Amgen Inc.
Shortcut
5.85Normalized diluted EPS
+1.3% vs Street
Street
5.78Normalized diluted EPS
November 1 consensus snapshot
Real
6.45Reported normalized EPS
Model download
Explore the assumptions and calculations behind the forecast. This is the agent’s original workbook. Its review didn’t finish, so it hasn’t been checked or repaired.
Shortcut’s reasoning.
Anchor: frozen consensus $5.78 EPS (29 est.) / $10,068m revenue; Amgen gives FY guidance only - Aug-26 midpoint less 1H26 actuals implies ~$5.73 EPS and ~$10,064m revenue per 2H quarter.
Product build $9,611m (+0.8% q/q, +5.2% y/y): Repatha U.S. +13% q/q (NBRx +50%, >16k new patients/week), Tezspire +10% (AZ-reported Tezspire +10% q/q in 3Q26), Uplizna +12%; offset by Prolia/XGEVA biosimilar erosion, PAVBLU vs Yesafili, Enbrel IRA price, Tavneos. Other revenues $480m per ~$1.9bn FY guide.
Opex: management flagged a meaningful 3Q sequential increase incl. a $100m BD upfront - modeled non-GAAP R&D $2,040m, SG&A $1,800m, COGS 19.7% of product sales; non-GAAP operating margin 45.3% (FY guide 45-46%).
Below the line: interest -$670m, other income +$110m, non-GAAP tax 16.0% (guide 15.0-16.5%), 545m diluted shares, no buybacks -> $5.85 (+1.3% vs consensus); EPS not inflated by the 6/6 beat record.
P(beat) 0.799: starting 0.874 (large-cap/S&P prior 0.78, 6 of 6 beats, k=8) trimmed for the flagged opex step-up, new CFO margin comments and 2H tax; GAAP EPS $4.35 assumes no equity mark-to-market or impairment.
On the record.
- Reporting period
- FQ3 2026 (quarter ended 2026-09-30)
- Reporting basis
- Non-GAAP (normalized EPS) diluted EPS per common share, USD
- Consensus snapshot
- November 1, 2026
- Model / effort
- Opus 5.5 · High effort
- Workbook
- Original workbook · review incomplete
Record history
- Forecast generated
- Nov 1, 2026 at 10:08 PM PST
- First posted
- Nov 2, 2026 at 4:10 PM PST
- Result checked
- Nov 3, 2026 at 2:44 PM PST
Result basis
Issuer non-GAAP diluted EPS 6.45, distinct from GAAP diluted EPS 7.08. Street 5.78 retained.