Q3 2026 results
| Metric | Result | Change |
|---|---|---|
| Total Revenue | $10.4 billion | up 8% year-over-year |
| Free Cash Flow | $3.7 billion | Not stated |
| Repatha Sales | $1.1 billion | up 37% year-over-year |
| EVENITY Sales | $751 million | up 39% year-over-year |
| TEZSPIRE Sales | $538 million | up 43% year-over-year |
| UPLIZNA Sales | $451 million | up 191% year-over-year |
Guidance and outlook
- 2026 total revenues: $38.9 billion to $39.7 billion
- 2026 non-GAAP earnings per share: $22.90 to $23.70
- Full-year non-GAAP operating margin as a percentage of product sales: 45% to 46%
- Full-year non-GAAP other income and expense: $2 billion to $2.1 billion of expense
- Non-GAAP tax rate: 15% to 16.5%
- Share repurchases: Not to exceed $3 billion
How management sounded
Positive (+6 on our -10 to +10 scale). Management raised full-year revenue and EPS guidance, highlighted double-digit growth across all six key growth drivers, and reported positive Phase III clinical data for multiple programs. Management sounded more upbeat than on 8% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
Sjogren's disease data
Asked: How should investors interpret the systemic Sjogren's data for the upcoming symptomatic study?
Answer: Management noted that while the systemic study results were strong, the symptomatic study involves a different patient population, and they will share more data in Q4.
MariTide development
Asked: Is there any consideration to reducing the biosimilars business to free up capacity for the MariTide launch?
Answer: Management stated they are confident in their ability to be a reliable supplier for biosimilars and that capacity expansion is designed for larger protein quantities than the biosimilar program requires.
IMDELLTRA opportunity
Asked: How does the 305 data unlock the opportunity for IMDELLTRA and how quickly can it ramp?
Answer: Management expects rapid adoption due to the profound survival benefit and improved safety profile, with reduced monitoring requirements facilitating use in community oncology settings.
Daxdilimab strategy
Asked: Will the Phase III program explore a broader cutaneous lupus population or remain specific to discoid lupus?
Answer: Management noted they have not yet fully described the Phase III design but are encouraged by the activity observed in discoid lupus and the potential of targeting plasmacytoid dendritic cells.
What to watch before the next call
- The upcoming Q4 data readout for the symptomatic Sjogren's disease study.
- Regulatory filings and potential approvals for IMDELLTRA in first-line maintenance.
- Updates on the MariTide Phase III development program and future data readouts.
