Core Points - Amgen's Board of Directors declared a dividend of $2.38 per share for Q3 2025, payable on September 12, 2025, to stockholders of record as of August 22, 2025 [1] - Amgen is a leader in biotechnology, focusing on innovative medicines for serious diseases, with a strong pipeline targeting cancer, heart disease, osteoporosis, inflammatory diseases, and rare diseases [2] - The company has received multiple accolades, including being named one of the "World's Most Innovative Companies" and "America's Best Large Employers," and is part of the Dow Jones Industrial Average and Nasdaq-100 Index [3] Company Overview - Amgen has over 40 years of experience in the biotechnology industry and utilizes advanced technology and human genetic data to drive innovation [2] - The company is recognized for its commitment to research and development, maintaining a broad and deep pipeline of medicines [2] Recognition and Market Position - In 2024, Amgen was recognized by Fast Company and Forbes for its innovation and employer status, highlighting its strong market position [3] - As a component of major stock indices, Amgen is considered one of the largest and most innovative non-financial companies [3]

Group 1 - President Trump has sent letters to 17 major pharmaceutical companies, demanding specific actions to lower drug prices in the U.S. within 60 days, or he will use "all available means" to protect American families from "price gouging" [1][2] - The companies that received the letters include Pfizer, Novo Nordisk, Johnson & Johnson, and others, with a focus on commitments such as providing "most favored nation" pricing for Medicaid patients and direct sales to consumers [1][2] - Trump highlighted that U.S. drug prices are significantly higher than those in other developed countries, with average prescription drug prices being 2 to 3 times higher, and some drugs up to 10 times more expensive [2] Group 2 - Following the announcement, stock prices of several pharmaceutical companies dropped, with Sanofi falling over 8%, and others like Bristol-Myers Squibb and Novo Nordisk declining nearly 5% [2] - The Pharmaceutical Research and Manufacturers of America criticized the introduction of "foreign price controls," arguing it would undermine U.S. innovation and harm patients and workers [3] - Companies like Pfizer and Novartis stated they are working on solutions to make medications more affordable for American patients, with AstraZeneca considering price reductions and direct sales models [3]

Core Viewpoint - Amgen (AMGN) is expected to exceed earnings expectations for Q2 2025, with consensus estimates for sales at $8.86 billion and earnings per share at $5.25, following a previous quarter where it beat earnings expectations by 17.8% [2][9]. Sales Performance - Strong volume growth from products such as Evenity, Repatha, and Blincyto is anticipated to drive sales, although prices are expected to decline due to increased rebates [3][9]. - The Zacks Consensus Estimate for sales of Evenity, Repatha, and Blincyto is $478 million, $673 million, and $385 million, respectively [3]. Product Insights - Sales of RANKL antibodies, Prolia, and Xgeva are expected to benefit from volume growth, despite price declines. However, the expiration of patents for Prolia and Xgeva in the U.S. in February 2025 may lead to significant sales erosion in the latter half of 2025 [5]. - Newer drugs like Tezspire and Tavneos are projected to contribute positively to top-line growth, with consensus estimates of $320 million and $102 million, respectively [6]. Competitive Landscape - Kyprolis is facing competitive pressure, which likely affected its volume growth in Q1 and is expected to continue in Q2, with consensus estimates for sales at $370 million [7]. - Enbrel sales are likely to decline due to lower prices, while Otezla is expected to see gains from volume growth, with estimates of $534 million for Otezla and $805 million for Enbrel [8]. Recent Developments - Sales of rare disease drugs from the acquisition of Horizon are expected to improve in Q2, following lower-than-expected sales in Q1 due to inventory changes [10]. - New biosimilars launched, such as Wezlana and Pavblu, are anticipated to drive sales growth, although fluctuations in quarterly sales are expected [12][13]. Earnings Surprise History - Amgen has a strong earnings surprise history, with an average surprise of 8.34% over the last four quarters and a stock increase of 18.4% year-to-date compared to a 1.9% increase in the industry [14]. Earnings Prediction Model - The earnings prediction model indicates a likely earnings beat for Amgen, with an Earnings ESP of +1.19% and a Zacks Rank of 3 [15][17].

Technical Analysis - Amgen Inc. (AMGN) has reached a significant support level and is considered a good pick for investors from a technical perspective due to a "golden cross" formation, where the 50-day simple moving average has broken above the 200-day moving average [1] - A golden cross is a bullish chart pattern indicating a potential breakout, characterized by a short-term moving average crossing above a long-term moving average [1][2] Market Performance - AMGN has moved 7.9% higher over the last four weeks, suggesting a positive trend [3] - The company currently holds a 3 (Hold) rating on the Zacks Rank, indicating a neutral outlook [3] Earnings Expectations - There have been 6 upward revisions in earnings expectations for the current quarter, with no downward revisions in the past 60 days, which supports the bullish sentiment [3] - The Zacks Consensus Estimate for earnings has also increased, further reinforcing the positive outlook for AMGN [3][4] Investment Outlook - With a combination of favorable earnings estimate revisions and a key technical level being hit, AMGN is positioned for potential gains in the near future [4]

Investment Rating - The report maintains a "Positive" outlook for the pharmaceutical and biotechnology industry in China [6]. Core Insights - Small nucleic acid drugs are expected to become the third major class of drugs after small molecules and antibodies, with unique advantages such as broad targets, strong specificity, high development efficiency, and long dosing intervals [9][38]. - The commercialization of rare diseases is maturing, and the long-term advantages for chronic diseases are becoming evident, with significant sales growth for products like Spinraza and Leqivo [9][60]. - There is a notable increase in business development (BD) activities, highlighting the potential of early-stage chronic disease pipelines [9]. Summary by Sections 1. Small Nucleic Acids: Potential as a New Drug Class - Small nucleic acid drugs, including ASO, siRNA, and Aptamer, interact with mRNA to regulate gene expression, offering a new technological pathway for drug development [13]. - The global market for small nucleic acid drugs has grown from $1.04 billion in 2017 to $5.09 billion in 2024, with a CAGR of 25.5% [60]. 2. Milestones in Overseas and Domestic Markets - In the overseas market, significant developments are expected in the TTR field and cardiovascular diseases, with drugs like Vutrisiran and Pelacarsen showing promise [9]. - In China, new therapies for chronic hepatitis B and competitive advancements in cardiovascular drugs are emerging, with several companies making progress in their pipelines [9][60]. 3. Investment Recommendations and Targets - The report suggests focusing on high-quality domestic companies involved in the development of small nucleic acid drugs targeting chronic hepatitis B and cardiovascular diseases, such as HengRui Medicine, China National Pharmaceutical Group, and others [9].

Core Insights - Amgen (AMGN) and Novo Nordisk (NVO) are leading companies in the pharmaceutical industry, with Amgen focusing on oncology and rare diseases, while Novo Nordisk specializes in diabetes and obesity treatments [1][2] Group 1: Amgen (AMGN) - Amgen has a diverse portfolio with strong growth products such as Repatha, Prolia, and Xgeva, which have helped offset declines in legacy drug sales [3][4] - The acquisition of Horizon Therapeutics has expanded Amgen's rare disease offerings, adding drugs like Tepezza and Krystexxa [4] - Amgen is developing an obesity drug, MariTide, which is in late-stage trials and has shown promising weight loss results, although slightly below investor expectations [5][6] - The company has a strong pipeline with drugs targeting various therapeutic areas, including bemarituzumab for gastric cancer and olpasiran for cardiovascular disease [7] - Amgen has launched biosimilars for popular drugs and is developing more in the oncology space [8] - Despite growth prospects, Amgen faces pricing pressures and expected declines in sales for some of its best-selling drugs due to patent expirations [9] Group 2: Novo Nordisk (NVO) - Novo Nordisk leads the GLP-1 market with a 54% market share, driven by successful products like Ozempic and Wegovy [12] - The company is expanding its manufacturing capacity to support the growing demand for its diabetes and obesity treatments [13] - Novo is pursuing new indications for semaglutide, which could enhance its market position [14] - However, the company faces competition from Eli Lilly and challenges related to disappointing data from its next-generation obesity drug, CagriSema [15][16] - A leadership transition is underway as CEO Lars Fruergaard Jørgensen steps down, which may impact investor sentiment [16] - Novo is also working to expand its rare disease portfolio, with plans to submit a regulatory filing for Mim8 [17] Group 3: Financial Performance and Valuation - Amgen's 2025 sales and EPS estimates suggest a 5% year-over-year increase, with positive revisions in the past 60 days [18] - In contrast, Novo's 2025 sales and EPS estimates imply a significant increase of around 20% and 21%, respectively, although 2026 EPS estimates have declined [20] - Year-to-date, Amgen's shares have gained 17%, while Novo's shares have dropped 22%, against a 3% decline in the industry [21] - From a valuation perspective, Novo Nordisk trades at a higher P/E ratio of 15.51 compared to Amgen's 14.5 [22] - Amgen offers a higher dividend yield of 3.1% compared to Novo's 2.5% [26] Group 4: Investment Considerations - Both companies hold a Zacks Rank 3 (Hold), making it challenging to choose one over the other [28] - Amgen is viewed as a better pick due to its diversified portfolio and attractive valuation, despite facing short-term challenges [29] - Novo Nordisk's strong revenue growth in the GLP-1 space is tempered by limited diversification and ongoing challenges [30]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Biopharma in North America - **Market Analysis**: Comprehensive analysis of the US drug market conducted by IQVIA Rx Key Market Metrics - **Total Prescription Year-over-Year (YoY) Growth**: - Latest weekly growth (week ending July 11, 2025) was +4.0%, up from +3.4% the previous week and +2.5% over the past 12 weeks [1][6] - For the week ended July 11, the total market weekly TRx YoY change was +4.0%, compared to +1.8% a year ago [2] Prescription Trends - **Rolling 4-week TRx YoY**: +3.0% - **Rolling 12-week TRx YoY**: +2.5% - **Extended Unit (EUTRx) Weekly YoY Growth**: +3.3%, which is below the TRx YoY [2] - **Sequential Weekly TRx Growth**: +12.0%, a significant increase compared to -7.3% the week before [2] Company-Specific Insights - **Bristol Myers Squibb (BMY)**: - Cobenfy approved for schizophrenia on September 26, 2024, with scripts at ~2,040 for the week, up from ~1,820 the previous week [3] - To meet 2025 consensus expectations, Cobenfy TRx needs to track at ~2-3x the volumes from recent schizophrenia launches [3] - **Vertex Pharmaceuticals (VRTX)**: - Journavx approved for acute pain on January 30, 2025, with scripts at ~5,880 for the week, up from ~5,180 the previous week [4] - Hospital scripts, which are not captured by IQVIA, account for ~28% of total scripts [4] - **Gilead Sciences (GILD)**: - Yeztugo approved on June 18, 2025, with latest week TRx at ~70, up from ~20 the previous week [5] - Yeztugo's injectable formulation accounted for 54% of total TRx [5] Competitive Landscape - **Launch Comparisons**: - GILD's Yeztugo compared to Descovy and Apretude [5] - BMY's Sotyktu launch tracked against AMGN's Otezla [9] - LLY's Kisunla launched in July 2024 for Alzheimer's [9] Pricing and Sales Analysis - **Immunology Pricing**: Updated charts for 2Q25 for Stelara and Tremfya, analyzing how additional indications impact price per script [10] - **Biosimilar Adoption**: Comprehensive analysis of biosimilars across various branded drugs [12] Notable Trends - **Seasonal Respiratory Vaccine Tracking**: Exhibits tracking RSV and COVID vaccine weekly and monthly TRx launch trends [11] - **Key Products Performance**: Detailed tracking of TRx market share and performance for major pharmaceutical companies [48] Conclusion - The biopharma industry in North America is experiencing positive growth in total prescriptions, with significant contributions from new product launches and competitive dynamics among major players. The analysis indicates a robust market environment with potential investment opportunities in emerging therapies and established products.

Core Insights - NodThera has appointed Dr. Jyothis George as Chief Medical Officer, effective immediately, to lead the clinical advancement of its NLRP3 inflammasome inhibitor portfolio [1][4][5] Company Overview - NodThera is a clinical-stage biotech focused on developing brain-penetrant NLRP3 inflammasome inhibitors for chronic inflammatory diseases, with two lead clinical candidates showing potentially best-in-class profiles [6] - The company is backed by prominent investors including 5AM Ventures, Blue Owl Capital, Epidarex Capital, F-Prime Capital, Novo Holdings, Sanofi Ventures, and Sofinnova Partners [6] Leadership Experience - Dr. Jyothis George brings extensive experience in cardiometabolic drug development, having previously served as Global Medical Vice President at Amgen, where he led strategic planning for obesity treatments [2][3] - His past roles include Corporate Vice President at Novo Nordisk, where he oversaw key clinical trials for drugs like semaglutide, and Global Head of Clinical Development at Boehringer Ingelheim, where he managed pivotal programs for empagliflozin and linagliptin [3] Strategic Vision - The appointment of Dr. George is expected to enhance NodThera's clinical development efforts, leveraging his expertise in regulatory success and landmark trials to advance the company's innovative therapies [4][5] - Dr. George expressed enthusiasm about transforming treatments for diseases linked to chronic low-grade inflammation, aiming to restore metabolic balance for patients [4]

Company Performance - Amgen's stock closed at $294.76, reflecting a -1.17% change from the previous day, underperforming the S&P 500's daily loss of 0.01% [1] - Over the last month, Amgen's shares increased by 2.98%, outperforming the Medical sector's loss of 1.59% but lagging behind the S&P 500's gain of 5.37% [1] Upcoming Earnings Report - Amgen is set to release its earnings on August 5, 2025, with an expected EPS of $5.22, representing a 5.03% increase from the prior-year quarter [2] - The Zacks Consensus Estimate for revenue is projected at $8.86 billion, up 5.64% from the year-ago period [2] Annual Estimates - For the annual period, the Zacks Consensus Estimates predict earnings of $20.84 per share and revenue of $35.23 billion, indicating increases of +5.04% and +5.41% respectively from the last year [3] - Recent analyst estimate revisions suggest a positive outlook for Amgen's business operations and profit generation capabilities [3] Valuation Metrics - Amgen is currently trading at a Forward P/E ratio of 14.31, which is below the industry average Forward P/E of 18.7, indicating a discount relative to its peers [6] - The company has a PEG ratio of 2.7, compared to the industry average PEG ratio of 1.48, suggesting that Amgen's anticipated earnings growth is factored into its valuation [7] Industry Ranking - The Medical - Biomedical and Genetics industry, which includes Amgen, has a Zacks Industry Rank of 82, placing it in the top 34% of over 250 industries [8] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [8]

Core Insights - The article introduces "The Undercovered Dozen," highlighting twelve actionable investment ideas on tickers with less coverage, which can include both large caps and small caps [1] Group 1: Inclusion Criteria - Tickers must have a market cap greater than $100 million [1] - Tickers must have received more than 800 symbol page views in the last 90 days on Seeking Alpha [1] - Tickers must have fewer than two articles published in the past 30 days [1] Group 2: Purpose and Follow-up - The initiative aims to provide investors with a weekly review of undercovered investment ideas from analysts [1]