AMGN · News · 20261104N

Operating Expense Trends

AMGEN INC · 2026-11-04 · Importance 30 · Surprise 40

Q3 2026 non-GAAP R&D expense increased 11% year over year, driven by higher spending on research and the early pipeline, including business development. SG&A expense decreased 1% year over year, primarily because of investment timing and productivity efforts. Management cautioned that operating expenses should increase sequentially in Q4 2026.

Key facts

• Amgen maintained anticipated full-year non-GAAP operating margin at 45%-46% of product sales and cautioned that fourth-quarter operating expenses should increase sequentially. source
• Amgen's Q3 2026 non-GAAP R&D expense increased 11% year over year, driven by higher research and early-pipeline spending, including business development. source
• Amgen's Q3 2026 SG&A expense decreased 1% year over year, mainly due to timing of investments and productivity efforts. source