Release Date: May 01, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Amgen Inc (AMGN, Financial) reported a 9% year-over-year revenue growth, with a 14% increase in volume, driven by strong demand for its innovative medicines.
• The company's biosimilars portfolio delivered over $700 million in revenue, marking a 35% increase year over year.
• Amgen Inc (AMGN) launched three new products or indications and initiated four new Phase 3 studies, demonstrating robust pipeline progress.
• Repatha sales increased by 27% year over year, with significant improvements in patient access and a strong growth trajectory.
• The company received FDA approval for UPLIZNA in IgG4-related disease, expanding its rare disease portfolio and demonstrating its leadership in innovative treatments.

Negative Points

• Amgen Inc (AMGN) faced a 6% decline in net selling price, which partially offset the double-digit sales growth.
• Sales of TEPEZZA and KRYSTEXXA were adversely impacted by changes to US wholesaler inventory levels, affecting the rare disease portfolio's performance.
• The company anticipates fluctuations in quarterly sales for WEZLANA in the US, with no expected sales in the second quarter following a large first-quarter order.
• Amgen Inc (AMGN) is navigating uncertainties related to tariffs and taxes, which could impact its long-term business strategy.
• The company expects non-GAAP R&D expenses to grow approximately 20% in 2025, reflecting increased investments in late-stage pipeline assets, which may pressure margins.

Q & A Highlights

Q: What should we expect from the ADA presentation regarding MariTide, and can you comment on the potential cardiovascular outcomes trial? A: James Bradner, Executive Vice President, Research and Development, and Chief Scientific Officer, stated that the ADA presentation will focus on the strong efficacy and tolerability of MariTide observed in the Phase 2 study, with no plateau in weight loss at 52 weeks. The presentation will also include new mechanistic data. Regarding the cardiovascular outcomes trial, details will not be shared at this time, but a broad Phase 3 program is underway.

Q: Can you elaborate on the commercial strategy for UPLIZNA in IgG4-related disease and myasthenia gravis? A: Murdo Gordon, Executive Vice President - Global Commercial Operations, explained that UPLIZNA is primarily diagnosed and managed by rheumatologists, with a recent diagnostic code introduced in 2023. Amgen has a field force engaging with the relevant physician community. For myasthenia gravis, UPLIZNA offers a different mechanism than existing drugs, and Amgen has an established presence with key prescribers.

Q: How confident are you in MariTide's tolerability and efficacy, and how do you plan to compete with oral obesity treatments? A: James Bradner expressed confidence in MariTide's tolerability and efficacy, informed by Phase 2 data showing significant weight loss and improved tolerability with dose escalation. Murdo Gordon noted that while oral treatments may capture a segment of the market, MariTide's monthly dosing offers a competitive advantage, and Amgen is exploring both oral and non-oral mechanisms in its pipeline.

Q: What is the outlook for Repatha amid competition from Novartis' Leqvio and potential oral PCSK9 inhibitors? A: Murdo Gordon acknowledged competition but emphasized Repatha's strong profile in lowering LDL cholesterol and reducing cardiovascular events. Amgen has improved access and affordability, with significant growth potential as barriers to obtaining Repatha have decreased.

Q: How is TEPEZZA progressing, and what will drive future growth? A: Murdo Gordon highlighted progress in expanding TEPEZZA's prescriber base, particularly among endocrinologists. While growth will be gradual, a subcutaneous form could accelerate uptake. International expansion is also progressing well, with approvals in Japan, Saudi Arabia, Brazil, and a positive opinion in Europe.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.