Amgen earnings preview: MariTide scrutiny and revenue estimates

Amgen is scheduled to report third-quarter 2026 results after the market close on Tuesday, Nov. 3, according to the company’s Oct. 28 announcement. The preview centers on whether quarterly revenue meets external estimates and whether Amgen maintains its full-year outlook, while investors are expected to scrutinize the progress of its obesity drug MariTide.

Revenue estimates point to slower growth

The EarningsMadness Desk estimates third-quarter revenue of about $10.4 billion, with a likely range of $10.1 billion to $10.9 billion, compared with $9.56 billion in the year-ago quarter. That midpoint would represent growth of roughly 9.1%. A separate market expectation cited in the preview put revenue growth at 5.2% from a year earlier, compared with 12.4% in the same quarter last year; the different estimates reflect distinct methodologies and should not be combined into a single consensus range.

Amgen reported revenue of $10.05 billion in the preceding quarter, up 9.5% from a year earlier, according to the StockStory preview. Analysts covering the company had generally reconfirmed their estimates over the prior 30 days, suggesting they expected the business to maintain its established course heading into the scheduled report.

Full-year guidance remains a key test

Amgen’s existing full-year forecast calls for revenue of $38.2 billion to $39.4 billion. It also forecasts adjusted earnings of $22.30 to $23.50 per share. The preview identifies whether the company maintains either forecast as a key point to watch; those figures remain company guidance rather than reported third-quarter results.

The EarningsMadness estimate for adjusted earnings per share in the coming quarter is $5.93, with a likely range of $4.74 to $7.12. Its table lists diluted EPS of $5.93 for the year-ago quarter, up from $4.37 in the June 2026 quarter. Of the 32 other S&P 500 health-care companies that had reported during the current season at the time of the preview, 31 posted year-over-year revenue growth, with a median increase of 7.1%.

MariTide is expected to draw scrutiny

MariTide, Amgen’s monthly weight-loss injection, is the most closely watched drug in the company’s pipeline, and analysts surveyed by Bloomberg see potential annual sales of $6 billion by 2035. That projection is an analyst estimate rather than company guidance, disclosed bookings or realized revenue. Amgen discontinued its only other clinical-stage obesity drug in August and has launched nine late-stage studies covering weight loss and maintenance, cardiovascular disease and sleep apnea, with details from the first study expected next year.

The drug is not expected to reach consumers until 2028, according to the reporting. Early trials raised questions about gastrointestinal side effects, potency and whether its complex biologic design could result in higher costs. Amgen is exploring dosing as infrequently as four or six injections a year, while competitors including Pfizer are advancing monthly shots.

MariTide remains in development

Amgen developed MariTide using genetic data from nearly 200,000 people in Iceland held by DeCode Genetics, which the company acquired for $415 million in 2012. The research found an association between lower activity of the GIP receptor and lower body weight, an approach that differs from Eli Lilly’s GIP-activating strategy behind Mounjaro and Zepbound.

The reporting says Amgen is scaling manufacturing in Ohio, North Carolina and Puerto Rico, refining its pitch to insurers and employers, and expanding the AmgenNow direct-to-patient platform for cash-paying patients. These preparations do not establish regulatory clearance, general availability, procurement or realized product sales.

The next verifiable milestone is Amgen’s scheduled Nov. 3 report and any accompanying update to MariTide’s development or launch timeline. Additional late-stage MariTide data are expected next year; the reviewed reporting did not establish an approval date or a specific disclosure schedule beyond that expectation.