Amgen beats third-quarter forecasts and guides 2026 revenue to $38.9B-$39.7B
The company expects 2026 non-GAAP earnings of $22.90 to $23.70 a share and capital spending of about $2.6B, leaving room to fund its Imdelltra cancer drug.
Chart: AMGN, one-minute prices, three sessions
Amgen earned $6.45 a share in the third quarter, $0.54 more than expected, on revenue of $10.40B against the $10.27B forecast. For 2026 it expects total revenue of $38.9B to $39.7B.
It guides full-year GAAP earnings per share to a range of $18.34 to $19.28, and non-GAAP earnings per share to $22.90 to $23.70. Capital spending is expected to be about $2.6B. Share buybacks are not expected to exceed $3.0B.
The cash matters because Amgen has a growth bet to fund. Survival data from the DeLLphi-305 study, reported in October, looked strong enough to support a push to win Imdelltra a first-line label. Amgen is also pursuing broader combination studies across its cancer portfolio.
A base business that beats estimates, with buybacks capped and spending guided, suggests management can pay for that pipeline without straining the balance sheet. It also lowers the risk that Imdelltra's commercial ramp is starved of capital.
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