Amgen earnings date and guidance
Amgen's next results are expected on November 3, 2026. Watch Amgen's Dazodalibep study for reproducible benefit, not just completion.
What has Amgen guided for 2026?
Amgen expects a stronger 2026 while also preparing for higher costs. Its August forecast calls for revenue of $38,200–$39,400 million and non-GAAP diluted earnings per share of $22.30–$23.50.
| Period guided | Low | High | Date it was given | |
|---|---|---|---|---|
| Total revenues | Year to Dec 2026 | 38,200 | 39,400 | Aug 4, 2026 |
| Non-GAAP diluted EPS guidance | Year to Dec 2026 | 22.30 | 23.50 | Aug 4, 2026 |
| Capital expenditures | Year to Dec 2026 | 2,600 | 2,600 | Aug 4, 2026 |
| Share repurchases | Year to Dec 2026 | 3,000 | Aug 4, 2026 |
Did Amgen keep its past promises?
Management forecast 2025 revenue of US$34.3 billion–US$35.7 billion and non-GAAP earnings per share of US$20.00–US$21.20. It delivered US$36.8 billion of revenue and US$21.84 of non-GAAP earnings per share. Non-GAAP means management adjusts standard accounting earnings by excluding selected items, including acquisition-related expenses. The result shows execution against its chosen measure, not that those costs disappeared.
What has Amgen's revenue and profit trend been?
Revenue reached $10,054 million, up 9.5% from Q2 2025. Product sales grew 9%, with volume up 9% in the United States and 8% elsewhere. That broad improvement outweighed declines in older medicines.
Reported profit improved much faster than sales. Diluted EPS rose 64.9% to $4.37. Adjusted EPS rose about 4%, from $6.02 to $6.29. Acquisition-related cost-of-sales exclusions fell, which lifted reported margins even though adjusted operating margin declined from 48.9% to 48.4%.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10,054 | 8,618 | 9,866 | 9,557 | 9,179 | 8,149 | 9,086 | 8,503 |
| Gross margin | 72.0% | 68.2% | 69.8% | 67.8% | 67.2% | 63.6% | 65.7% | 61.1% |
| Operating income | 3,514 | 2,666 | 2,720 | 2,526 | 2,656 | 1,178 | 2,311 | 2,047 |
| Net income | 2,375 | 1,819 | 1,333 | 3,216 | 1,432 | 1,730 | 627 | 2,830 |
| EPS, diluted | 4.37 | 3.34 | 2.45 | 5.93 | 2.65 | 3.20 | 1.16 | 5.22 |
| = Free cash flow | 3,489 | 1,477 | 961 | 4,248 | 1,911 | 980 | 4,400 | 3,314 |
What should I watch in Amgen's next results?
Dazodalibep’s companion Sjögren’s study is expected to complete in the fourth quarter of 2026. Completion is not approval; it must produce reproducible benefit. These events show what Amgen must convert into value: permission, commercial access and evidence.