Amgen Q3 Revenue of $10.365B Beats Expectations, Full-Year Guidance Raised
nashnova research
Amgen posted $10.365 billion in Q3 revenue, up 8% year-on-year and roughly $300 million above consensus — yet shares slipped ~1.6% after hours, as the market questions whether new-drug momentum can keep outrunning biosimilar erosion of legacy products.
How strong was the beat?
Total revenue hit $10.365 billion, roughly $300 million above the Street's ~$10.05 billion estimate. Non-GAAP EPS came in at $6.45, beating the $5.77 consensus by 12%.
GAAP EPS reached $7.08, up 19% year-on-year — profit growth far outpaced revenue growth.
This means → Amgen isn't just selling more; it's selling more profitably, pointing to better cost control or a richer product mix.
How fast are the new drugs scaling?
UPLIZNA — an antibody drug for rare autoimmune diseases — brought in $451 million, up 191% year-on-year. IMDELLTRA hit $406 million, up 128%.
TEZSPIRE (asthma biologic) reached $538 million, up 43%. EVENITY (osteoporosis injection) posted $751 million, up 39%. Repatha (cholesterol-lowering injection) generated $1.085 billion, up 37%.
In total, 17 products delivered double-digit growth. In plain terms = Amgen's new-drug bench isn't riding one or two blockbusters — an entire lineup is ramping at once.
How much ground are legacy drugs losing?
Prolia (a legacy osteoporosis injection) fell to $632 million, down 45% year-on-year. XGEVA (bone-metastasis drug) dropped to $288 million, down 47%.
Otezla (oral psoriasis drug) slid to $481 million, down 18%.
This means → biosimilars — cheaper copies of biologic drugs — are rapidly taking share from legacy products. Combined, the three lost roughly $1 billion in quarterly revenue versus a year ago.
How much did the full-year guidance go up?
Full-year revenue guidance was raised from $38.2–39.4 billion to $38.9–39.7 billion, a midpoint increase of about $500 million.
Non-GAAP EPS guidance moved from $22.30–23.50 to $22.90–23.70.
In plain terms = the raise is modest. Management's signal is "steadily better," not "sharply accelerating."
Revenue and earnings both beat — so why did the stock drop?
Shares fell roughly 1.6% after hours, suggesting the market is looking past this quarter's numbers and asking whether the trend can hold.
The core question: can new-drug ramp-ups keep outrunning the speed at which biosimilars erode legacy revenue?
This reflects a shift in how the market prices Amgen — from "are results good?" to "who wins the old-versus-new race?" The modest guidance raise didn't provide a strong enough answer.
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