Core Viewpoint - Amgen and Bristol Myers Squibb are leading biotechnology companies with diverse portfolios, making it challenging to choose between them based on their fundamentals, growth prospects, challenges, and valuations [1][2]. Amgen (AMGN) - Amgen has a vast global footprint and a diverse portfolio, with growth products like Prolia, Xgeva, Evenity, Vectibix, Nplate, Kyprolis, and Blincyto stabilizing revenue despite declining sales from legacy drugs [3][4]. - Increased pricing pressures and competition from biosimilars are expected to negatively impact sales of Prolia and Xgeva starting in 2025 [4]. - Key drug Repatha is driving growth, and the approval of Tezspire for severe asthma has strengthened Amgen's portfolio [4][5]. - Amgen has promising candidates in its pipeline, including a broad phase III program on MariTide targeting obesity and type-II diabetes, with data readouts expected in the second half of 2025 [5]. - The acquisition of Horizon Therapeutics has expanded Amgen's rare disease business significantly [6]. - The Zacks Consensus Estimate for Amgen's 2025 sales indicates a year-over-year increase of 5.31%, with EPS expected to improve by 4.79% [13]. - Amgen's shares have gained 6.2% this year, trading at 13X forward earnings, indicating a higher valuation compared to BMY [16][17]. Bristol Myers Squibb (BMY) - BMY's growth portfolio, including drugs like Reblozyl, Breyanzi, Camzyos, and Opdualag, has stabilized revenue amid generic competition for legacy drugs [7][8]. - Reblozyl has shown strong performance in the U.S. and international markets, expected to contribute significantly in the coming decade [7]. - Opdivo maintains momentum with consistent label expansions, and the recent FDA approval of Cobenfy for schizophrenia broadens BMY's portfolio [9][10]. - Despite newer drugs boosting sales, generic competition for legacy drugs has led to a 20% decline in legacy portfolio revenues in Q1 due to impacts from Revlimid and others [11]. - BMY's strategy of acquiring promising companies has resulted in substantial debt, with long-term debt at $46.1 billion as of March 31, 2025 [12]. - The Zacks Consensus Estimate for BMY's 2025 sales implies a year-over-year decrease of 4.10%, while EPS suggests a significant increase of 499.13% [14]. - BMY's shares have lost 15.5% this year, trading at a lower valuation of 7.10 for forward earnings [16][17]. Comparison and Conclusion - Both companies offer attractive dividend yields, with BMY at 5.30% and AMGN at 3.49% [20]. - AMGN is viewed as a better pick currently due to solid fundamentals and recent positive estimate revisions, despite its higher valuation [23].

Company Overview - Amgen is a biotechnology company that discovers, develops, manufactures, and delivers innovative medicines to combat serious diseases [3] - The company has a broad and deep pipeline focused on treating cancer, heart disease, osteoporosis, inflammatory diseases, and rare diseases [3] - Amgen has been recognized as one of the "World's Most Innovative Companies" by Fast Company and one of "America's Best Large Employers" by Forbes in 2024 [4] Upcoming Events - Amgen will present at the 2025 RBC Capital Markets Global Healthcare Conference on May 21, 2025, at 9:00 a.m. ET [1] - Kave Niksefat, senior vice president of Global Marketing and Access, will be the presenter at the conference [1] - The presentation will be available via a webcast, which will also be archived for at least 90 days after the event [2]

Core Viewpoint - Amgen Inc. is experiencing a rise in stock price despite the overall healthcare sector being in a downtrend due to potential fraud issues at UnitedHealth Group, indicating a possible bottoming out for Amgen and a potential reversal in its stock price [1]. Group 1: Stock Performance - Amgen's shares are currently oversold, suggesting that they have been aggressively sold and are trading below their normal range, which may attract buyers [1][4]. - The Stochastics Momentum Indicator shows that the blue line is below the lower horizontal red line, confirming the oversold conditions [2]. Group 2: Market Dynamics - Many trading strategies are based on the concept of reversion to the mean, where buyers anticipate a price reversal, potentially creating a self-fulfilling prophecy [5]. - Amgen's shares are approaching a potential support level, which could lead to increased buying activity [5]. Group 3: Historical Support Levels - The price level of $255.50 served as support in March 2023 and December 2024, indicating that previous support levels can become relevant again due to trader psychology [6]. - If the stock price drops back to this support level, it is likely that buy orders will be placed, creating renewed support at this price [7].

Core Viewpoint - Amgen Inc. is experiencing strong financial momentum and growth across its portfolio and pipeline, driven by increasing global demand for its innovative medicines [3]. Financial Performance - In the first quarter, Amgen's revenue increased by 9% year-over-year, primarily due to a 14% growth in volume [4]. - The growth was broad-based, with 14 products achieving double-digit growth [4]. Leadership and Expertise - The conference featured key executives including Peter Griffith (CFO), Dr. Jay Bradner (EVP of R&D), and Justin Claeys (VP of Investor Relations), highlighting their extensive experience in the industry [1][2].

Amgen (AMGN) 2025 Conference Summary Company Overview - **Company**: Amgen (AMGN) - **Date**: May 14, 2025 - **Speakers**: Peter Griffith (CFO), Dr. Jay Bradner (EVP of R&D), Justin Clays (VP, Investor Relations) Key Points Financial Performance - Amgen started 2025 with strong momentum, reporting a **9% year-over-year revenue increase** in Q1, driven by **14% volume growth** [3][4] - **14 products** delivered double-digit growth across key therapeutic areas: General Medicine, Rare Disease, Inflammation, and Oncology [4] Product Highlights - In General Medicine, **Repatha and Evenity** generated over **$1 billion** in Q1, reflecting a **28% year-over-year growth** [4][5] - The obesity candidate **Meritide** is advancing with two Phase 3 studies in chronic weight management [5] - **Euplisna** launched as the first approved therapy for IgG4 related disease, with a PDUFA date for generalized myasthenia gravis set for **December 14** [6] - In oncology, **BLINCYTO** is expanding into earlier treatment lines, and **INVELTRA** achieved over **$80 million** in sales in Q1 [8] Biosimilars Portfolio - The biosimilars portfolio generated **$735 million** in Q1, up **35% year-over-year**, driven by launches of **Pavblue** and **Wevlana** [9] - Amgen is advancing new biosimilar candidates against **OPDIVO**, **Keytruda**, and **OCREVUS**, all in Phase 3 development [10] Research and Development - Non-GAAP R&D spend is expected to grow **20% year-over-year**, reflecting increased investment in late-stage programs [10][26] - Operating margin guidance for 2025 is around **46%**, down from **47%** in the previous year, due to increased R&D spending [31] Market and Policy Environment - Amgen is actively monitoring the impact of evolving policies, tariffs, and macroeconomic uncertainties on its operations [10][12] - The company remains committed to the U.S. market, with significant investments in new facilities in Ohio and North Carolina totaling nearly **$1 billion** [14] Innovation and Future Outlook - Amgen emphasizes the importance of innovation, with a focus on delivering medicines for serious illnesses [11][26] - The company is open to business development opportunities, particularly in obesity and other therapeutic areas [49] Clinical Trials and Mechanisms - The Phase 3 studies for **Meritide** are designed to improve tolerability based on learnings from previous trials [41][42] - Confidence in the mechanism of **Olicasiran** is high, supported by genetic evidence, with a focus on reducing elevated Lp levels [58] Conclusion - Amgen is well-positioned for growth with a robust pipeline, strong financial performance, and a commitment to innovation and patient care [11][26]

Group 1 - President Trump announced an executive order aimed at reducing prescription drug prices in the U.S. by 30% to 80%, claiming U.S. prices are significantly higher than in other countries [1][2] - The proposed "most favored nations' policy" would align U.S. drug prices with the lowest prices paid globally, potentially leading to immediate price cuts for consumers [2][7] - Shares of major pharmaceutical companies, including J&J, Eli Lilly, and Pfizer, declined in pre-market trading following the announcement, indicating market concern over the impact of the order [2][3] Group 2 - The U.S. government has been attempting to control healthcare costs through the Inflation Reduction Act, which allows Medicare to negotiate drug prices directly with manufacturers, a significant shift from previous regulations [4][5] - The Medicare price negotiation program is set to redesign the Part D program, imposing more liability on drugmakers and introducing penalties for significant price increases [5][6] - The list of drugs eligible for negotiation primarily includes high-cost medications for serious conditions, which represent a substantial portion of Medicare spending [6][7] Group 3 - The implementation of the "most favored nations' policy" is expected to save the government trillions of dollars but could severely impact the sales and profits of large drug manufacturers [7] - The global pharmaceutical industry is anticipating further details on the executive order, as the announcement did not clarify its applicability to Medicare, Medicaid, or other government health programs [7]

Investment Rating - The investment rating for the biopharmaceutical industry is "Positive" (maintained) [2] Core Insights - The report highlights the aggressive nature of small cell lung cancer (SCLC), with extensive-stage SCLC (ES-SCLC) accounting for approximately 75% of cases, which often rely on systemic treatment and have a poor prognosis [6][21] - The first-line treatment for ES-SCLC primarily involves PD-1/PD-L1 immunotherapy combined with doublet chemotherapy, while there is a notable lack of effective targeted therapies for later-line treatments [24][30] - The report identifies three main areas of focus for research and development in the SCLC field: Antibody-Drug Conjugates (ADC), DLL3 T-cell engagers (TCE), and next-generation immune-oncology (IO) therapies [30][34] Summary by Sections 1. SCLC Overview - SCLC accounts for about 15%-20% of all lung cancer cases, with a high incidence of early metastasis [18][19] - The global and Chinese annual incidence of SCLC is estimated at 300,000 to 400,000 and 150,000 to 200,000 cases, respectively [18] - The majority of SCLC patients have a history of smoking, with approximately 95% being smokers [18] 2. Treatment Landscape - The standard treatment for ES-SCLC has been the EP/EC regimen, but it has a low one-year progression-free survival (PFS) rate of only 6% [24] - The NCCN and CSCO guidelines recommend PD-1/PD-L1 immunotherapy combined with doublet chemotherapy as the first-line treatment for ES-SCLC [27][28] 3. Research and Development Focus - ADCs are rapidly advancing in the SCLC field, targeting multiple hot spots such as B7-H3, DLL3, and TROP-2, with no ADC products currently approved for SCLC [37] - DLL3 TCEs, particularly Tarlatamab, have shown promising early data and are expected to reshape the treatment landscape for SCLC [30][31] - Next-generation IO therapies are being developed to challenge the current PD-L1 standard in first-line SCLC treatment [8][34] 4. Investment Recommendations - The report suggests that the SCLC field is expected to see continued growth, with several products poised to benefit from upcoming data releases, particularly at the 2025 ASCO conference [9] - Beneficiary companies identified include Zai Lab, Zai Lab-U, Innovent Biologics, and others [9]

2025 年 05 月 12 日 行业走势图 投资评级：看好（维持） 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 生物制品 沪深300 相关研究报告 生物制品 《重症肌无力：生物制剂打开治疗新 格局，AAN2025 泰它西普重磅 III 期 数 据 即 将 读 出 — 行 业 深 度 报 告 》 -2025.4.1 《DLL3：SCLC 高表达明星靶点，多 款国产新药未来可期 —行业深度报 告》-2024.12.30 《双抗&CAR-T：新一代 BCDT 疗法 新星，进军千亿自免蓝海市场—行业 深度报告》-2024.12.7 小细胞肺癌：中国管线全球领先，研发聚焦三大新领域 ——行业深度报告 | 余汝意（分析师） | 余克清（分析师） | 汪晋（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | yukeqing@kysec.cn | wangjin3@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790525010002 | 证书编号：S0790123050 ...

Group 1 - Amgen will present at the Bank of America Merrill Lynch Global Healthcare Conference on May 14, 2025, with key executives participating [1] - The webcast of the presentation will be available for the media, investors, and the public, and will be archived for at least 90 days [2] Group 2 - 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 [3] - In 2024, Amgen received recognition as 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 [4]

Group 1 - Robert A. Bradway will receive an honorary Doctor of Philosophy in Applied Life Sciences degree from Keck Graduate Institute for his leadership contributions to the biotechnology field [1] - Bradway has been with Amgen since 2006, becoming CEO in May 2012 and chairman in January 2013, with a background in biology and business administration [2] - Under Bradway's leadership, Amgen has maintained high ethical standards and made significant impacts in the biotech industry and healthcare [3] Group 2 - Amgen has a partnership with KGI that began in 2004, including a donation to establish the Amgen Bioprocessing Center, which focuses on collaborative research [4] - Since 2005, Amgen has contributed to KGI's Team Master Project with 21 completed projects in critical areas such as clinical supply chain and regulatory compliance [5] - Nearly 250 KGI students and alumni have worked with Amgen through various programs, highlighting KGI as a talent pipeline for the company [6] Group 3 - More than 100 Amgen employees have completed courses in the Certificate in Applied Genomic program at KGI, indicating a commitment to ongoing education and collaboration [7]