BUZZ - Amgen raises its 2026 profit and revenue forecasts; stock price drops

Latest updates

November 3 - ** Pharmaceutical company Amgen (AMGN.O) shares fell 2.2% in after-hours trading to $455.60

** Quarterly sales of osteoporosis drug Prolia dropped 45% to $632 million, below analysts’ expectations of $697 million — LSEG data

** Third-quarter sales of thyroid eye disease drug Tepezza fell 6% to $526 million, lower than the expected $569.5 million

** Rare disease drug Tavneos (link) saw third-quarter sales also decline by 2% to $105 million

** The company raised (link) its adjusted annual earnings per share outlook for 2026 to $22.90 to $23.70 , up from a prior estimate of $22.30 to $23.50 per share

** Raised its annual revenue forecast range from the previous $38.2 billion to $39.4 billion to $38.9 billion to $39.7 billion

** Total revenue for the third quarter reached $10.4 billion, beating analysts’ estimates of $10.1 billion

** The report showed adjusted earnings per share for the quarter were $6.45, higher than the expected $5.79

** Guggenheim said strong sales of Uplizna, Imdelltra and Enbrel fueled above-forecast revenue, but softness in sales of Tepezza and Prolia partially offset the gains

** As of the close of the previous trading day, shares were up 40.9% year-to-date

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