Amgen Inc. (AMGN.O): Another quarterly beat and pipeline progressing

Amgen reported 3Q26 revenue of $10.4bn, ahead of Morgan Stanley estimates of $9.9bn and consensus of $10.1bn, with Imdelltra, Repatha and Uplinza contributing to the beat plus $180mn from legacy products Enbrel and Neulasta. Non-GAAP EPS of $6.45 beat MS estimates of $5.64 and consensus of $5.79. Management raised 2026 revenue guidance to $38.9-39.7bn from $38.2-39.4bn and non-GAAP EPS guidance to $22.90-23.70 from $22.30-23.50, and reiterated share repurchases not to exceed $3bn. For 2027, Amgen does not anticipate a step down in operating margin versus the roughly 45-46% guided for 2026, above the 43.8% consensus. Repatha grew 37% year over year, Uplinza 191% and Imdelltra 128%. Next catalysts are Phase 3 Dazodalibep data in symptomatic Sjogren's disease by year end and the first Phase 3 Maritide obesity data in 1Q27. We raise our estimates and our price target to $410 from $359, maintaining Equal-weight.