Amgen (AMGN) Q3 2026 Earnings Call: Guidance and Outlook
Amgen raised its full-year 2026 guidance ranges for both total revenue and non-GAAP EPS, while outlining expectations for operating expenses and tax rates in the final quarter.
About Amgen. , established in 1980 and headquartered in Thousand Oaks, California, is a global biotechnology leader focused on discovering, developing, manufacturing, and delivering groundbreaking human medicines.
No specific formal quarterly guidance figures were given, though management noted expected sequential increases in operating expenses in the fourth quarter.
Annual guidance
Total revenues
$38.9 billion to $39.7 billion.
Non-GAAP EPS
$22.90 to $23.70.
Capital expenditures
Approximately $2 billion in 2026.
Outlook
Growth drivers
The six key growth drivers grew 27% year-over-year and represented over 70% of product sales, providing a strong foundation for durable growth.
Operating margin
Looking ahead to 2027, management does not anticipate a step-down in operating margin compared with 2026 guidance.
R&D investment
Non-GAAP R&D spending increased 11% year-over-year in the third quarter, driven by research, early pipeline, and business development.
Capital allocation
Management remains committed to balancing investment in innovation and future growth with returning capital to shareholders.
Dombey's summary of the Amgen Q3 2026 earnings call held Nov 3, 2026, written from the call itself. Every figure on this page was checked against what was said on the call, and quoted lines are management's own words; we do not add estimates or prices. The tone score is our read of management's wording, guidance and answers. Check figures against the company's SEC filings before acting. This is research, not investment advice.
