Amgen posts higher-than-expected third quarter results, but shares dip

What happened

Amgen said third-quarter sales rose 8% to $10.4 billion, beating analyst estimates of $10.1 billion, while adjusted earnings rose 14% to $6.45 per share. Prolia sales fell 45% to $632 million after patent expirations increased competition.

Confirmed

Global impact / market context

Strong overall sales and a raised full-year outlook show Amgen's newer medicines are offsetting older drugs losing ground to cheaper competitors, which matters because investors are weighing current profit growth against future reliance on experimental drugs like MariTide.

Analyst inference

The mixed reaction reflects a split view: headline sales and earnings beat expectations, yet a sharp Prolia decline and analyst commentary tie future valuation to pipeline delivery, so investors are pricing both commercial strength and drug development risk.

Analyst inference

What to watch

1. Analysts are estimating 2026 adjusted earnings per share of $23.02 on revenue of $38.9 billion, which is the benchmark Amgen's raised outlook will be compared against. Confirmed
2. Watch whether Amgen's raised full-year outlook is followed by updates on MariTide, its experimental weight-loss drug, because analysts say future valuation increasingly depends on pipeline delivery. Proposed
3. Watch Prolia's sales trend, since patent expirations have already cut revenue sharply through increased competition, and further declines would pressure overall sales growth and investor confidence. Analyst inference

Evidence

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