Amgen's Repatha Jumps 37% And Evenity 39%, Outrunning Prolia's 45% Biosimilar Drop
Third-quarter revenue rose 8% to $10.4 billion, and adjusted earnings per share climbed 14% to $6.45.
Amgen's newer heart and bone drugs outgrew the biosimilar erosion of its older ones in the third quarter: total revenues rose 8% to $10.4 billion from a year earlier, the company said Tuesday in its earnings release. Adjusted earnings per share rose 14% to $6.45 from $5.64.
Repatha and Evenity carry the quarter
Amgen, which discovers, develops, manufactures and delivers medicines for serious diseases, said product sales also grew 8%, driven by volume. Seventeen products posted at least double-digit sales growth.
Repatha, the cholesterol drug, rose 37% to $1,085 million. Evenity, an osteoporosis drug, climbed 39% to $751 million. Uplizna sales rose 191% to $451 million.
Prolia fell 45% to $632 million as multiple biosimilars launched globally, with volume down 23%. Xgeva, also denosumab, fell 47% to $288 million. Enbrel rose 5% to $611 million even though its net selling price fell 14%, which Amgen tied to Medicare Part D price setting under the Inflation Reduction Act, effective in 2026.
Earnings up, free cash flow down
Standard-accounting earnings per share rose 19% to $7.08 from $5.93, which Amgen attributed to higher revenues. Adjusted operating income rose to $4.7 billion from $4.3 billion, and the adjusted operating margin edged up 0.2 percentage points to 47.3%.
Free cash flow was $3.7 billion, against $4.2 billion a year earlier. Amgen blamed changes in working capital, noting the 2025 quarter benefited from the timing of rebates and collections. The company bought back no shares in the quarter, and it ended September with $13.2 billion in cash and $54.0 billion in debt.
Chairman and CEO Robert A. Bradway said the results reinforce "confidence in Amgen's ability to deliver durable growth well into the next decade."
Guidance and the pipeline
For 2026, Amgen expects revenues of $38.9 billion to $39.7 billion and adjusted earnings per share of $22.90 to $23.70. Share repurchases are capped at $3.0 billion.
Obesity candidate MariTide is in multiple Phase 3 studies, including one against semaglutide in type 2 diabetes. Two more Phase 3 diabetes studies are set to start in the fourth quarter.
Amgen also expects an FDA action by the end of the year on its application for a biosimilar to Opdivo.
The Opdivo biosimilar decision, expected by year-end, is the next dated regulatory event Amgen named.
Sources
- 8-K Filing — AMGEN INC (AMGN) — SEC EDGAR
- Exhibit amgn-20260930earningsrelea.htm — AMGEN INC 8-K exhibit — SEC EDGAR
