Amgen's top line has regained momentum, with revenue rising 8.5% year over year to $10.4B in Q3 2026 and operating margin expanding from 22.8% in Q2 2024 to 35.8%, suggesting meaningful operating leverage.
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue growth re-accelerated to 8.5% year over year in Q3 2026 at $10.4B, with gross margin of 73.1% and operating margin of 35.8%, though quarterly net margin swung between 6.9% and 37.3% and warrants scrutiny of non-operating items.
Amgen exceeded revenue and adjusted EPS expectations in Q4 2025, projecting stronger earnings and revenue for 2026.
The company has provided upbeat guidance for 2026, indicating continued growth.
Amgen's late-stage pipeline is expected to drive volume-led growth, particularly with positive Phase 3 data for TEPEZZA.
Amgen faces potential headwinds from upcoming patent expirations for key franchises, impacting future revenue.
Concerns about limited pipeline visibility may necessitate continued business development for sustained growth.
There are growing concerns about global drug pricing efforts that could impact profitability.
Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Nov 3, 2026 | $6.45+11.4% vs $5.79 | $10.4B+3.0% vs $10.1B |
Q3 2026 Aug 4, 2026 | $6.29+11.9% vs $5.62 | $10.1B+6.7% vs $9.4B |
Q2 2026 Apr 30, 2026 | $5.15+8.0% vs $4.77 | $8.6B+0.5% vs $8.6B |
Q1 2026 Feb 3, 2026 | $5.29+11.8% vs $4.73 | $9.9B+4.1% vs $9.5B |
Alta Advisers Ltd lifted its stake in shares of Amgen Inc. (NASDAQ: AMGN) by 85.7% during the undefined quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,919 shares of the medical research company's stock after acquiring an additional 1,809 shares during the
Boston Trust Walden Corp trimmed its holdings in Amgen Inc. (NASDAQ: AMGN) by 18.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 67,134 shares of the medical research company's stock after selling 15,695 shares during the period.
Amgen produces strong revenue growth and healthy margins by focusing on complex biological therapies and rare diseases. Pfizer maintains a massive global reach and offers a more conservative balance sheet with a lower valuation profile.
Findings Represent Largest and Most Rigorous Head-to-Head Real-World Outcomes Analysis of Repatha and Ezetimibe Study Examined More Than Half a Million Adults Living with Heart Disease Results Provide Important New Clinical Evidence to Inform Non-Statin Treatment Decisions for Patients THOUSAND OAKS, Calif., Nov. 5, 2026 /PRNewswire/ -- Amgen (NASDAQ: AMGN) today announced results from a large real-world study showing that treatment with Repatha® (evolocumab) reduced the risk of fatal or nonfatal heart attacks by 20% compared with ezetimibe in people with atherosclerotic cardiovascular disease (ASCVD) and prior statin use.
Benchmark AMGN against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for Amgen Inc. (AMGN)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $460.42 | $248.49B | 32.36 | 9.92% | 20.99% | 106.1% | 2.05% | |
| $166.89 | $207.21B | 24.62 | 2.39% | -12.47% | -21.84% | 1.91% | |
| $248.35 | $36.69B | 28.13 | 1.39% | 3.38% | 1.86% | — | |
| $904.35 | $93.17B | 21.80 | 0.99% | 28.51% | 15.07% | 0.38% | |
| $547.09 | $138.85B | 35.71 | 9.57% | 30.61% | 20.08% | — | |
| $62.14 | $126.89B | 18.01 | -0.22% | 18.47% | 43.84% | 3.98% |
Amgen Inc. (AMGN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
Amgen Inc. (AMGN) SEC filings — annual & quarterly reports (10-K, 10-Q)
Nov 3, 2026·SEC
Oct 27, 2026·SEC
Aug 4, 2026·SEC
Get notified when AMGN posts new earnings or crosses analyst targets
Free. No account needed. Unsubscribe any time.
Amgen Inc. (AMGN) stock FAQ — growth, dividends, profitability & financials explained
Amgen Inc. (AMGN) reported $38.93B in revenue over the trailing twelve months. Revenue was $36.74B in fiscal year 2025. That is 1571% more than the $2.20B of fiscal year 1996.
Amgen Inc. (AMGN) grew revenue by 9.9% in fiscal year 2025, compared with the prior fiscal year.
Yes. Amgen Inc. (AMGN) earned $9.39B in net income over the trailing twelve months (a 24.1% net margin).
Yes. Amgen Inc. (AMGN) pays a dividend that yields 2.05% at the current price, a moderate yield.
Amgen Inc. (AMGN) had a return on equity (ROE) of 106.1% in fiscal year 2025. That is well above the market's typical 10-15%.
Amgen Inc. (AMGN) generated $9.58B in free cash flow over the trailing twelve months.
