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Amgen (AMGN) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Amgen (AMGN) Q3 2026 earnings results →

Q3 2026 Revenue up 8% year over year to $10.4B · 37¢ of every $1 of revenue kept as net profit · operating margin 35.8%

Amgen made $10.4B in Q3 2026 (+8% Y/Y): Product sales $9.9B, BLINCYTO $496M. Operating margin 35.8%, net earnings $3.9B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$10.4B
Year over year+8%
Operating margin35.8%
Net earnings$3.9B
Operating cash flow$4.2B

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Amgen Q3 2026 revenue breakdown: Sankey diagram of revenue (Product sales, BLINCYTO), costs, profit and cash flow
Amgen Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $10.4B in Q3 2026, up 8% year over year and up 3% from the previous quarter. Product sales was the largest line at 95% of revenue. Product sales added $0.75B year over year (up 8%), 92% of the total change.

Operating profit was $3.7B, a 35.8% margin (up 9.4 points year over year). Of the extra revenue versus Q3 2025, 147% reached operating profit, above the 26% margin then. Total costs fell 5% while revenue rose 8%. The fastest-growing cost line was Research & development (+11%). Net earnings were $3.9B, up 20% year over year. The effective tax rate was 17.5%. Non-operating items added $1.0B, 21% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was $4.2B (down 9% year over year), 110% of net earnings. Non-cash charges added back $1.1B of depreciation and amortization and $0.13B of share-based compensation. Working capital and other items used $0.87B. Capital expenditures of $0.59B left free cash flow of $3.7B.

Quarterly history

Amgen revenue by quarterAmgen revenue by quarter$8.1BQ1 2025$9.2BQ2 2025$9.6BQ3 2025$9.9BQ4 2025$8.6BQ1 2026$10.1BQ2 2026$10.4BQ3 2026
Amgen net earnings by quarterAmgen net earnings by quarter$1.7BQ1 2025$1.4BQ2 2025$3.2BQ3 2025$1.3BQ4 2025$1.8BQ1 2026$2.4BQ2 2026$3.9BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 4, 2026$10.4B+8%35.8%$3.9B$4.2B
Q2 202610-QAug 5, 2026$10.1B+10%35.0%$2.4B$4.0B
Q1 202610-QMay 1, 2026$8.6B+6%30.9%$1.8B$2.2B
Q4 202510-KFeb 13, 2026$9.9B+9%27.6%$1.3B$1.6B
Q3 202510-QNov 5, 2025$9.6B+12%26.4%$3.2B$4.7B
Q2 202510-QAug 6, 2025$9.2B+9%28.9%$1.4B$2.3B
Q1 202510-QMay 2, 2025$8.1B+9%14.5%$1.7B$1.4B

Charts

Amgen: revenue growth, year over year and quarter over quarterAmgen: revenue growth, year over year and quarter over quarterY/YQ/Q+9%Q1 2025+9%+13%Q2 2025+12%+4%Q3 2025+9%+3%Q4 2025+6%-13%Q1 2026+10%+17%Q2 2026+8%+3%Q3 2026
Latest (Q3 2026): Y/Y +8%, Q/Q +3%.
Amgen: where the cash came from (+) and went (−), TTM to Q3 2026Amgen: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$12.0BDividends−$5.4BCash drawn (+) / kept (−)−$3.7BCapital spending−$2.5BOther financing−$378MOther investing−$173MNet borrowing (+) / repaid (−)$81.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Amgen: profit against cash, quarter by quarterAmgen: profit against cash, quarter by quarterNet incomeOperating cash flow$627M$4.8BQ4 2024$1.7B$1.4BQ1 2025$1.4B$2.3BQ2 2025$3.2B$4.7BQ3 2025$1.3B$1.6BQ4 2025$1.8B$2.2BQ1 2026$2.4B$4.0BQ2 2026$3.9B$4.2BQ3 2026
Latest (Q3 2026): Net income $3.9B, Operating cash flow $4.2B.
Amgen: diluted shares by fiscal yearAmgen: diluted shares by fiscal year590MFY2020573MFY2021541MFY2022538MFY2023541MFY2024542MFY2025
-8.1% since FY2020: buybacks shrank the count.
Amgen: long-term debt falling due (FY2025)Amgen: long-term debt falling due (FY2025)$4.6B2026$2.7B2027$5.0B2028$2.9B2029$4.0B2030$36.8BLater
Cash $9.1B, short-term investments —, long-term debt $54.6B at 2025-12-31.
Amgen in its industry: growth against margin (76 companies, SIC 2836)Amgen in its industry: growth against margin (76 companies, SIC 2836)revenue growth, year over year →↑ operating marginmedian +9%median -100%GILDBIIBMRNANBIXEXELHALOMGTXTECHVIRRGENTARSBCRXALECADMAKRYSIOVATWSTIPSCIMCRVISKVCELADPTNVAXKYMRGLUEIBRXAUTLAGENDNAPLXRXRXFENCCSBRCHRSIVVDCRSPEDITDTILVXRTSTRORGNXCCCCBSEMSCLXACOGTSHASRZNVYGRFDMTLENZALGSXFORELUTFATEOCGNSCTXCRBUCGONDBVTINBXMGXLCTXTCRXDYAIPRMEATRAVitro Biopharma, Inc.HUMARLAYPLURBEAMPROKCRDFAIMVIVSAMGN (+8%, 36%)
Biological Products, (No Diagnostic Substances); dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

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.

In its own words, from its 8-K, filed Aug 4, 2026.

Amgen against its Biological Products, (No Diagnostic Substances) peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +8% against the peers' median +11%. Operating margin: 35.8% against the peers' median 35.8%.

CompanyQuarterRevenueY/YOp. margin
AMGN AmgenQ3 2026$10.4B+8%35.8%
GILD Gilead SciencesQ3 2026$8.3B+7%41.7%
BIIB BiogenQ3 2026$2.8B+11%-0.3%
MRNA ModernaQ3 2026$1.3B+29%9.9%
NBIX Neurocrine BiosciencesQ3 2026$1.1B+41%29.5%
EXEL ExelixisQ3 2026$659M+10%40.8%
HALO Halozyme TherapeuticsQ3 2026$493M+39%59.8%
MGTX MeiraGTx HoldingsQ2 2026$321M87×76.0%
TECH Bio-TechneQ1 FY27$300M+5%12.2%

Source: Amgen 10-Q on SEC EDGAR · CIK 318154 · Biological Products, (No Diagnostic Substances)

Guidance and outlook

Amgen Revenue: guidance against what was reportedAmgen Revenue: guidance against what was reportedguided rangereported (above / within / below)FY2024$33.4BFY2025$36.8BFY2026
Met or beat 2 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Amgen GAAP operating margin: guidance against what was reportedAmgen GAAP operating margin: guidance against what was reportedguided rangereported (above / within / below)FY202524.7%FY2026
Met or beat 1 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Amgen: what its forward-looking statements are about (10-Q filed 2026-11-04)Amgen: what its forward-looking statements are about (10-Q filed 2026-11-04)Other4Buybacks & dividends4Demand2Tax1Financing1Supply chain1
13 statements; tone +0.08 (−1 all cautious, +1 all confident); 0 hedged.
Amgen: outlook statements against the filing beforeAmgen: outlook statements against the filing beforeNew2Confident2Cautious1

13F: who owns AMGN and who is buying

Largest holders of AMGN (13F)Largest holders of AMGN (13F)Vanguard Group$17.9BBlackRock$17.9BVanguard Capital Management LLC$12.8BState Street$11.1BCapital World Investors$10.5BInvesco$5.9BGeode Capital Management, LLC$5.7BCharles Schwab Investment Managem…$5.4BVanguard Portfolio Management LLC$5.4BMorgan Stanley$4.9B
Funds' net buying of AMGN by quarter (13F)Funds' net buying of AMGN by quarter (13F)−$461M2024-09$225M2024-12$2.8B2025-03$2.0B2025-06−$2.5B2025-09$7.4B2025-12−$3.3B2026-03$2.3B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on AMGN

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：安进（AMGN）财报

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