Summary of Key Points from the Conference Call Industry Overview - **Industry**: Biopharma in North America - **Market Analysis**: The latest weekly Total Prescription (TRx) year-over-year (YoY) growth for the week ending July 25, 2025, was +1.7%, a decrease from +3.0% the previous week and +2.6% over the past 12 weeks [1][2][6] Core Company Insights Bristol Myers Squibb (BMY) - **Cobenfy Launch**: Approved for schizophrenia on September 26, 2024. Weekly scripts were approximately 1,950, down from 2,060 the previous week. To meet 2025 consensus expectations, Cobenfy TRx needs to track at 2-3 times the volumes of recent schizophrenia launches, requiring about 129K TRx at an estimated net price of $1,200 [3][14][16] Vertex Pharmaceuticals (VRTX) - **Journavx Launch**: Approved for acute pain on January 30, 2025. Weekly scripts were around 6,430, up from 6,240 the previous week. Hospital scripts, which are not captured by IQVIA, account for approximately 28% of total scripts. To achieve estimated sales of $65 million, about 289K total scripts are needed [4][19] Gilead Sciences (GILD) - **Yeztugo Launch**: Approved on June 18, 2025, with weekly TRx of approximately 300, an increase from 240 the previous week. The injectable formulation accounted for 45% of total TRx, while the oral formulation made up 55% [5][22] Eli Lilly (LLY) - **Mounjaro and Zepbound**: The launch of Mounjaro is showing strong growth, with a 69% increase in TRx YoY. Zepbound has seen a remarkable 268% increase in TRx YoY [9][26] Additional Insights - **Market Trends**: The extended unit (EUTRx) weekly YoY growth was +0.9%, indicating a more positive trend compared to TRx YoY growth. This suggests that physicians are increasingly writing longer-duration prescriptions [2][35] - **Key Product Performance**: The performance of major pharmaceutical products shows significant variations, with some experiencing substantial declines (e.g., Humira -41% YoY) while others like Sotyktu and Mounjaro are seeing strong growth [26][48] Important Metrics - **TRx Growth**: The overall TRx growth for the biopharma sector is showing signs of slowing down, with the latest figures indicating a need for companies to adapt their strategies to maintain growth [1][31] - **Sales Estimates**: Consensus estimates for various drugs have been adjusted, reflecting the dynamic nature of the market and the competitive landscape [3][4][5] Conclusion The biopharma industry in North America is currently experiencing mixed performance across different companies and products. While some new launches are showing promising growth, overall market trends indicate a slowdown in prescription growth, necessitating strategic adjustments by companies to meet evolving market demands.

Company Mission & Core Values - Amgen's mission is to fight the world's toughest diseases by integrating biology and technology [2] - Amgen maintains the highest standards for reliability, scientific accuracy, and decision quality [2] GPT-5 Impact & Assessment - GPT-5 excels in ambiguous situations where context is crucial [3] - GPT-5 demonstrates superior performance on objective quality measures [3] - GPT-5 represents a potential breakthrough moment for Amgen [3] AI & Biotechnology - Advancements in AI, such as GPT-5, have the potential to fundamentally transform biotechnology [4] - GPT-5 helps accelerate Amgen's mission of serving patients [4]

Core Viewpoint - Amgen Inc. reported strong second-quarter results, surpassing analyst expectations, but its shares are trading lower due to ongoing investor concerns about its experimental weight-loss drug, MariTide [1][4]. Financial Performance - Adjusted earnings for the second quarter were $6.02 per share, a 21% increase year over year, exceeding the consensus estimate of $5.24 [1]. - Quarterly sales reached $9.18 billion, up 9%, also beating Wall Street's estimate of $8.87 billion [1]. - Product sales grew by 9%, driven by a 13% increase in volume, partially offset by a 3% decrease in net selling price [2]. Future Outlook - Amgen raised its fiscal year 2025 adjusted earnings guidance from a range of $20.00-$21.20 per share to $20.20-$21.30, compared to the consensus of $20.89 [3]. - The sales outlook was increased from $34.30 billion-$35.70 billion to $35 billion-$36 billion, against a consensus of $35.29 billion [3]. Product Focus - Investor attention is heavily focused on MariTide, an experimental weight-loss drug, with ongoing Phase 2 studies for chronic weight management and type 2 diabetes [4][5]. - Data readout for the studies is expected in the fourth quarter of 2025 [4][5]. - Analysts express concerns about the trial's ability to address tolerability issues that investors are debating [5]. Competitive Landscape - Amgen has seen clinical and commercial success with several products, including Repatha and Evenity, which support long-term growth prospects [6]. - The company faces near-term challenges from legacy products and competition from biosimilars, but upcoming clinical catalysts are expected to generate investor interest [6]. Stock Performance - As of the latest check, Amgen's stock is trading lower by 5.10% at $284.97 [7].

Analyst's Disclosure:I/we have a beneficial long position in the shares of NVO either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. My analysis is focused on high-quality companies, that can outperform the market over the long-run due to a competitive advantage (economic moat ...

Core Insights - Amgen reported strong second-quarter 2025 results with adjusted earnings of $6.02 per share, exceeding the Zacks Consensus Estimate of $5.26 per share, and a 21% year-over-year increase in earnings [1][10] - Total revenues reached $9.2 billion, surpassing the Zacks Consensus Estimate of $8.9 billion, marking a 9% year-over-year growth [1][10] Revenue Breakdown - Total product revenues increased by 9% year-over-year to $8.77 billion, driven by a 13% rise in volume, although this was partially offset by price declines [2] - Other revenues amounted to $408 million, reflecting a 17.6% year-over-year increase [2] Key Drug Performance - Evenity sales reached $518 million, up 32% year-over-year, exceeding both the Zacks Consensus Estimate of $478 million and the model estimate of $461.8 million [3] - Repatha generated revenues of $696 million, a 31% increase year-over-year, also beating the Zacks Consensus Estimate of $672 million [4] - Prolia revenues were $1.12 billion, down 4% year-over-year, aligning with the Zacks Consensus Estimate but slightly exceeding the model estimate of $1.01 billion [5] - Xgeva recorded revenues of $532 million, down 5% year-over-year, surpassing the Zacks Consensus Estimate of $508 million [5] - Otezla sales were $618 million, up 14% year-over-year, beating the Zacks Consensus Estimate of $535 million [7] - Tezspire sales increased by 46% year-over-year to $342 million, exceeding the Zacks Consensus Estimate of $326 million [7] Pipeline Developments - Amgen is developing MariTide, a GIPR/GLP-1 receptor, which has shown strong efficacy in clinical studies, with plans for multiple phase III studies ongoing [17][19] - The company has initiated studies evaluating cardiovascular outcomes and heart failure events in obese adults [19] Financial Guidance - Amgen raised its 2025 revenue guidance to a range of $35.0 billion to $36.0 billion, up from the previous expectation of $34.3 billion to $35.7 billion [13] - Adjusted earnings per share guidance was increased to a range of $20.20 to $21.30 [14] - Adjusted operating margin expectations were slightly lowered to approximately 45% due to increased R&D costs [15] Market Performance - Year-to-date, Amgen's stock has risen by 17.1%, outperforming the industry average increase of 3.2% [22] - Despite strong quarterly results, Amgen's shares experienced a slight decline in after-hours trading [21]

8月6日，安进(AMGN)开盘下跌5.03%，截至21:34，报284.995美元/股，成交6141.94万美元，总市值 1534.30亿美元。 财务数据显示，截至2025年06月30日，安进收入总额173.28亿美元，同比增长9.43%；归母净利润31.62 亿美元，同比增长399.53%。 大事提醒： 8月5日，安进2025财年中报归属股东应占溢利31.62亿美元，同比增长399.53%，基本每股收益5.88美 元。 资料显示，安进公司主要从事人用创新药物的探索、研发、生产和销售,致力于发掘生物科技潜力以用 于对患有严重疾病患者的治疗。 安进关注的是未满足的医疗需求领域,并利用其专业知识,努力寻求改善健康状况并显著改善人们生活的 解决方案。作为生物技术的先驱,安进已经成长为世界领先的独立生物技术公司之一,已经在世界范围内 治疗了数百万的病人。 本文源自：金融界 作者：行情君 ...

Core Insights - Amgen reported Q2 earnings with a revenue increase of 9% year-over-year to $9.179 billion, exceeding market expectations of $8.94 billion [1] - Net profit surged 92% year-over-year to $1.432 billion, translating to earnings per share (EPS) of $2.65; adjusted EPS was $6.02, surpassing the market forecast of $5.29 [1] - Product sales rose by 9%, driven primarily by volume growth, although partially offset by a 3% decrease in net selling prices [1] Financial Performance - Revenue for the quarter was $9.179 billion, higher than the anticipated $8.94 billion [1] - Net profit reached $1.432 billion, a significant increase from the previous year [1] - Adjusted EPS was reported at $6.02, exceeding market expectations [1] Product Sales - Sales growth was primarily driven by volume increases, with 15 products achieving at least double-digit sales growth, including Repatha, Evenity, and Imdeltra [1] - The overall product sales increase was partially mitigated by a 3% decline in net selling prices [1] Outlook - Amgen raised its full-year revenue guidance to a range of $35 billion to $36 billion, up from the previous estimate of $34.3 billion to $35.7 billion, with market expectations at $35.4 billion [1] - Adjusted EPS guidance was also increased to a range of $20.2 to $21.3, compared to the prior forecast of $20 to $21.2, with market expectations at $20.91 [1]

Core Insights - Amgen reported a strong Q2 2025 with a 9% increase in GAAP revenue to $9.18 billion and a non-GAAP EPS of $6.02, exceeding analyst expectations [1][2][5] - The company emphasized pipeline advancements and product launches as key drivers of growth, despite a decline in free cash flow [1][4][5] Financial Performance - Non-GAAP EPS reached $6.02, a 21% increase from $4.97 in Q2 2024, surpassing the consensus estimate of $5.28 [2][5] - GAAP revenue was $9.18 billion, up 9% year-over-year, compared to $8.4 billion in Q2 2024 [2][5] - Non-GAAP operating margin improved to 48.9%, a 0.7 percentage point increase from the previous year [2][6] - Free cash flow decreased to $1.9 billion from $2.2 billion in Q2 2024, attributed to higher capital spending and tax payment timing [2][5][15] Product Performance - Sales growth varied across product lines, with Repatha and EVENITY increasing over 30%, while Prolia saw a 4% decline [7][8] - Rare disease products UPLIZNA and TAVNEOS experienced significant revenue increases of 91% and 55%, respectively [7][11] - Inflammation products showed mixed results, with TEZSPIRE growing 46% and Enbrel declining 34% [8] - Oncology products like IMDELLTRA reported strong growth, while older drugs faced competitive pressures [12][13] Pipeline and Innovation - Amgen's pipeline includes promising candidates like MariTide for obesity, which showed strong phase 2 data [10][12] - UPLIZNA is under FDA review for generalized myasthenia gravis, with a decision expected by December 14, 2025 [11] - The company is focusing on expanding its biosimilars portfolio, although pricing pressures are increasing [13][16] Strategic Focus - Amgen is committed to expanding its product pipeline and international market presence while investing in advanced manufacturing [4][16] - The company plans to maintain a capital spending target of $2.3 billion and has set a revenue target of $35.0–$36.0 billion for FY2025 [17][18] - Management highlighted the importance of new drug approvals and the impact of biosimilar competition on established products as key areas to monitor [19]

PART I [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20FINANCIAL%20STATEMENTS) This section presents Amgen's unaudited condensed consolidated financial statements for the three and six months ended June 30, 2025, covering income, balance sheets, equity, and cash flows with detailed notes [Condensed Consolidated Statements of Income](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20INCOME) For the six months ended June 30, 2025, Amgen reported total revenues of $17.33 billion, a 9% increase year-over-year, with net income rising to $3.16 billion and diluted EPS to $5.84 Condensed Consolidated Statements of Income (Six Months Ended June 30) | Financial Metric | 2025 (in millions) | 2024 (in millions) | Change | | :--- | :--- | :--- | :--- | | Total revenues | $17,328 | $15,835 | +9.4% | | Operating income | $3,834 | $2,900 | +32.2% | | Net income | $3,162 | $633 | +399.5% | | Diluted EPS | $5.84 | $1.17 | +399.1% | [Condensed Consolidated Statements of Comprehensive Income](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20INCOME) For the six months ended June 30, 2025, comprehensive income was $2.68 billion, a significant increase from $767 million in the prior year, driven by higher net income despite other comprehensive losses Condensed Consolidated Statements of Comprehensive Income (Six Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | :--- | | Net Income | $3,162 | $633 | | Other comprehensive (loss) income | $(478) | $134 | | **Comprehensive Income** | **$2,684** | **$767** | [Condensed Consolidated Balance Sheets](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2025, Amgen's total assets decreased to $87.9 billion, primarily due to reduced cash, while total liabilities decreased to $80.5 billion from lower long-term debt, and stockholders' equity increased to $7.4 billion Condensed Consolidated Balance Sheet Highlights | Account | June 30, 2025 (in millions) | Dec 31, 2024 (in millions) | | :--- | :--- | :--- | | Cash and cash equivalents | $8,028 | $11,973 | | Total assets | $87,897 | $91,839 | | Long-term debt | $53,760 | $56,549 | | Total liabilities | $80,469 | $85,962 | | Total stockholders' equity | $7,428 | $5,877 | [Condensed Consolidated Statements of Stockholders' Equity](index=9&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20STOCKHOLDERS%27%20EQUITY) For the six months ended June 30, 2025, total stockholders' equity increased from $5.88 billion to $7.43 billion, driven by net income, partially offset by dividends and other comprehensive loss - Key drivers for the change in stockholders' equity in the first six months of 2025 were net income of **$3.16 billion**, offset by **$1.28 billion** in dividends and a **$478 million** other comprehensive loss[21](index=21&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) For the six months ended June 30, 2025, net cash from operating activities was $3.67 billion, while investing activities used $836 million and financing activities used $6.78 billion, resulting in a $3.95 billion decrease in cash Cash Flow Summary (Six Months Ended June 30) | Cash Flow Activity | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | :--- | | Net cash provided by operating activities | $3,671 | $3,148 | | Net cash used in investing activities | $(836) | $(434) | | Net cash used in financing activities | $(6,780) | $(4,357) | | **Decrease in cash and cash equivalents** | **$(3,945)** | **$(1,643)** | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=NOTES%20TO%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) These notes detail Amgen's accounting policies and financial results, covering operating segments, revenue breakdowns, tax disputes, fair value measurements, hedging, and legal proceedings - The company operates in a **single segment: human therapeutics** The Chief Executive Officer is the chief operating decision maker (CODM) and allocates resources on a consolidated basis[37](index=37&type=chunk)[38](index=38&type=chunk) - In January 2025, **Otezla** was selected for Medicare price negotiation under the IRA, leading to an **$800 million impairment charge** on its developed-product-technology rights intangible asset[74](index=74&type=chunk) - Amgen is in a **significant tax dispute** with the IRS for the 2010-2012 and 2013-2015 periods, involving proposed additional federal taxes of approximately **$3.6 billion** and **$5.1 billion**, respectively, plus interest and penalties[50](index=50&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=36&type=section&id=Item%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section provides management's perspective on Amgen's financial performance, highlighting 9% revenue growth to **$17.3 billion**, 32% operating income increase, key product sales drivers, and capital allocation strategies including debt reduction and dividends Financial Highlights (Six Months Ended June 30, 2025) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Total Product Sales | $16,644M | $15,159M | +10% | | Total Revenues | $17,328M | $15,835M | +9% | | Operating Income | $3,834M | $2,900M | +32% | | Diluted EPS | $5.84 | $1.17 | +399% | - Product sales growth for the first six months of 2025 was driven by a **14% increase in volume**, partially offset by a **4% decline in net selling price**[160](index=160&type=chunk) - Operating expenses for the first half of 2025 increased by **4%**, primarily due to an **$800 million impairment charge** for the **Otezla** intangible asset and higher R&D expenses related to later-stage clinical programs like **MariTide**[164](index=164&type=chunk)[201](index=201&type=chunk)[204](index=204&type=chunk) - The company's capital allocation strategy focuses on investing in the business, **reducing debt**, and returning capital to shareholders via **dividends** and **stock repurchases** In the first half of 2025, Amgen repaid **$4.1 billion in debt** and paid **$2.6 billion in dividends**[222](index=222&type=chunk)[232](index=232&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section reports no material changes to the company's market risk disclosures during the six months ended June 30, 2025, referencing the prior annual report - There were **no material changes** to the company's market risk profile during the first six months of 2025[235](index=235&type=chunk) [Item 4. Controls and Procedures](index=51&type=section&id=Item%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that Amgen's disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - Management concluded that disclosure controls and procedures were **effective** as of June 30, 2025[236](index=236&type=chunk) - **No material changes** to internal control over financial reporting were identified during the quarter ended June 30, 2025[237](index=237&type=chunk) PART II—OTHER INFORMATION [Item 1. Legal Proceedings](index=52&type=section&id=Item%201.%20LEGAL%20PROCEEDINGS) This section refers to Note 13 of the financial statements for recent developments in the company's legal proceedings, including contingencies and commitments - For updates on legal proceedings, the report directs readers to **Note 13, "Contingencies and commitments,"** in Part I of this 10-Q[240](index=240&type=chunk) [Item 1A. Risk Factors](index=52&type=section&id=Item%201A.%20RISK%20FACTORS) This section updates Amgen's risk factors, including pricing pressures from government initiatives, significant potential tax liabilities, geopolitical risks in international operations, complex manufacturing challenges, and global economic conditions - **Significant pricing pressure** continues from government and commercial payers The **Inflation Reduction Act (IRA)** has led to Medicare price setting for **ENBREL** (effective 2026) and **Otezla** (effective 2027) The **Most-Favored-Nations (MFN) Executive Order** and state-level **Prescription Drug Affordability Boards (PDABs)** pose additional risks[243](index=243&type=chunk)[245](index=245&type=chunk)[249](index=249&type=chunk) - The company faces **substantial potential tax liabilities** from its ongoing **U.S. Tax Court dispute** with the IRS over profit allocation for the 2010-2015 tax years and risks from the **OECD's global minimum tax agreement**[257](index=257&type=chunk)[259](index=259&type=chunk)[260](index=260&type=chunk) - International operations face risks from **geopolitical tensions** and new regulations The proposed **BIOSECURE Act** could restrict collaborations with certain **Chinese biotech companies**, and newly imposed **tariffs** are increasing production costs[268](index=268&type=chunk)[269](index=269&type=chunk)[282](index=282&type=chunk) - Manufacturing is complex and subject to disruptions Risks include **regulatory compliance**, reliance on **third-party manufacturers**, and potential impacts from new regulations on chemicals like **PFAS** in manufacturing and packaging[272](index=272&type=chunk)[279](index=279&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=63&type=section&id=Item%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) This section details the company's stock repurchase activity, noting no repurchases during Q2 2025 and **$6.8 billion** remaining authorized for future repurchases - **No shares were repurchased** during the three months ended June 30, 2025[284](index=284&type=chunk) - As of June 30, 2025, **$6.8 billion** remained available for future stock repurchases under the authorized program[285](index=285&type=chunk) [Item 5. Other Information](index=63&type=section&id=Item%205.%20OTHER%20INFORMATION) This section discloses that no directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q2 2025 - **No directors or officers adopted or terminated** a Rule 10b5-1 trading plan during the second quarter of 2025[286](index=286&type=chunk) [Item 6. Exhibits](index=63&type=section&id=Item%206.%20EXHIBITS) This section references the Index to Exhibits, listing all documents filed as part of this quarterly report, including agreements, governance, and data files - This section contains the **index listing all exhibits** filed with the Form 10-Q[287](index=287&type=chunk)[288](index=288&type=chunk)

Core Insights - Amgen reported $9.18 billion in revenue for the quarter ended June 2025, a year-over-year increase of 9.4%, with an EPS of $6.02 compared to $4.97 a year ago, exceeding both revenue and EPS consensus estimates [1] Financial Performance - Revenue from product sales reached $8.77 billion, surpassing the average estimate of $8.5 billion, reflecting a 9.1% increase year-over-year [4] - Other revenues amounted to $408 million, exceeding the average estimate of $345.97 million, representing a year-over-year increase of 17.6% [4] - The EPS surprise was +14.45% compared to the consensus estimate of $5.26 [1] Product Sales Breakdown - Neulasta (ROW) sales were $19 million, below the estimate of $23.31 million, showing a year-over-year decline of 36.7% [4] - Neulasta (U.S.) sales were $63 million, compared to the estimate of $70.64 million, reflecting a 16% year-over-year decrease [4] - Otezla (ROW) sales were $106 million, slightly below the estimate of $112.78 million, with a year-over-year decline of 5.4% [4] - Nplate (U.S.) sales were $228 million, slightly above the estimate of $227.77 million, showing a year-over-year increase of 6.5% [4] - Vectibix sales totaled $305 million, exceeding the estimate of $277.53 million, with a year-over-year increase of 13% [4] - BLINCYTO sales were $384 million, slightly below the estimate of $385.77 million, but represented a significant year-over-year increase of 45.5% [4] - Enbrel sales were $604 million, significantly below the estimate of $804.22 million, reflecting a year-over-year decline of 33.6% [4] - LUMAKRAS/LUMYKRAS sales were $90 million, in line with the estimate of $90.65 million, showing a year-over-year increase of 5.9% [4] Stock Performance - Amgen's shares returned +3.1% over the past month, outperforming the Zacks S&P 500 composite's +1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]