692 compared with OCREVUS ® (ocrelizumab) is ongoing in patients with relapsing-remitting multiple sclerosis.
• A randomized, double-blind, comparative clinical study of ABP 938 (8 mg) compared with EYLEA HD ® (aflibercept) is enrolling patients with neovascular age-related macular degeneration.
Sunakiment (AMG 104/AZD8630) is being developed in collaboration with AstraZeneca.
Xaluritamig, formerly AMG 509, is being developed pursuant to a research collaboration with Xencor, Inc.
YL201 is an investigational B7-H3 targeting antibody-drug conjugate being developed by MediLink.
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS Page 15 Zocilurtatug pelitecan is an investigational DLL3 targeting antibody-drug conjugate being developed by Zai Lab Limited.
Etakafusp alfa (AB248) is a novel CD8+ T cell selective IL-2 being developed by Asher Biotherapeutics.
In this news release, management has presented its operating results for the third quarters of 2026 and 2025, in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and on a non-GAAP basis. In addition, management has presented its full year 2026 EPS and tax guidance in accordance with GAAP and on a non-GAAP basis. These non-GAAP financial measures are computed by excluding certain items related to acquisitions, restructuring and certain other items from the related GAAP financial measures. Management has presented Free Cash Flow (FCF), which is a non-GAAP financial measure, for the third quarters of 2026 and 2025. FCF is computed by subtracting capital expenditures from operating cash flow, each as determined in accordance with GAAP.
The Company believes that its presentation of non-GAAP financial measures provides useful supplementary information to, and facilitates additional analysis by, investors. The Company uses certain non-GAAP financial measures to enhance an investor’s overall understanding of the financial performance and prospects for the future of the Company’s normal and recurring business activities by facilitating comparisons of results of normal and recurring business operations among current, past and future periods. The Company believes that FCF provides a further measure of the Company’s liquidity.
The Company uses the non-GAAP financial measures set forth in the news release in connection with its own budgeting and financial planning internally to evaluate the performance of the business, including to allocate resources and to evaluate results relative to incentive compensation targets. The non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
Amgen discovers, develops, manufactures and delivers innovative medicines to fight some of the world’s toughest diseases. Harnessing the best of biology and technology, Amgen reaches millions of patients with its medicines.
More than 45 years ago, Amgen helped establish the biotechnology industry at its U.S. headquarters in Thousand Oaks, California, and it remains at the cutting edge of innovation, using technology and human genetic data to push beyond what is known today. Amgen is advancing a broad and deep pipeline and portfolio of medicines to treat cancer, heart disease, inflammatory conditions, rare diseases and obesity and obesity-related conditions.
Amgen has been consistently recognized for innovation and workplace culture, including honors from Fast Company and Forbes. Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average ® , and it is also part of the Nasdaq-100 Index ® , which includes the
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS Page 16 largest and most innovative non-financial companies listed on the Nasdaq Stock Market based on market capitalization.
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This news release contains forward-looking statements that are based on the current expectations and beliefs of Amgen. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including any statements on the outcome, benefits and synergies of collaborations, or potential collaborations, with any other company (including BeOne Medicines Ltd.), the performance of Otezla ® (apremilast), our acquisitions of ChemoCentryx, Inc., Dark Blue Therapeutics, Ltd. or Horizon Therapeutics plc (including the prospective performance and outlook of Horizon's business, performance and opportunities, and any potential strategic benefits, synergies or opportunities expected as a result of such acquisition), as well as estimates of revenues, operating margins, capital expenditures, cash, other financial metrics, expected legal, arbitration, political, regulatory or clinical results or practices, customer and prescriber patterns or practices, reimbursement activities and outcomes, effects of pandemics or other widespread health problems on our business, outcomes, progress, and other such estimates and results. Forward-looking statements involve significant risks and uncertainties, including those discussed below and more fully described in the Securities and Exchange Commission reports filed by Amgen, including our most recent annual report on Form 10-K and any subsequent periodic reports on Form 10-Q and current reports on Form 8-K. Unless otherwise noted, Amgen is providing this information as of the date of this news release and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
No forward-looking statement can be guaranteed and actual results may differ materially from those we project. Our results may be affected by our ability to successfully market both new and existing products domestically and internationally, clinical and regulatory developments involving current and future products, sales growth of recently launched products, competition from other products including biosimilars, difficulties or delays in manufacturing our products and global economic conditions, including those resulting from geopolitical relations and government actions. In addition, sales of our products are affected by pricing pressure, political and public scrutiny and reimbursement policies imposed by third-party payers, including governments, private insurance plans and managed care providers and may be affected by regulatory, clinical and guideline developments and domestic and international trends toward managed care and healthcare cost containment. Furthermore, our research, testing, pricing, marketing and other operations are subject to extensive regulation by domestic and foreign government regulatory authorities. We or others could identify safety, side effects or manufacturing problems with our products, including our devices, after they are on the market. Our business may be impacted by government investigations, litigation and product liability claims. In addition, our business may be impacted by the adoption of new tax legislation or exposure to additional tax liabilities. Further, while we routinely obtain patents for our products and technology, the protection offered by our patents and patent applications may be challenged, invalidated or circumvented by our competitors, or we may fail to prevail in present and future intellectual property litigation. We perform a substantial amount of our commercial manufacturing activities at a few key facilities, including in Puerto Rico, and also depend on third parties for a portion of our manufacturing activities, and limits on supply may constrain sales of certain of our current products and product candidate development. An outbreak of disease or similar public health threat, and the public and governmental effort to mitigate against the
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS Page 17 spread of such disease, could have a significant adverse effect on the supply of materials for our manufacturing activities, the distribution of our products, the commercialization of our product candidates, and our clinical trial operations, and any such events may have a material adverse effect on our product development, product sales, business and results of operations. We rely on collaborations with third parties for the development of some of our product candidates and for the commercialization and sales of some of our commercial products. In addition, we compete with other companies with respect to many of our marketed products as well as for the discovery and development of new products. Discovery or identification of new product candidates or development of new indications for existing products cannot be guaranteed and movement from concept to product is uncertain; consequently, there can be no guarantee that any particular product candidate or development of a new indication for an existing product will be successful and become a commercial product. Further, some raw materials, medical devices and component parts for our products are supplied by sole third-party suppliers. Certain of our distributors, customers and payers have substantial purchasing leverage in their dealings with us. The discovery of significant problems with a product similar to one of our products that implicate an entire class of products could have a material adverse effect on sales of the affected products and on our business and results of operations. Our efforts to collaborate with or acquire other companies, products or technology, and to integrate the operations of companies or to support the products or technology we have acquired, may not be successful, and may result in unanticipated costs, delays or failures to realize the benefits of the transactions. A breakdown, cyberattack or information security breach of our information technology systems could compromise the confidentiality, integrity and availability of our systems and our data. Our stock price is volatile and may be affected by a number of events. Our business and operations may be negatively affected by the failure, or perceived failure, of achieving our sustainability objectives. The effects of global climate change and related natural disasters could negatively affect our business and operations. Global economic conditions may magnify certain risks that affect our business. Our business performance could affect or limit the ability of our Board of Directors to declare a dividend or our ability to pay a dividend or repurchase our common stock. We may not be able to access the capital and credit markets on terms that are favorable to us, or at all. ### CONTACT: Amgen, Thousand Oaks
September 30, Assets 2026 December 31, Current assets: (Unaudited) 2025 ────────────────────────────────────────────────────────────────────────────── Cash and cash equivalents $ 13,190 $ 9,129 Trade receivables, net 10,353 9,570 Inventories 6,389 6,225 Other current assets 4,431 4,133 Total current assets 34,363 29,057 Property, plant and 8,884 7,913 equipment, net Intangible assets, net 19,536 22,276 Goodwill 18,664 18,680 Other noncurrent assets 14,601 12,660 Total assets $ 96,048 $ 90,586 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and $ 20,833 $ 20,890 accrued liabilities Current portion of 2,398 4,599 long-term debt Total current liabilities 23,231 25,489 Long-term debt 51,609 50,005 Long-term deferred tax 1,278 1,366 liabilities Long-term tax liabilities 2,934 2,690 Other noncurrent 2,644 2,378 liabilities Total stockholders’ equity 14,352 8,658 Total liabilities and stockholders’ $ 96,048 $ 90,586 equity Shares outstanding 541 539
(1) Includes right-of-use asset amortization. AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS Page 21
The following table presents the computations for GAAP and non-GAAP diluted earnings per share:
The adjustments related primarily to noncash amortization of intangible assets acquired in business combinations and, in certain periods, amortization of inventory fair value step-up. The adjustments included noncash amortization of intangible assets acquired in business combinations and acquisition-related expenses related to our Horizon acquisition. (a) For the three and nine months ended September 30, 2025, the (b) adjustments related to intangible asset impairment charges for (c) Otezla®. ────────────────────────────────────────────────────────────────────────────── The adjustments included changes in the fair value of contingent (d) consideration liabilities and certain items associated with legal proceedings. The tax effect of the adjustments between our GAAP and non-GAAP results takes into account the tax treatment and related tax rate(s) that apply to each adjustment in the applicable tax jurisdiction(s). Generally, the tax impact of adjustments, including the amortization and impairments of intangible assets and acquired inventory, gains and losses on our investments in equity securities and expenses (e) related to restructuring and cost-savings initiatives, depends on whether the amounts are deductible in the respective tax jurisdictions and the applicable tax rate(s) in those jurisdictions. Due to these factors, the effective tax rate for the adjustments to our GAAP income before income taxes for the three and nine months ended September 30, 2026, was 25.9% and 13.1%, respectively, compared to 44.0% and 16.9%, respectively, for the corresponding periods of the prior year. (f) The adjustments related to certain acquisition-related, prior-period and other items excluded from GAAP earnings.
GAAP diluted EPS guidance $ 18.34 — $ 19.28 Known adjustments to arrive at non-GAAP*: Acquisition-related expenses (a) 5.99 — 6.13 Net gains from equity investments -1.70 Other 0.13 Non-GAAP diluted EPS guidance $ 22.90 — $ 23.70
* The known adjustments are presented net of their related tax impact, which amounts to approximately $0.70 per share.
(a) The adjustment primarily includes noncash amortization of intangible assets and fair value step-up of inventory acquired in business combinations.
Our GAAP diluted EPS guidance does not include the effect of GAAP adjustments triggered by events that may occur subsequent to this press release such as acquisitions, asset impairments, litigation, changes in fair value of our contingent consideration obligations and changes in fair value of our equity investments. Reconciliation of GAAP Tax Rate Guidance to Non-GAAP
GAAP tax rate guidance 14.5% — 16.0% Tax rate of known adjustments discussed 0.5% above Non-GAAP tax rate guidance 15.0% — 16.5%
Full text with the tables
Exhibit 99.1
One Amgen Center Drive
News Release Thousand Oaks, CA 91320-1799
Telephone 805-447-1000
www.amgen.com
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
THOUSAND OAKS, Calif. (Nov. 3, 2026) - Amgen (NASDAQ:AMGN) today announced
financial results for the third quarter of 2026.
“Amgen delivered another strong quarter as our strategy for long-term growth
continued to produce results across the enterprise,” said Robert A. Bradway,
chairman and chief executive officer. “The strength of our commercial portfolio,
combined with important clinical advances and a promising late-stage pipeline,
reinforces our confidence in Amgen’s ability to deliver durable growth well into
the next decade.”
Key results include:
• For the third quarter, total revenues increased 8% to $10.4 billion in
comparison to the third quarter of 2025.
◦ Produ ct sales grew 8% , driven by volume growth.
◦ Seventeen products delivered at least double-digit sales growth in the third
quarter.
◦ Seventeen products are annualizing at more than $1 billion based on third
quarter sales.
• GAAP earnings per share (EPS) increased 19% from $5.93 to $7.08 for the third
quarter, driven by higher revenues.
◦ For the third quarter, GAAP operating income increased from $2.5 billion to
$3.7 billion, and GAAP operating margin increased 9.9 percentage points to
37.5%.
• Non-GAAP EPS increased 14% from $5.64 to $6.45 for the third quarter,
primarily driven by higher revenues, partially offset by higher operating
expenses.
◦ For the third quarter, non-GAAP operating income increased from $4.3 billion
to $4.7 billion, and non-GAAP operating margin increased 0.2 percentage points
to 47.3%.
• The Company generated $3.7 billion of free cash flow in the third quarter of
2026 versus $4.2 billion in the third quarter of 2025, driven by changes in
working capital, with the third quarter of 2025 benefiting from the timing of
rebates and collections, partially offset by current period business
performance.
References in this release to “non-GAAP” measures, measures presented “on a non-
GAAP basis,” and “free cash flow” (computed by subtracting capital expenditures
from operating cash flow) refer to non-GAAP financial measures. Adjustments to
the most directly comparable GAAP financial measures and other items are
presented on the attached reconciliations. Refer to Non-GAAP Financial Measures
below for further discussion.
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Page 2
Product Sales Performance
General Medicine
•
Repatha
®
(evolocumab) sales increased 37% year-over-year to $1,085 million in the third
quarter, primarily driven by volume growth.
•
EVENITY
®
(romosozumab-aqqg) sales increased 39% year-over-year to $751 million in the
third quarter, driven by volume growth.
•
Prolia
®
(denosumab) sales decreased 45% year-over-year to $632 million in the third
quarter as multiple biosimilars have launched globally. The decrease was driven
by 23% lower volume with the remainder driven equally by lower net selling price
and changes to estimated sales deductions.
Rare Disease
•
TEPEZZA
®
(teprotumumab-trbw) sales decreased 6% year-over-year to $526 million in the
third quarter, driven by lower inventory levels.
•
KRYSTEXXA
®
(pegloticase) sales increased 31% year-over-year to $419 million in the third
quarter, primarily driven by higher net selling price.
•
UPLIZNA
®
(inebilizumab-cdon) sales increased 191% year-over-year to $451 million in the
third quarter, primarily driven by volume growth.
•
TAVNEOS
®
(avacopan) sales decreased 2% year-over-year to $105 million in the third
quarter, driven by 9% lower volume, 8% unfavorable changes to estimated sales
deductions and 5% lower net selling price, partially offset by higher inventory
levels. We continue to engage with the U.S. Food and Drug Administration (FDA)
and believe that TAVNEOS demonstrates clinical effectiveness and a favorable
benefit-risk profile.
Inflammation
•
TEZSPIRE
®
(tezepelumab-ekko) sales increased 43% year-over-year to $538 million in the
third quarter, driven by volume growth.
•
Otezla
®
(apremilast) sales decreased 18% year-over-year to $481 million in the third
quarter, driven by 13% lower volume, 9% unfavorable changes to estimated sales
deductions and 4% lower net selling price, partially offset by higher inventory
levels.
•
Enbrel
®
(etanercept) sales increased 5% year-over-year to $611 million in the third
quarter, driven by 15% favorable changes to estimated sales deductions and 8%
higher inventory levels, partially offset by 14% lower net selling price,
reflecting the ongoing impact of U.S. Medicare Part D price setting effective in
2026 under the Inflation Reduction Act, and lower volume.
•
AMJEVITA
®
(adalimumab-atto)/AMGEVITA™ (adalimumab) sales increased 24% year-over-year to
$191 million in the third quarter, primarily driven by 18% volume growth and
higher net selling price.
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Page 3
•
PAVBLU
®
(aflibercept-ayyh) sales increased 41% year-over-year to $300 million in the
third quarter, driven by 71% volume growth, partially offset by 18% lower net
selling price.
Oncology
•
BLINCYTO
®
(blinatumomab) sales increased 27% year-over-year to $496 million in the third
quarter, primarily driven by volume growth.
•
IMDELLTRA
®
(tarlatamab-dlle)/IMDYLLTRA™ (tarlatamab) sales increased 128% year-over-year to
$406 million in the third quarter, driven by volume growth.
•
Vectibix
®
(panitumumab) sales increased 18% year-over-year to $335 million in the third
quarter, primarily driven by volume growth.
•
KYPROLIS
®
(carfilzomib) sales decreased 8% year-over-year to $330 million in the third
quarter, primarily driven by lower volume.
•
LUMAKRAS
®
/LUMYKRAS™ (sotorasib)
sales increased 6% year-over-year to $102 million in the third quarter, driven
by 14% volume growth, partially offset by 5% unfavorable changes to estimated
sales deductions and lower inventory levels.
•
Nplate
®
(romiplostim) sales increased 3% year-over-year to $472 million in the third
quarter. U.S. government orders were $65 million in Q3’26 compared to $90
million in Q3’25. Excluding these U.S. government orders, Nplate sales increased
11% year-over-year, primarily driven by volume growth.
•
XGEVA
®
(denosumab) sales decreased 47% year-over-year to $288 million in the third
quarter as multiple biosimilars have launched globally. The decrease was
primarily driven by 32% lower volume and 11% lower net selling price.
•
MVASI
®
(bevacizumab-awwb) sales decreased 21% year-over-year to $168 million in the
third quarter, primarily driven by 11% lower net selling price and lower volume.
Established Products
• Our established products, which consist of
Aranesp
®
(darbepoetin alfa) ,
Neulasta
®
(pegfilgrastim) , and
Parsabiv
®
(etelcalcetide) , generated $606 million of sales in the third quarter. Sales
increased 14% year-over-year, driven by 19% higher net selling price, partially
offset by 3% lower volume.
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Page 4
Product Sales Detail by Product and Geographic Region
$Mi… Q3
exc… Q3 ’26 ’25 YOY Δ
per… U.S. ROW TOTAL TOTAL TOTAL
──────────────────────────────────────────────────────────────────────────────
Rep… $ 666 $ 419 $ 1,085 $ 794 37%
EVE… 557 194 751 541 39%
Pro… 409 223 632 1,139 -45%
TEP… 441 85 526 560 -6%
KRY… 419 — 419 320 31%
UPL… 352 99 451 155 *
TAV… 105 — 105 107 -2%
Ult… 107 3 110 200 -45%
pro…
TEZ… 538 — 538 377 43%
Ote… 428 53 481 585 -18%
Enb… 605 6 611 580 5%
AMJ… 64 127 191 154 24%
PAV… 294 6 300 213 41%
WEZ… 8 52 60 44 36%
BLI… 269 227 496 392 27%
IMD… 224 182 406 178 *
Vec… 182 153 335 284 18%
KYP… 209 121 330 359 -8%
LUM… 55 47 102 96 6%
Npl… 347 125 472 457 3%
XGE… 170 118 288 539 -47%
MVA… 128 40 168 213 -21%
Ara… 95 234 329 357 -8%
Neu… 178 17 195 92 *
Par… 38 44 82 84 -2%
Oth… 371 49 420 317 32%
pro…
Tot…
pro… $ 7,259 $ 2,624 $ 9,883 $ 9,137 8%
sal…
*
Cha…
in
exc…
of
100%
(1)…
pro…
con…
of
PRO…
RAV…
ACT…
QUI…
and
BUP…
(2)…
pro…
con…
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KAN…
AVS…
Aim…
BKE…
RIA…
EPO…
IML…
NEU…
DUE…
RAY…
PEN…
Sen…
and
Cor…
The
Bio…
pro…
wit…
Oth…
pro…
tot…
$258
mil…
in
Q3
’26
and
$151
mil…
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Q3
’25.
The
Rare
Dis…
pro…
wit…
Oth…
pro…
tot…
$0
mil…
in
Q3
’26
and
($1…
mil…
in
Q3
’25.
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Page 5
Operating Expense, Operating Margin and Tax Rate Analysis
On a GAAP basis:
•
Total Operating Expenses
decreased 5% year-over-year for the third quarter.
Cost of Sales
as a percentage of product sales decreased 5.5 percentage points, driven by
lower amortization expense from acquisition-related assets and lower
manufacturing costs, partially offset by higher profit share expense and changes
in our sales mix.
Research & Development (R&D)
expenses increased 11% driven by higher spend in Research and Early Pipeline,
including business development activity.
Selling, General & Administrative (SG&A)
expenses decreased 2% driven by lower general and administrative expenses,
partially offset by higher commercial product-related expenses.
Other
operating expenses for the third quarter of 2026 totaled $76 million.
•
Operating Margin
as a percentage of product sales increased 9.9 percentage points to 37.5%.
•
Tax Rate
decreased 0.5 percentage points for the third quarter primarily driven by the
change in earnings mix, including lower net unrealized gains on our equity
investments, partially offset by net favorable items in the prior year as
compared to the current year.
On a non-GAAP basis:
•
Total Operating Expenses
increased 8% year-over-year for the third quarter.
Cost of Sales
as a percentage of product sales increased 1.1 percentage points, driven by
higher profit share expense and changes in our sales mix, partially offset by
lower manufacturing costs.
R&D
expenses increased 11% driven by higher spend in Research and Early Pipeline,
including business development.
SG&A
expenses decreased 1% driven by lower general and administrative expenses,
partially offset by higher commercial product-related expenses.
•
Operating Margin
as a percentage of product sales increased 0.2 percentage points for the third
quarter to 47.3%.
•
Tax Rate
decreased 2.3 percentage points for the third quarter primarily driven by the
change in earnings mix.
$…
e… Q3 Q3 YOY Q3 Q3
p… GA… ’26 ’25 Δ No… ’26 ’25
──────────────────────────────────────────────────────────────────────────────
C…
of $ 2,… $ 3,… -1… $ 1,… $ 1,6… 15%
S…
%
of 28… % 33… % (5… 19… % 18.2 % 1.1
p… pt… pt…
s…
R…
& $ 2,… $ 1,… 11% $ 2,… $ 1,8… 11%
D…
%
of 21… % 20… % 0.6 21… % 20.7 % 0.6
p… pt… pt…
s…
S…
G… $ 1,… $ 1,… -2% $ 1,… $ 1,7… -1%
&
A…
%
of 17… % 18… % (1… 17… % 18.6 % (1…
p… pt… pt…
s…
O… $ 76 $ 329 -7… $ — $ — N/A
T…
O… $ 6,… $ 7,… -5% $ 5,… $ 5,2… 8%
E…
O…
M…
O…
i…
as 9.9 0.2
% 37… % 27… % pt… 47… % 47.1 % pt…
of
p…
s…
T… 17… % 18… % (0… 15… % 18.2 % (2…
R… pt… pt…
p…
p…
p…
N…
=
n…
a…
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Page 6
Cash Flow and Balance Sheet
• The Company generated $3.7 billion of free cash flow in the third quarter of
2026 versus $4.2 billion in the third quarter of 2025, driven by changes in
working capital, with the third quarter of 2025 benefiting from the timing of
rebates and collections, partially offset by current period business
performance.
•
The Company declared a third quarter 2026 dividend on July 30, 2026 of $2.52 per
share that was paid on September 11, 2026 to all stockholders of record as of
August 21, 2026, representing a 6% increase from the same period in 2025.
•
During the third quarter of 2026, there were no repurchases of shares of common
stock under our stock repurchase program.
•
Cash and cash equivalents totaled $13.2 billion and debt outstanding totaled
$54.0 billion as of September 30, 2026.
$Billions,
except shares Q3 ’26 Q3 ’25 YOY Δ
──────────────────────────────────────────────────────────────────────────────
Operating Cash Flow $ 4.2 $ 4.7 $ -0.4
Capital Expenditures $ 0.6 $ 0.4 $ 0.2
Free Cash Flow $ 3.7 $ 4.2 $ -0.6
Dividends Paid $ 1.4 $ 1.3 $ 0.1
Share Repurchases $ 0.0 $ 0.0 $ 0.0
Average Diluted Shares 546 542 4
(millions)
Note: Numbers may not add
due to
rounding
$Billions 9/30/26 12/31/25 YTD Δ
──────────────────────────────────────────────────────────────────────────────
Cash and Cash Equivalents $ 13.2 $ 9.1 $ 4.1
Debt Outstanding $ 54.0 $ 54.6 $ -0.6
Note: Numbers may not add
due to
rounding
2026 Guidance
For the full year 2026, the Company expects:
•
Total revenues
in the range of $38.9 billion to $39.7 billion.
• On a
GAAP basis, EPS
in the range of $18.34 to $19.28, and a
tax rate
in the range of 14.5% to 16.0%.
• On a
non-GAAP basis, EPS
in the range of $22.90 to $23.70, and a
tax rate
in the range of 15.0% to 16.5%.
•
Capital expenditures
to be approximately $2.6 billion.
•
Share repurchases
not to exceed $3.0 billion.
Third Quarter Product and Pipeline Update
The Company provided the following updates on selected product and pipeline
programs:
General Medicine
MariTide
TM
(maridebart cafraglutide/AMG 133)
•
MariTide is a differentiated antibody-peptide conjugate that activates the
glucagon-like peptide-1 (GLP-1) receptor and antagonizes the glucose-dependent
insulinotropic
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Page 7
polypeptide receptor (GIPR). MariTide's long-acting design supports starting
with monthly dosing, and staying on MariTide with as few as four or six doses
per year.
• MARITIME-1, a Phase 3 study of MariTide for chronic weight management, is
ongoing in adults living with obesity or overweight, without Type 2 diabetes
(T2D).
• MARITIME-2, a Phase 3 study of MariTide for chronic weight management, is
ongoing in adults living with obesity or overweight, with T2D.
• MARITIME-CV, a Phase 3 study of MariTide on cardiovascular (CV) outcomes, has
completed enrollment of adults living with established atherosclerotic
cardiovascular disease and obesity or overweight.
• MARITIME-HF, a Phase 3 study of MariTide on reduction of heart failure (HF)
events and cardiovascular risk, is enrolling adults living with heart failure
with preserved or mildly reduced ejection fraction and obesity.
• MARITIME-OSA-1, a Phase 3 study of MariTide, has completed enrollment of
adults living with obstructive sleep apnea (OSA) on positive airway pressure
therapy and living with obesity or overweight.
• MARITIME-OSA-2, a Phase 3 study of MariTide, has completed enrollment of
adults living with OSA not on positive airway pressure therapy and living with
obesity or overweight.
• MARITIME-SWITCH, a Phase 3 study of MariTide, is enrolling adults living with
obesity or overweight who will be switching from weekly tirzepatide or weekly
semaglutide to MariTide on an every eight-week or quarterly dosing schedule.
• MARITIME-1 EXTENSION, a Phase 3 long-term extension study of MariTide, to
evaluate the maintenance of weight loss with monthly, every eight-week or
quarterly dosing, is enrolling adults living with obesity or overweight without
T2D who completed the MARITIME-1 study.
• MARITIME-2 EXTENSION, a Phase 3 long-term extension study of MariTide, to
evaluate the maintenance of weight loss with monthly and every eight-week
dosing, is enrolling adults living with obesity or overweight with T2D who
completed the MARITIME-2 study.
• MARITIME-T2D-3 study, a Phase 3 study of MariTide, to evaluate efficacy
compared to semaglutide, was initiated and is enrolling adults living with T2D.
• Two additional Phase 3 studies of MariTide in people living with T2D will be
initiated in Q4 2026.
• A Phase 2b study of MariTide to assess the effect of MariTide on liver fat
reduction and weight loss has completed enrollment of adults living with obesity
or overweight with elevated liver fat.
Repatha
• In August, results from a new pre-specified analysis of the Phase 3 VESALIUS-
CV pre-cardiovascular event trial on the protective effects of Repatha on fatal
outcomes were presented at the European Society of Cardiology (ESC) Congress.
◦ In this study, Repatha was associated with a nominal:
▪ 20% reduction in all-cause mortality
▪ 21% reduction in cardiovascular death
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Page 8
▪ 15% reduction in non-cardiovascular death, largely explained by lower rates of
non-fatal myocardial infarction, stroke, and ischemia-driven revascularization
◦ Repatha also demonstrated that the reduction in mortality began around 1.5
years after treatment and continued through a median 4.6 years of follow-up.
• In August, results from a new pre-specified analysis of the Phase 3 VESALIUS-
CV trial on the protective effect of Repatha on total cardiovascular events were
also presented at ESC Congress. In this study, Repatha:
◦ reduced the total number of MACE (major adverse cardiac events), providing
support for the role of intensive low-density lipoprotein cholesterol lowering
to prevent first and subsequent MACE in patients at high cardiovascular risk and
no prior MI or stroke
◦ demonstrated a 27% relative reduction in the risk of a composite of coronary
heart disease death, heart attack or ischemic stroke (3-P MACE)
◦ demonstrated a 20% reduction in a broader composite that also included
ischemia-driven revascularization (4-P MACE)
• EVOLVE-MI, a Phase 4 study of Repatha initiated within 10 days of an acute
myocardial infarction to reduce the risk of cardiovascular events, is ongoing.
Olpasiran (AMG 890)
• Olpasiran is a potentially best-in-class small interfering ribonucleic acid
(siRNA) molecule that reduces lipoprotein(a) (Lp(a)) synthesis in the liver.
• The OCEAN(a)-Outcomes trial, a Phase 3 secondary prevention CV outcomes study,
is ongoing in patients with established atherosclerotic CV disease and elevated
Lp(a).
• The OCEAN(a)-PreEvent trial, a Phase 3 primary prevention CV outcomes study,
is enrolling patients with elevated Lp(a) at high risk for a first major CV
event.
• The OCEAN(a)-Coronary Computed Tomography Angiography (CCTA), a Phase 3
coronary artery plaque study, is enrolling patients with atherosclerotic CV
disease and elevated Lp(a).
Rare Disease
UPLIZNA
• MERCURY, a Phase 2/3 study of UPLIZNA, was initiated in patients with
autoimmune hepatitis (AIH).
• MOMENT, a Phase 3 study of UPLIZNA, was initiated in patients with primary
membranous nephropathy (PMN).
• In September, new one-year extension data from the Phase 3 MINT study in
patients with generalized myasthenia gravis (gMG) were presented at Annual
Neuromuscular Study Group (NMSG) and at the American Association of
Neuromuscular & Electrodiagnostic Medicine (AANEM) Annual Meeting. Key findings
included:
◦ sustained numerical improvements in Myasthenia Gravis Activities of Daily
Living (MG-ADL) and Quantitative Myasthenia Gravis (QMG) scores at Year 1 of the
open label period (OLP)
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Page 9
◦ observed improvements both in participants who continued UPLIZNA from the
randomized controlled period (RCP) and in those who initiated UPLIZNA during the
OLP, demonstrating similar patterns of improvement regardless of initial
treatment assignment
◦ UPLIZNA continued to demonstrate a safety profile consistent with the
established safety profile of UPLIZNA across all approved indications
◦ efficacy and safety outcomes support the longer-term use of UPLIZNA for the
treatment of gMG
• A Phase 3 study of UPLIZNA in patients with chronic inflammatory demyelinating
polyneuropathy (CIDP) will be initiated H2 2026 - H1 2027.
TEPEZZA
• Chronic-J, a Phase 3 study of TEPEZZA in Japanese patients with chronic
thyroid eye disease (TED) met both primary endpoints, with a safety profile
consistent with the established profile. The results will be shared with the
scientific community and regulatory authorities.
TAVNEOS
• The Company continues to engage the U.S. Food and Drug Administration (FDA)
regarding the Center for Drug Evaluation and Research’s request to voluntarily
withdraw TAVNEOS from the U.S. market. On June 1, 2026, the Company requested a
hearing to discuss this topic and submitted supporting materials to the FDA on
July 23, 2026. The Company believes that these materials support a favorable
benefit-risk profile of TAVNEOS for patients with AAV.
• A Phase 3, open-label study of TAVNEOS in combination with rituximab or a
cyclophosphamide-containing regimen is ongoing in patients from six years to <
18 years of age with active AAV (Granulomatosis with Polyangiitis
(GPA)/Microscopic Polyangiitis (MPA)).
Dazodalibep
• Dazodalibep is a fusion protein that inhibits CD40 ligand (CD40L).
• In October, the Company announced results from the Phase 3 OASIZ-301 study of
dazodalibep in adults with Sjögren's disease and moderate-to-severe systemic
disease activity with full results to be presented as a late-breaking oral
presentation at the American College of Rheumatology (ACR) Convergence in
November. In this study, dazodalibep:
◦ achieved statistically significant and clinically meaningful improvements of
systemic disease activity at Week 48 with a change from baseline of 5.6 points
with every-four-week dosing (1.8 points placebo-adjusted improvement) and 5.2
points with every-12-week dosing (1.4 points placebo-adjusted improvement), as
measured by the EULAR Sjögren’s Syndrome Disease Activity Index (ESSDAI)
◦ observed evidence of clinical benefit as early as Week 4
◦ demonstrated statistically significant and clinically meaningful improvements
of patient-reported dryness, a key secondary endpoint, at Week 48 with a change
from baseline of 2.50 points (1.17 points placebo-adjusted improvement) and 1.98
points (0.93 points placebo-adjusted improvement) with every-four-week dosing,
as measured by the EULAR Sjögren’s Syndrome Patient Reported Index (ESSPRI)
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Page 10
dryness score and the Diary for Assessing Sjögren’s Patient Reported Index
(DASPRI) dryness score, respectively
◦ demonstrated a favorable safety profile that was similar across treatment
groups
• OASIZ 303, the Phase 3 study of dazodalibep in Sjögren’s patients with
moderate-to-severe symptom burden with low systemic disease activity, is ongoing
and is expected to complete in Q4 2026.
AMG 732
• AMG 732 is an insulin-like growth factor-1 receptor (IGF-1R) targeting
monoclonal antibody.
• A Phase 2 study of AMG 732 is ongoing in patients with moderate-to-severe
active TED.
Inflammation
Otezla
• A Phase 3 study evaluating the safety of Otezla in pediatric patients aged six
through 17 years with mild to moderate plaque psoriasis, has been completed. The
safety findings were consistent with the established safety profile of Otezla.
The Company plans to submit the results to the FDA.
TEZSPIRE
• In October, the results from the Phase 3 CROSSING study of TEZSPIRE in
eosinophilic esophagitis (EOE) were presented at the American College of
Gastroenterology (ACG) and the United European Gastroenterology Week (UEGW). In
this study, TEZSPIRE dosed every four weeks:
◦ achieved histologic remission at Week 24 in 64.8% and 68.9% of EoE patients
receiving the 210 mg and 420 mg doses, respectively, vs 3.5% for placebo
◦ reduced the frequency and severity of dysphagia symptoms at Week 24 by 18.8
points and 22.0 points in EoE patients receiving 210 mg and 420 mg doses,
respectively, vs 14.7 points for placebo, as measured by the Dysphagia Symptom
Questionnaire (DSQ) score
◦ sustained histological remission and continued symptom improvement through
Week 52
◦ achieved total endoscopic remission at Week 52 in 34.4% and 29.5% of EoE
patients receiving the 210 mg and 420 mg doses, respectively, vs 4.1% for
placebo
◦ demonstrated a safety profile consistent with its approved indications
• Two Phase 3 studies of TEZSPIRE are enrolling adults with moderate to very
severe chronic obstructive pulmonary disease (COPD) and a blood eosinophil count
(BEC) ≥ 150 cells/µL.
Daxdilimab
• Daxdilimab is a first-in-class plasmacytoid dendritic cell depleting
monoclonal antibody targeting immunoglobulin-like transcript 7 (ILT7).
• In September, results from the Phase 2 study of daxdilimab in adult patients
with moderate-to-severe primary discoid lupus erythematosus (DLE) were presented
at the European Academy of Dermatology and Venereology (EADV). In this study,
daxdilimab dosed every four weeks:
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Page 11
◦ achieved statistically significant and clinically meaningful improvements in
disease activity by 10.2 points with low dose (6.0 points placebo-adjusted
improvement) and 9.9 points with high dose (5.7 points placebo-adjusted
improvement), as measured by the change from baseline of the Cutaneous Lupus
Erythematosus Disease Area and Severity Index - Activity (CLASI-A) score at Week
24
◦ showed statistically significant improvement in disease activity as early as
Week 4 with the low dose and Week 8 with the high dose
◦ demonstrated a ≥50% reduction in CLASI-A score (CLASI-50) at Week 24 in 61.7%
of patients on low dose (38.0% placebo-adjusted improvement) and 62.1% of DLE
patients on high dose (38.4% placebo-adjusted improvement)
◦ achieved a clear or almost-clear skin at Week 24 in 60.3% of patients on low
dose (51.5% placebo-adjusted improvement) and 51.6% of DLE patients on high dose
(42.8% placebo-adjusted improvement), as measured by the proportion of patients
achieving the Cutaneous Lupus Activity Investigator’s Global Assessment (CLA-IGA
0/1)
◦ demonstrated a favorable safety profile, with no serious adverse events or
deaths reported
• The Company is taking steps to advance daxdilimab to Phase 3 development.
Blinatumomab
• Blinatumomab is a bispecific T-cell engager (BiTE ® ) molecule targeting CD19.
• A Phase 2 study of blinatumomab in autoimmune disease is enrolling adults with
refractory rheumatoid arthritis.
• A Phase 2 study of blinatumomab in autoimmune disease is ongoing in adults
with systemic lupus erythematosus (SLE), with and without nephritis.
Inebilizumab
• Inebilizumab is a B-cell depleting monoclonal antibody targeting CD19.
• A Phase 2 study of inebilizumab in autoimmune disease has completed enrollment
of adults with SLE with nephritis.
Sunakiment (AMG 104/AZD8630)
• Sunakiment is an inhaled anti-thymic stromal lymphopoietin (TSLP) fragment
antigen-binding (Fab) protein.
• The Company is planning a Phase 3 development program in asthma in
collaboration with AstraZeneca.
Oncology
BLINCYTO/blinatumomab
• Golden Gate, a Phase 3 study of BLINCYTO alternating with low-intensity
chemotherapy, is ongoing in older adult patients with newly diagnosed
CD19-positive Philadelphia chromosome (Ph) negative B-cell precursor acute
lymphoblastic leukemia (B-ALL).
• A potentially registration-enabling Phase 2 study of subcutaneous blinatumomab
in both adults and adolescents with relapsed or refractory CD19-positive Ph-
negative B-ALL remains on partial clinical hold by the FDA.
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Page 12
• A Phase 1b/2 study of subcutaneous blinatumomab in pediatric patients with
relapsed or refractory and minimal residual disease positive (MRD+) B-ALL
remains on partial clinical hold by the FDA.
• Discussions are underway with the FDA on a path forward to reopen both
subcutaneous blinatumomab studies.
IMDELLTRA/tarlatamab
• IMDELLTRA is the first and only FDA-approved delta-like ligand 3 (DLL3)
targeting BiTE molecule.
• In September, the FDA approved an update to the IMDELLTRA Prescribing
Information, reducing the recommended monitoring time for the first two doses
from 22 to 24 hours to 6 to 8 hours from the start of infusion in an appropriate
healthcare setting.
• In September, at the World Conference on Lung Cancer (WCLC), two key IMDELLTRA
results were presented:
◦ A Phase 2 alternate dosing study, DeLLphi-309, evaluating IMDELLTRA dosed
every three weeks or every four weeks, demonstrated durable objective response
and maintained overall survival (OS) in both dosing frequencies compared to the
established every 2 week dosing. Extended dosing regimens may offer flexibility
in treatment combination for small cell lung cancer (SCLC) patients who are
often taking other therapies.
◦ Results from the Phase 1b DeLLphi-308 subcutaneous administration study showed
for the first time that subcutaneous IMDELLTRA can achieve comparable exposures
to the intravenous route, to be further characterized in the Phase 3 DeLLphi-315
study
• In October, three key IMDELLTRA results were presented at the European Society
for Medical Oncology (ESMO) Congress:
◦ The landmark Phase 3 DeLLphi-305 study showed that addition of IMDELLTRA to
IMFINZI
®
(durvalumab) in first-line maintenance therapy significantly improved OS (58%
reduction in risk of death) and progression-free survival (66% reduction in risk
of disease progression or death) for patients who completed initial chemo-
immunotherapy without progression. The DeLLphi-305 results were published
simultaneously in the New England Journal of Medicine.
◦ IMDELLTRA continued to demonstrate a safety profile consistent with the
established safety profile of IMDELLTRA in the approved second-line setting
◦ A long-term update with a median follow-up of 30.8 months from the Phase 1b
DeLLphi-303 first-line maintenance study, showed an estimated median OS of 37.9
months among patients that received IMDELLTRA plus a PD-L1 inhibitor as a first-
line maintenance regimen following initial chemo-immunotherapy
◦ A long-term update from the Phase 3 DeLLphi-304 study, which established
IMDELLTRA as the standard of care for patients who have had progression on or
after platinum-based chemotherapy, showed sustained OS benefit with twice as
many patients alive at two years with IMDELLTRA (30%) compared to standard
chemotherapy (15%). The DeLLphi-304 results were published simultaneously in
Annals of Oncology.
• The Company is advancing a comprehensive, global clinical development program
across extensive-stage (ES) and limited-stage (LS) SCLC:
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Page 13
◦ DeLLphi-303, a Phase 1b study of IMDELLTRA in combination with a programmed
cell death protein ligand-1 (PD-L1) inhibitor, carboplatin and etoposide or
separately in combination with a PD-L1 inhibitor alone, is ongoing in patients
with first-line ES-SCLC
◦ DeLLphi-306, a Phase 3 study of IMDELLTRA following concurrent chemoradiation
therapy, is ongoing in patients with LS-SCLC
◦ DeLLphi-308, a Phase 1b study evaluating subcutaneous tarlatamab, is enrolling
patients with second-line or later ES-SCLC
◦ DeLLphi-310, a Phase 1b study of IMDELLTRA in combination with YL201, a B7-H3
targeting antibody-drug conjugate (ADC), with or without a PD-L1 inhibitor, is
ongoing in patients with ES-SCLC
◦ DeLLphi-311, a Phase 1b study of IMDELLTRA in combination with etakafusp alfa
(AB248), a novel CD8+ T-cell selective interleukin-2 (IL-2), is ongoing in
patients with second-line or later ES-SCLC
◦ DeLLphi-312, a Phase 3 study of IMDELLTRA in combination with carboplatin,
etoposide and durvalumab, has completed enrollment of patients with first-line
ES-SCLC
◦ DeLLphi-313, a Phase 1b study of IMDELLTRA in combination with zocilurtatug
pelitecan, a DLL3 targeting ADC, with and without a PD-L1 inhibitor, is
enrolling patients with ES-SCLC
◦ DeLLphi-315, a Phase 3 study of subcutaneous tarlatamab, is enrolling patients
with second-line ES-SCLC
Xaluritamig (AMG 509)
• Xaluritamig is a first-in-class BiTE molecule targeting six-transmembrane
epithelial antigen of the prostate 1 (STEAP1).
• XALute, a Phase 3 study of xaluritamig, is ongoing in patients with metastatic
castration-resistant prostate cancer (mCRPC) who have previously been treated
with taxane-based chemotherapy.
• XALience, a Phase 3 study of xaluritamig in combination with abiraterone, is
enrolling patients with chemotherapy-naïve mCRPC.
• A Phase 1 study of xaluritamig monotherapy and xaluritamig in combination with
abiraterone is enrolling patients with mCRPC who have not yet received taxane-
based chemotherapy. Results from a fully outpatient cohort of patients with
mCRPC who have previously received taxane-based chemotherapy were presented at
ESMO, demonstrating feasibility for a more convenient administration setting.
• A Phase 1b study of neoadjuvant xaluritamig therapy prior to radical
prostatectomy is enrolling patients with newly diagnosed localized intermediate
or high‐risk prostate cancer.
• A Phase 1b study of xaluritamig is ongoing in patients with high-risk
biochemically recurrent prostate cancer after definitive therapy.
• A Phase 1b study of xaluritamig in combination with androgen receptor pathway
inhibitors is enrolling patients with metastatic hormone-sensitive prostate
cancer.
• A Phase 1b study of xaluritamig is enrolling adults with mCRPC to evaluate an
additional dosing regimen.
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Page 14
• A Phase 1b study of xaluritamig is enrolling adult, adolescent and pediatric
patients with relapsed or refractory Ewing sarcoma.
LUMAKRAS/LUMYKRAS
• CodeBreaK 301, a Phase 3 study of LUMAKRAS in combination with Vectibix and
FOLFIRI vs. FOLFIRI with or without bevacizumab-awwb, is enrolling patients with
first-line KRAS G12C–mutated metastatic colorectal cancer.
• CodeBreaK 202, a Phase 3 study of LUMAKRAS plus platinum doublet chemotherapy
vs. pembrolizumab plus chemotherapy, is enrolling patients with first-line KRAS
G12C–mutated and PD-L1 negative advanced non-small cell lung cancer (NSCLC).
Nplate
• PROCLAIM, a Phase 3 study of Nplate for the treatment of chemotherapy-induced
thrombocytopenia (CIT) in patients with NSCLC, ovarian cancer, or breast cancer
is complete. Full results will be presented at an upcoming medical congress.
• ROMISTER, a Phase 3 study of Nplate plus predniso(lo)ne compared with
predniso(lo)ne alone, is enrolling patients with untreated primary immune
thrombocytopenia (ITP).
Biosimilars
• A randomized, double-blind comparative clinical study of ABP 206 compared with
OPDIVO ® (nivolumab) is ongoing in patients with treatment-naïve unresectable or
metastatic melanoma. The Biologics License Application (BLA) with the FDA has
been submitted and accepted for review. The Company expects an FDA action on
this BLA by the end of the year.
• A randomized, double-blind combined pharmacokinetic/comparative clinical study
of ABP 234 compared with KEYTRUDA ® (pembrolizumab) in patients with advanced or
metastatic non-squamous NSCLC has met both primary and secondary endpoints. We
have submitted these results and are awaiting file acceptance by the FDA.
• A randomized, double-blind pharmacokinetic similarity study of ABP 234
compared with KEYTRUDA ® in patients with early-stage non-squamous NSCLC as
adjuvant treatment has met both primary and secondary endpoints.
• A randomized, double-blind, pharmacokinetic similarity/comparative clinical
study of ABP 692 compared with OCREVUS ® (ocrelizumab) is ongoing in patients
with relapsing-remitting multiple sclerosis.
• A randomized, double-blind, comparative clinical study of ABP 938 (8 mg)
compared with EYLEA HD ® (aflibercept) is enrolling patients with neovascular
age-related macular degeneration.
TEZSPIRE is being developed in collaboration with AstraZeneca.
Sunakiment (AMG 104/AZD8630) is being developed in collaboration with
AstraZeneca.
Xaluritamig, formerly AMG 509, is being developed pursuant to a research
collaboration with Xencor, Inc.
YL201 is an investigational B7-H3 targeting antibody-drug conjugate being
developed by MediLink.
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Page 15
Zocilurtatug pelitecan is an investigational DLL3 targeting antibody-drug
conjugate being developed by Zai Lab Limited.
Etakafusp alfa (AB248) is a novel CD8+ T cell selective IL-2 being developed by
Asher Biotherapeutics.
OPDIVO is a registered trademark of Bristol-Myers Squibb Company.
KEYTRUDA is a registered trademark of Merck & Co., Inc.
OCREVUS is a registered trademark of Genentech, Inc.
EYLEA HD is a registered trademark of Regeneron Pharmaceuticals, Inc.
IMFINZI is a registered trademark of AstraZeneca PLC.
Non-GAAP Financial Measures
In this news release, management has presented its operating results for the
third quarters of 2026 and 2025, in accordance with U.S. Generally Accepted
Accounting Principles (GAAP) and on a non-GAAP basis. In addition, management
has presented its full year 2026 EPS and tax guidance in accordance with GAAP
and on a non-GAAP basis. These non-GAAP financial measures are computed by
excluding certain items related to acquisitions, restructuring and certain other
items from the related GAAP financial measures. Management has presented Free
Cash Flow (FCF), which is a non-GAAP financial measure, for the third quarters
of 2026 and 2025. FCF is computed by subtracting capital expenditures from
operating cash flow, each as determined in accordance with GAAP.
The Company believes that its presentation of non-GAAP financial measures
provides useful supplementary information to, and facilitates additional
analysis by, investors. The Company uses certain non-GAAP financial measures to
enhance an investor’s overall understanding of the financial performance and
prospects for the future of the Company’s normal and recurring business
activities by facilitating comparisons of results of normal and recurring
business operations among current, past and future periods. The Company believes
that FCF provides a further measure of the Company’s liquidity.
The Company uses the non-GAAP financial measures set forth in the news release
in connection with its own budgeting and financial planning internally to
evaluate the performance of the business, including to allocate resources and to
evaluate results relative to incentive compensation targets. The non-GAAP
financial measures are in addition to, not a substitute for, or superior to,
measures of financial performance prepared in accordance with GAAP.
About Amgen
Amgen discovers, develops, manufactures and delivers innovative medicines to
fight some of the world’s toughest diseases. Harnessing the best of biology and
technology, Amgen reaches millions of patients with its medicines.
More than 45 years ago, Amgen helped establish the biotechnology industry at its
U.S. headquarters in Thousand Oaks, California, and it remains at the cutting
edge of innovation, using technology and human genetic data to push beyond what
is known today. Amgen is advancing a broad and deep pipeline and portfolio of
medicines to treat cancer, heart disease, inflammatory conditions, rare diseases
and obesity and obesity-related conditions.
Amgen has been consistently recognized for innovation and workplace culture,
including honors from Fast Company and Forbes. Amgen is one of the 30 companies
that comprise the Dow Jones Industrial Average ® , and it is also part of the
Nasdaq-100 Index ® , which includes the
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Page 16
largest and most innovative non-financial companies listed on the Nasdaq Stock
Market based on market capitalization.
For more information, visit Amgen.com and follow Amgen on X, LinkedIn,
Instagram, YouTube, Facebook, TikTok and Threads.
Forward-Looking Statements
This news release contains forward-looking statements that are based on the
current expectations and beliefs of Amgen. All statements, other than statements
of historical fact, are statements that could be deemed forward-looking
statements, including any statements on the outcome, benefits and synergies of
collaborations, or potential collaborations, with any other company (including
BeOne Medicines Ltd.), the performance of Otezla ® (apremilast), our
acquisitions of ChemoCentryx, Inc., Dark Blue Therapeutics, Ltd. or Horizon
Therapeutics plc (including the prospective performance and outlook of Horizon's
business, performance and opportunities, and any potential strategic benefits,
synergies or opportunities expected as a result of such acquisition), as well as
estimates of revenues, operating margins, capital expenditures, cash, other
financial metrics, expected legal, arbitration, political, regulatory or
clinical results or practices, customer and prescriber patterns or practices,
reimbursement activities and outcomes, effects of pandemics or other widespread
health problems on our business, outcomes, progress, and other such estimates
and results. Forward-looking statements involve significant risks and
uncertainties, including those discussed below and more fully described in the
Securities and Exchange Commission reports filed by Amgen, including our most
recent annual report on Form 10-K and any subsequent periodic reports on Form
10-Q and current reports on Form 8-K. Unless otherwise noted, Amgen is providing
this information as of the date of this news release and does not undertake any
obligation to update any forward-looking statements contained in this document
as a result of new information, future events or otherwise.
No forward-looking statement can be guaranteed and actual results may differ
materially from those we project. Our results may be affected by our ability to
successfully market both new and existing products domestically and
internationally, clinical and regulatory developments involving current and
future products, sales growth of recently launched products, competition from
other products including biosimilars, difficulties or delays in manufacturing
our products and global economic conditions, including those resulting from
geopolitical relations and government actions. In addition, sales of our
products are affected by pricing pressure, political and public scrutiny and
reimbursement policies imposed by third-party payers, including governments,
private insurance plans and managed care providers and may be affected by
regulatory, clinical and guideline developments and domestic and international
trends toward managed care and healthcare cost containment. Furthermore, our
research, testing, pricing, marketing and other operations are subject to
extensive regulation by domestic and foreign government regulatory authorities.
We or others could identify safety, side effects or manufacturing problems with
our products, including our devices, after they are on the market. Our business
may be impacted by government investigations, litigation and product liability
claims. In addition, our business may be impacted by the adoption of new tax
legislation or exposure to additional tax liabilities. Further, while we
routinely obtain patents for our products and technology, the protection offered
by our patents and patent applications may be challenged, invalidated or
circumvented by our competitors, or we may fail to prevail in present and future
intellectual property litigation. We perform a substantial amount of our
commercial manufacturing activities at a few key facilities, including in Puerto
Rico, and also depend on third parties for a portion of our manufacturing
activities, and limits on supply may constrain sales of certain of our current
products and product candidate development. An outbreak of disease or similar
public health threat, and the public and governmental effort to mitigate against
the
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Page 17
spread of such disease, could have a significant adverse effect on the supply of
materials for our manufacturing activities, the distribution of our products,
the commercialization of our product candidates, and our clinical trial
operations, and any such events may have a material adverse effect on our
product development, product sales, business and results of operations. We rely
on collaborations with third parties for the development of some of our product
candidates and for the commercialization and sales of some of our commercial
products. In addition, we compete with other companies with respect to many of
our marketed products as well as for the discovery and development of new
products. Discovery or identification of new product candidates or development
of new indications for existing products cannot be guaranteed and movement from
concept to product is uncertain; consequently, there can be no guarantee that
any particular product candidate or development of a new indication for an
existing product will be successful and become a commercial product. Further,
some raw materials, medical devices and component parts for our products are
supplied by sole third-party suppliers. Certain of our distributors, customers
and payers have substantial purchasing leverage in their dealings with us. The
discovery of significant problems with a product similar to one of our products
that implicate an entire class of products could have a material adverse effect
on sales of the affected products and on our business and results of operations.
Our efforts to collaborate with or acquire other companies, products or
technology, and to integrate the operations of companies or to support the
products or technology we have acquired, may not be successful, and may result
in unanticipated costs, delays or failures to realize the benefits of the
transactions. A breakdown, cyberattack or information security breach of our
information technology systems could compromise the confidentiality, integrity
and availability of our systems and our data. Our stock price is volatile and
may be affected by a number of events. Our business and operations may be
negatively affected by the failure, or perceived failure, of achieving our
sustainability objectives. The effects of global climate change and related
natural disasters could negatively affect our business and operations. Global
economic conditions may magnify certain risks that affect our business. Our
business performance could affect or limit the ability of our Board of Directors
to declare a dividend or our ability to pay a dividend or repurchase our common
stock. We may not be able to access the capital and credit markets on terms that
are favorable to us, or at all.
###
CONTACT: Amgen, Thousand Oaks
Elissa Adair, 609-251-1407 (media)
Casey Capparelli, 805-447-1746 (investors)
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Page 18
Amgen Inc.
Consolidated Statements of Income - GAAP
(In millions, except per-share data)
(Unaudited)
Three Nine
months months
ended ended
Septem… Septemb…
30, 30,
Reven… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Produ… $ 9,883 $ 9,137 $ 27,638 $ 25,781
sales
Other 482 420 1,399 1,104
reven…
Total 10,365 9,557 29,037 26,885
reven…
Opera…
expen…
Cost
of 2,788 3,082 8,343 9,061
sales
Resea…
and 2,111 1,900 5,698 5,130
devel…
Selli…
gener… 1,680 1,720 5,027 5,098
and
admin…
Other 76 329 79 1,236
Total
opera… 6,655 7,031 19,147 20,525
expen…
Opera… 3,710 2,526 9,890 6,360
income
Other
income
(expe…
Inter…
expen… -653 -685 -1,983 -2,102
net
Other
incom… 1,629 2,080 1,631 3,204
net
Income
before 4,686 3,921 9,538 7,462
income
taxes
Provi…
for 822 705 1,480 1,084
income
taxes
Net $ 3,864 $ 3,216 $ 8,058 $ 6,378
income
Earni…
per
share:
Basic $ 7.14 $ 5.98 $ 14.92 $ 11.86
Dilut… $ 7.08 $ 5.93 $ 14.79 $ 11.77
Weigh…
shares
used
in
calcu…
of
earni…
per
share:
Basic 541 538 540 538
Dilut… 546 542 545 542
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Page 19
Amgen Inc.
Consolidated Balance Sheets - GAAP
(In millions)
September 30,
Assets 2026 December 31,
Current assets: (Unaudited) 2025
──────────────────────────────────────────────────────────────────────────────
Cash and cash equivalents $ 13,190 $ 9,129
Trade receivables, net 10,353 9,570
Inventories 6,389 6,225
Other current assets 4,431 4,133
Total current assets 34,363 29,057
Property, plant and 8,884 7,913
equipment, net
Intangible assets, net 19,536 22,276
Goodwill 18,664 18,680
Other noncurrent assets 14,601 12,660
Total assets $ 96,048 $ 90,586
Liabilities and
Stockholders' Equity
Current liabilities:
Accounts payable and $ 20,833 $ 20,890
accrued liabilities
Current portion of 2,398 4,599
long-term debt
Total current liabilities 23,231 25,489
Long-term debt 51,609 50,005
Long-term deferred tax 1,278 1,366
liabilities
Long-term tax liabilities 2,934 2,690
Other noncurrent 2,644 2,378
liabilities
Total stockholders’ equity 14,352 8,658
Total liabilities and
stockholders’ $ 96,048 $ 90,586
equity
Shares outstanding 541 539
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Page 20
Amgen Inc.
Supplemental depreciation and amortization information
(In millions)
(Unaudited)
Three Nine
months months
ended ended
September September
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
GAAP
depreci… $ 233 $ 232 $ 675 $ 661
expense…
GAAP
intangi…
asset 889 1,075 2,675 3,374
amortiz…
expense
Total
GAAP
depreci… $ 1,122 $ 1,307 $ 3,350 $ 4,035
amortiz…
and
other
(1) Includes right-of-use asset amortization.
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Page 21
Amgen Inc.
GAAP to Non-GAAP Reconciliations
(Dollars in millions)
(Unaudited)
Three Nine
mont… mont…
ended ended
Sept… Sept…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
GAAP
cost $ 2,788 $ 3,082 $ 8,343 $ 9,061
of
sal…
Adj…
to
cost
of
sal…
Acq…
exp… -881 -1,4… -2,9… -4,4…
(a)
Non…
cost $ 1,907 $ 1,662 $ 5,384 $ 4,633
of
sal…
GAAP
cost
of
sal…
as a 28.2 % 33.7 % 30.2 % 35.1 %
per…
of
pro…
sal…
Acq…
exp… -8.9 -15.5 -10.7 -17.1
(a)
Non…
cost
of
sal…
as a 19.3 % 18.2 % 19.5 % 18.0 %
per…
of
pro…
sal…
GAAP
res…
and $ 2,111 $ 1,900 $ 5,698 $ 5,130
dev…
exp…
Adj…
to
res…
and
dev…
exp…
Acq…
exp… -6 -10 -31 -80
(b)
Non…
res…
and $ 2,105 $ 1,890 $ 5,667 $ 5,050
dev…
exp…
GAAP
res…
and
dev…
exp… 21.4 % 20.8 % 20.6 % 19.9 %
as a
per…
of
pro…
sal…
Acq…
exp… -0.1 -0.1 -0.1 -0.3
(b)
Non…
res…
and
dev…
exp… 21.3 % 20.7 % 20.5 % 19.6 %
as a
per…
of
pro…
sal…
GAAP
sel…
gen… $ 1,680 $ 1,720 $ 5,027 $ 5,098
and
adm…
exp…
Adj…
to
sel…
gen…
and
adm…
exp…
Acq…
exp… -2 -15 -14 -77
(b)
Cer…
net
cha…
pur…
to -1 -5 -36 -16
our
res…
and
cos…
ini…
Tot…
adj…
to
sel… -3 -20 -50 -93
gen…
and
adm…
exp…
Non…
sel…
gen… $ 1,677 $ 1,700 $ 4,977 $ 5,005
and
adm…
exp…
GAAP
sel…
gen…
and
adm…
exp… 17.0 % 18.8 % 18.2 % 19.8 %
as a
per…
of
pro…
sal…
Acq…
exp… 0.0 -0.1 -0.1 -0.3
(b)
Cer…
net
cha…
pur…
to 0.0 -0.1 -0.1 -0.1
our
res…
and
cos…
ini…
Non…
sel…
gen…
and
adm…
exp… 17.0 % 18.6 % 18.0 % 19.4 %
as a
per…
of
pro…
sal…
GAAP
ope… $ 6,655 $ 7,031 $ 19,1… $ 20,5…
exp…
Adj…
to
ope…
exp…
Adj…
to
cost -881 -1,4… -2,9… -4,4…
of
sal…
Adj…
to
res… -6 -10 -31 -80
and
dev…
exp…
Adj…
to
sel…
gen… -3 -20 -50 -93
and
adm…
exp…
Imp…
of
int… -59 -400 -59 -1,2…
ass…
(c)
Cer…
net
cha…
pur…
to -7 -57 -28 -80
our
res…
and
cos…
ini…
Cer…
oth…
ite… -10 128 8 44
net
(d)
Tot…
adj…
to -966 -1,7… -3,1… -5,8…
ope…
exp…
Non…
ope… $ 5,689 $ 5,252 $ 16,0… $ 14,6…
exp…
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Page 22
Three Nine
mont… mont…
ended ended
Sept… Sept…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
GAAP
ope… $ 3,710 $ 2,526 $ 9,890 $ 6,360
inc…
Adj…
to 966 1,779 3,119 5,837
ope…
exp…
Non…
ope… $ 4,676 $ 4,305 $ 13,0… $ 12,1…
inc…
GAAP
ope…
inc…
as a 37.5 % 27.6 % 35.8 % 24.7 %
per…
of
pro…
sal…
Adj…
to
cost 8.9 15.5 10.7 17.1
of
sal…
Adj…
to
res… 0.1 0.1 0.1 0.3
and
dev…
exp…
Adj…
to
sel…
gen… 0.0 0.2 0.2 0.4
and
adm…
exp…
Imp…
of
int… 0.6 4.4 0.2 4.7
ass…
(c)
Cer…
net
cha…
pur…
to 0.1 0.6 0.1 0.3
our
res…
and
cos…
ini…
Cer…
oth…
ite… 0.1 -1.3 0.0 -0.2
net
(d)
Non…
ope…
inc…
as a 47.3 % 47.1 % 47.1 % 47.3 %
per…
of
pro…
sal…
GAAP
oth… $ 1,629 $ 2,080 $ 1,631 $ 3,204
inc…
net
Adj…
to
oth…
inc…
net:
Net
gai…
from -1,4… -1,9… -1,1… -2,6…
equ…
inv…
Non…
oth… $ 164 $ 117 $ 457 $ 541
inc…
net
GAAP
inc…
bef… $ 4,686 $ 3,921 $ 9,538 $ 7,462
inc…
tax…
Adj…
to
inc…
bef…
inc…
tax…
Adj…
to 966 1,779 3,119 5,837
ope…
exp…
Adj…
to
oth… -1,4… -1,9… -1,1… -2,6…
inc…
net
Tot…
adj…
to
inc… -499 -184 1,945 3,174
bef…
inc…
tax…
Non…
inc…
bef… $ 4,187 $ 3,737 $ 11,4… $ 10,6…
inc…
tax…
GAAP
pro…
for $ 822 $ 705 $ 1,480 $ 1,084
inc…
tax…
Adj…
to
pro…
for
inc…
tax…
Inc…
tax
eff…
of -129 -81 254 537
the
abo…
adj…
(e)
Oth…
inc…
tax -26 58 7 53
adj…
(f)
Tot…
adj…
to
pro… -155 -23 261 590
for
inc…
tax…
Non…
pro…
for $ 667 $ 682 $ 1,741 $ 1,674
inc…
tax…
GAAP
tax
as a
per… 17.5 % 18.0 % 15.5 % 14.5 %
of
inc…
bef…
tax…
Adj…
to
pro…
for
inc…
tax…
Inc…
tax
eff…
of -1.0 -1.4 -0.4 0.7
the
abo…
adj…
(e)
Oth…
inc…
tax -0.6 1.6 0.1 0.5
adj…
(f)
Tot…
adj…
to
pro… -1.6 0.2 -0.3 1.2
for
inc…
tax…
Non…
tax
as a
per… 15.9 % 18.2 % 15.2 % 15.7 %
of
inc…
bef…
tax…
GAAP
net $ 3,864 $ 3,216 $ 8,058 $ 6,378
inc…
Adj…
to
net
inc…
Adj…
to
inc…
bef…
inc…
tax… -370 -103 1,691 2,637
net
of
the
inc…
tax
eff…
Oth…
inc…
tax 26 -58 -7 -53
adj…
(f)
Tot…
adj…
to -344 -161 1,684 2,584
net
inc…
Non…
net $ 3,520 $ 3,055 $ 9,742 $ 8,962
inc…
Not…
Num…
may
not
add
due
to
rou…
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Page 23
Amgen Inc.
GAAP to Non-GAAP Reconciliations
(In millions, except per-share data)
(Unaudited)
The following table presents the computations for GAAP and non-GAAP diluted
earnings per share:
Three Three
months months
ended ended
Septe… Septe…
30, 30,
2026 2025
──────────────────────────────────────────────────────────────────────────────
GAAP Non-G… GAAP Non-GA…
Net $ 3,864 $ 3,520 $ 3,216 $ 3,055
inco…
Shar…
(Den…
Weig…
shar…
for 546 546 542 542
dilu…
EPS
Dilu… $ 7.08 $ 6.45 $ 5.93 $ 5.64
EPS
Nine Nine
months months
ended ended
Septe… Septe…
30, 30,
2026 2025
GAAP Non-G… GAAP Non-GA…
Net $ 8,058 $ 9,742 $ 6,378 $ 8,962
inco…
Shar…
(Den…
Weig…
shar…
for 545 545 542 542
dilu…
EPS
Dilu… $ 14.79 $ 17.88 $ 11.77 $ 16.54
EPS
The adjustments related primarily to noncash amortization of
intangible assets acquired in business combinations and, in certain
periods, amortization of inventory fair value step-up.
The adjustments included noncash amortization of intangible assets
acquired in business combinations and acquisition-related expenses
related to our Horizon acquisition.
(a) For the three and nine months ended September 30, 2025, the
(b) adjustments related to intangible asset impairment charges for
(c) Otezla®.
──────────────────────────────────────────────────────────────────────────────
The adjustments included changes in the fair value of contingent
(d) consideration liabilities and certain items associated with legal
proceedings.
The tax effect of the adjustments between our GAAP and non-GAAP
results takes into account the tax treatment and related tax rate(s)
that apply to each adjustment in the applicable tax jurisdiction(s).
Generally, the tax impact of adjustments, including the amortization
and impairments of intangible assets and acquired inventory, gains
and losses on our investments in equity securities and expenses
(e) related to restructuring and cost-savings initiatives, depends on
whether the amounts are deductible in the respective tax
jurisdictions and the applicable tax rate(s) in those jurisdictions.
Due to these factors, the effective tax rate for the adjustments to
our GAAP income before income taxes for the three and nine months
ended September 30, 2026, was 25.9% and 13.1%, respectively, compared
to 44.0% and 16.9%, respectively, for the corresponding periods of
the prior year.
(f) The adjustments related to certain acquisition-related, prior-period
and other items excluded from GAAP earnings.
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Page 24
Amgen Inc.
Reconciliations of Cash Flows
(In millions)
(Unaudited)
Three Nine
months months
ended ended
Septe… Septe…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net
cash
provi… $ 4,241 $ 4,684 $ 10,432 $ 8,355
by
opera…
activ…
Net
cash
used -649 -414 -1,934 -1,250
in
inves…
activ…
Net
cash
used -4,391 -2,853 -4,437 -9,633
in
finan…
activ…
(Decr…
incre…
in
cash -799 1,417 4,061 -2,528
and
cash
equiv…
Cash
and
cash
equiv… 13,989 8,028 9,129 11,973
at
begin…
of
period
Cash
and
cash
equiv… $ 13,190 $ 9,445 $ 13,190 $ 9,445
at end
of
period
Three Nine
months months
ended ended
Septem… Septem…
30, 30,
2026 2025 2026 2025
Net
cash
provi… $ 4,241 $ 4,684 $ 10,432 $ 8,355
by
opera…
activ…
Capit… -587 -436 -1,812 -1,216
expen…
Free
cash $ 3,654 $ 4,248 $ 8,620 $ 7,139
flow
AMGEN REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Page 25
Amgen Inc.
Reconciliation of GAAP EPS Guidance to Non-GAAP
EPS Guidance for the Year Ending December 31, 2026
(Unaudited)
GAAP diluted EPS guidance $ 18.34 — $ 19.28
Known adjustments to arrive at
non-GAAP*:
Acquisition-related expenses (a) 5.99 — 6.13
Net gains from equity investments -1.70
Other 0.13
Non-GAAP diluted EPS guidance $ 22.90 — $ 23.70
* The known adjustments are presented net of their related tax impact, which
amounts to approximately $0.70 per share.
(a) The adjustment primarily includes noncash amortization of intangible assets
and fair value step-up of inventory acquired in business combinations.
Our GAAP diluted EPS guidance does not include the effect of GAAP adjustments
triggered by events that may occur subsequent to this press release such as
acquisitions, asset impairments, litigation, changes in fair value of our
contingent consideration obligations and changes in fair value of our equity
investments.
Reconciliation of GAAP Tax Rate Guidance to Non-GAAP
Tax Rate Guidance for the Year Ending December 31, 2026
(Unaudited)
GAAP tax rate guidance 14.5% — 16.0%
Tax rate of known adjustments discussed 0.5%
above
Non-GAAP tax rate guidance 15.0% — 16.5%