Financial Data and Key Metrics Changes - Amgen delivered strong operational performance in 2025, achieving double-digit growth in revenues and earnings per share [4] - Non-GAAP operating margin was 46% for the full year, with non-GAAP R&D spending increasing 22% year-over-year to a record $7.2 billion [33][34] - Generated $8.1 billion in free cash flow for the full year, reflecting operational momentum and rigorous management of working capital [34] Business Line Data and Key Metrics Changes - Repatha sales grew 36% year-over-year, surpassing $3 billion, driven by increased urgency in treating patients [22] - Evenity sales increased 34% to $2.1 billion, with a 41% growth in the U.S. market [22] - Uplizna sales rose 73% year-over-year to $655 million, reflecting strong demand across all approved indications [25] - The rare disease portfolio grew 14% year-over-year to nearly $5.2 billion [25] - Innovative oncology portfolio grew 11% year-over-year, generating $8.7 billion in sales [30] Market Data and Key Metrics Changes - The U.S. market for Repatha is expected to see increased proactive management of LDL cholesterol due to new clinical guidelines [23] - Evenity leads the bone builder segment with over 60% market share [22] - Tezspire sales grew 52% year-over-year to nearly $1.5 billion, positioning it as a leading therapy for severe uncontrolled asthma [28] Company Strategy and Development Direction - Amgen is focusing on six key growth drivers for 2026: Repatha, Evenity, Tezspire, rare disease, innovative oncology, and biosimilars [35] - The company is committed to advancing innovation in areas of high unmet medical need while maintaining rigorous financial discipline [39] - Amgen plans to leverage AI across the value chain to enhance therapeutic discovery and development [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of MariTide and its differentiated treatment for obesity and related conditions [8] - The company anticipates 2026 to be a springboard year for future growth, despite expected declines from increased competition in certain products [35][36] - Management highlighted the importance of the VESALIUS-CV trial data in promoting Repatha for primary prevention [66] Other Important Information - Amgen retired $6 billion of debt in 2025, strengthening its balance sheet [34] - The company expects capital expenditures of about $2.6 billion in 2026 to support growth and pipeline launches [38] Q&A Session Summary Question: Insights on MariTide and obesity portfolio - Management highlighted the extensive development of MariTide across various indications and the potential for competing broadly in the obesity field [44][45] Question: Dazodalibep for primary Sjögren's syndrome - Management expressed confidence in the ongoing phase III studies and the compelling hypothesis behind the drug's mechanism [48][50] Question: Uplizna's market opportunity and usage - Management discussed the potential for increased awareness and diagnosis of IgG4-related disease, with Uplizna showing strong initial uptake [56][58] Question: Repatha's market strategy amid competition - Management emphasized the unique data package of Repatha and its established role in both primary and secondary prevention [66][69]

Financial Data and Key Metrics Changes - Amgen delivered strong operational performance in 2025, achieving double-digit growth in revenues and earnings per share [4] - Non-GAAP operating margin for the full year was 46%, with free cash flow generated at $8.1 billion [35][36] - Non-GAAP R&D spending increased 22% year-over-year to a record $7.2 billion, reflecting investments in late-stage pipeline opportunities [33][34] Business Line Data and Key Metrics Changes - Repatha sales grew 36% year-over-year, surpassing $3 billion, driven by increased urgency in treating patients [22] - Evenity sales increased 34% to $2.1 billion, with a 41% growth in the U.S. market [22] - Uplizna sales rose 73% year-over-year to $655 million, reflecting strong demand across approved indications [25][26] - The rare disease portfolio grew 14% year-over-year to nearly $5.2 billion [25] - Innovative oncology portfolio generated $8.7 billion in sales, with Imdelltra achieving $627 million in sales [31] Market Data and Key Metrics Changes - The biosimilars portfolio contributed over $3 billion in sales, with a 37% increase year-over-year [31] - Tezspire sales grew 52% year-over-year to nearly $1.5 billion, positioning it as a leading therapy for severe uncontrolled asthma [29] Company Strategy and Development Direction - Amgen is focusing on six key growth drivers for 2026: Repatha, Evenity, Tezspire, rare disease, innovative oncology, and biosimilars [36] - The company is committed to advancing innovation in areas of high unmet medical need while maintaining financial discipline [40] - Amgen plans to leverage AI across the value chain to enhance therapeutic discovery and development [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of MariTide and its differentiated treatment for obesity and related conditions [8] - The company anticipates continued strong performance in 2026, despite expected declines from increased competition in certain products [36][37] - Management highlighted the importance of updating clinical guidelines to encourage proactive LDL cholesterol management [23] Other Important Information - Amgen is engaged in ongoing discussions with the FDA regarding Tavneos, a treatment for ANCA-associated vasculitis [32] - The company has made significant investments in capital expenditures to support volume growth and prepare for pipeline product launches [36] Q&A Session All Questions and Answers Question: Insights on MariTide and obesity portfolio - Management emphasized the development of MariTide across various indications and the potential for competing broadly in the obesity field [44][45] Question: Dazodalibep for primary Sjögren's syndrome - Management expressed confidence in the ongoing phase 3 studies and the compelling hypothesis behind the drug's mechanism [48][49] Question: Uplizna's market opportunity and usage - Management discussed the potential for increased awareness and diagnosis of IgG4-related disease, as well as the positive initial uptake of Uplizna in generalized myasthenia gravis [51][56] Question: Repatha's market strategy amid competition - Management highlighted the unique data package supporting Repatha's use in both primary and secondary prevention, emphasizing its established trust among prescribers [64][66] Question: Tepezza and AMG 732 for TED - Management confirmed ongoing studies for Tepezza and its strong evidence base, while also discussing the competitive landscape [74][76]

Financial Data and Key Metrics Changes - Amgen delivered a 10% sales growth in 2025, with 14 products achieving over $1 billion in annual sales and 18 products reaching record sales [21][32] - Non-GAAP operating margin for the full year was 46%, with R&D spending increasing by 22% year-over-year to a record $7.2 billion [32][33] - Free cash flow generated for the full year was $8.1 billion, reflecting operational momentum and effective working capital management [33] Business Line Data and Key Metrics Changes - Repatha sales grew 36% year-over-year, surpassing $3 billion, driven by increased urgency in treating patients [21][22] - Evenity sales increased by 34% to $2.1 billion, with a 41% growth in the U.S. market [21][23] - Uplizna sales rose 73% year-over-year to $655 million, reflecting strong demand across all approved indications [24][25] - The rare disease portfolio grew 14% year-over-year to nearly $5.2 billion [24] - Tezspire sales grew 52% year-over-year to nearly $1.5 billion, positioning it as a leading therapy for severe uncontrolled asthma [28] Market Data and Key Metrics Changes - The U.S. market for Repatha is seeing improved patient access through broad formulary coverage and the launch of Amgen Now, a direct-to-patient program [22] - Evenity leads the bone builder segment with over 60% market share, with a significant opportunity remaining as nearly 90% of high-risk women remain untreated [23] - Uplizna is the most prescribed FDA-approved therapy for NMOSD in the U.S., supported by consistent new patient growth [25] Company Strategy and Development Direction - Amgen is focusing on six key growth drivers for 2026: Repatha, Evenity, Tezspire, rare disease, innovative oncology, and biosimilars [34][35] - The company is committed to advancing innovation in areas of high unmet medical need while maintaining rigorous financial discipline [38] - Amgen is leveraging AI across the value chain to enhance therapeutic discovery and development [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of MariTide and its differentiated treatment for obesity and related conditions [6][10] - The company anticipates 2026 total revenues in the range of $37.0 billion to $38.4 billion, with non-GAAP earnings per share between $21.60 and $23 [34][36] - Management acknowledged potential challenges from increased competition and pricing pressures but remains optimistic about the overall growth trajectory [36][38] Other Important Information - Amgen's innovative oncology portfolio grew 11% year-over-year, generating $8.7 billion in full-year sales [30] - The company is advancing multiple late-stage programs and has completed five key regulatory approvals in 2025 [9][19] Q&A Session All Questions and Answers Question: Insights on MariTide and obesity portfolio - Management highlighted the development of MariTide across various indications and expressed confidence in competing broadly in the obesity field [42][44] Question: Dazodalibep for primary Sjögren's syndrome - Management confirmed that both phase 3 studies are fully enrolled and expect completion later this year, expressing confidence in the drug's potential [47][49] Question: Uplizna's market opportunity and usage - Management discussed the potential for increased awareness and diagnosis of IgG4-related disease, noting strong initial uptake of Uplizna [51][56] Question: Confidence in Uplizna's phase 3 study in CIDP - Management expressed optimism about Uplizna's unique mechanism of action and the potential to help patients with CIDP [60][63] Question: Repatha's prescription sources and market evolution - Management indicated that approximately 40% of Repatha prescriptions come from primary care, with expectations for growth following the VASILIS data promotion [72][74] Question: Tepezza and AMG 732 for TED - Management confirmed ongoing studies for Tepezza and expressed confidence in its strong evidence base and market position [77][80]

Core Insights - The biotechnology company reported a quarterly profit of $1.33 billion, which is attributed to higher revenue and lower net unrealized losses on equity investments [1] Financial Performance - Quarterly profit stands at $1.33 billion [1] - Earnings boost is linked to increased revenue [1] - There was a reduction in net unrealized losses on equity investments [1]

Q4 '25 Earnings Call February 3, 2026 Safe Harbor Statement This presentation contains forward-looking statements that are based on the current expectations and beliefs of Amgen. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including any statements on the outcome, benefits and synergies of collaborations, or potential collaborations, with any other company (including BeOne Medicines Ltd. or Kyowa Kirin Co., Ltd.), the performance o ...

Core Viewpoint - Amgen reported fourth-quarter financial results that exceeded Wall Street expectations, primarily due to a 7% increase in drug sales and a lower tax rate [1] Financial Performance - The company achieved a 7% increase in drug sales, contributing significantly to its financial performance [1] - A lower tax rate positively impacted the overall financial results for the quarter [1]

Core Insights - Amgen Inc. is a leading biotechnology company engaged in innovative therapies and treatments, operating in a competitive landscape with peers like Biogen and Gilead Sciences [1] Investment Activity - Atlantic Union Bankshares Corp increased its investment in Amgen by 66.3% in Q3, now holding 17,698 shares valued at approximately $5 million, reflecting strong investor confidence [2] - Legacy Investment Solutions LLC and Evelyn Partners Investment Management LLP have acquired new stakes in Amgen, valued at around $27,000 and $32,000 respectively, indicating growing interest in the company's potential [3] - Quaker Wealth Management LLC increased its position in Amgen by 200% in Q2, further demonstrating the rising interest among investors [3] - Atle Fund Management AB reduced its holdings in Amgen by 42.2% in Q3, now owning 13,806 shares valued at approximately $3.9 million, showcasing varied investment strategies [4] Stock Performance - Amgen's stock is currently trading at $343.63, with a slight decrease of $1.16 or -0.34% today, and has experienced a 52-week high of $353.25 and a low of $261.43 [5] - The company maintains a solid market capitalization of approximately $185 billion, reinforcing its status as a key player in the biotechnology sector [5][6]

Financial Performance - For Q4 2025, total revenues increased 9% to $9.9 billion compared to Q4 2024, with product sales growing 7% driven by 10% volume growth [3]. - For the full year 2025, total revenues increased 10% to $36.8 billion, with product sales also growing 10% due to 13% volume growth [3]. - GAAP EPS for Q4 2025 increased 111% to $2.45, while for the full year, it increased 88% to $14.23, driven by higher revenues and net unrealized gains [3]. - Non-GAAP EPS for the full year increased 10% to $21.84, despite higher operating expenses [8]. - Total product sales for Q4 2025 reached $9,367 million, a 7% increase from $8,716 million in Q4 2024 [17]. - Total product sales for FY 2025 were $35,148 million, a 10% increase from $32,026 million in FY 2024 [18]. - Net income for Q4 2025 was $1,333 million, compared to $627 million in Q4 2024, representing a 112.5% increase [67]. - Basic earnings per share for the full year 2025 were $14.33, compared to $7.62 in 2024, reflecting an increase of 88.5% [67]. - GAAP net income for Q4 2025 was $1,333 million, compared to $627 million in Q4 2024, representing a 112.5% increase [70]. - Non-GAAP net income for Q4 2025 was $2,875 million, slightly down from $2,879 million in Q4 2024, indicating a marginal decrease of 0.1% [71]. Cash Flow and Expenses - Free cash flow for 2025 was $8.1 billion, down from $10.4 billion in 2024, influenced by working capital timing and higher capital expenditures [8]. - In Q4 2025, the company reported total revenues of $1.0 billion in free cash flow, a decrease from $4.4 billion in Q4 2024, primarily due to working capital timing and higher capital expenditures [22]. - Total operating expenses for FY 2025 were $27.671 billion, a 6% increase from $26.166 billion in FY 2024 [24]. - Cash and cash equivalents decreased to $9,129 million as of December 31, 2025, down from $11,973 million in 2024 [68]. - Long-term debt decreased to $50,005 million in 2025 from $56,549 million in 2024 [68]. - The company generated $1,603 million in net cash from operating activities for Q4 2025, compared to $4,771 million for Q4 2024 [72]. - Free cash flow for the year ended December 31, 2025, was $8,100 million, down from $10,394 million in 2024 [72]. - Capital expenditures for the year ended December 31, 2025, were $1,858 million, compared to $1,096 million in 2024 [72]. Sales Performance by Product - Repatha sales increased 44% year-over-year to $870 million in Q4 2025, with a projected mid single-digit decline in net selling price for 2026 [9]. - UPLIZNA sales surged 131% year-over-year to $233 million in Q4 2025, primarily driven by volume growth [13]. - Enbrel sales decreased 48% year-over-year to $532 million in Q4 2025, impacted by lower net selling price and unfavorable changes to estimated sales deductions [13]. - Nplate sales increased 14% year-over-year to $385 million in Q4 2025, with U.S. government orders at $90 million compared to $128 million in 2024 [16]. - UPLIZNA sales surged by 73% year-over-year to $655 million in FY 2025, compared to $379 million in FY 2024 [18]. - TEZSPIRE sales increased by 52% year-over-year to $1,478 million in FY 2025, compared to $972 million in FY 2024 [18]. Research and Development - R&D expenses rose by 24% in Q4 2025, primarily due to increased spending on later-stage clinical programs, including MariTide [19]. - The company is conducting multiple Phase 3 studies for its product MariTide, targeting chronic weight management and Type 2 diabetes [27]. - The company plans to initiate Phase 3 studies of UPLIZNA in patients with autoimmune hepatitis and chronic inflammatory demyelinating polyneuropathy in 2026 [35]. - Dazodalibep and Daxdilimab are undergoing Phase 3 studies, with completion expected in H2 2026, targeting Sjögren's disease and primary discoid lupus erythematosus respectively [38]. - A Phase 3 study of TEZSPIRE is enrolling adults with moderate to very severe chronic obstructive pulmonary disease (COPD), with a baseline eosinophil count (BEC) of ≥ 150 cells/µl [41]. - IMDELLTRA received full FDA approval for treating extensive stage small cell lung cancer (ES-SCLC) and is involved in multiple ongoing Phase 1b and Phase 3 studies [44]. - Xaluritamig is in Phase 3 studies for metastatic castrate resistant prostate cancer (mCRPC), with various combinations and treatment settings being explored [48]. - A Phase 3 study of LUMAKRAS is enrolling patients with first-line KRAS G12C–mutated metastatic colorectal cancer, demonstrating ongoing commitment to oncology [55]. - The company is advancing a comprehensive clinical development program across various cancer treatments, reflecting its commitment to oncology innovation [44]. Future Projections - The company expects total revenues for 2026 to be in the range of $37.0 billion to $38.4 billion [27]. - For FY 2026, the company projects GAAP EPS in the range of $15.45 to $16.94 and non-GAAP EPS in the range of $21.60 to $23.00 [27]. - Capital expenditures for 2026 are expected to be approximately $2.6 billion [27]. - The company’s tax rate guidance for 2026 is projected to be between 15.5% and 17.5% [76]. - The GAAP diluted EPS guidance for the year ending December 31, 2026, is projected to be between $15.45 and $16.94 [74]. - Non-GAAP diluted EPS guidance for 2026 is estimated to be between $21.60 and $23.00, reflecting known adjustments of approximately $6.06 to $6.15 per share [74]. Debt and Equity - The company retired $6.0 billion of debt in FY 2025, reducing total debt outstanding to $54.6 billion as of December 31, 2025 [26]. - Amgen's total GAAP debt as of December 31, 2025, was $54,604 million, resulting in a debt leverage ratio of 3.2 [73]. - Total stockholders' equity increased to $8,658 million in 2025, up from $5,877 million in 2024 [68].

Core Insights - Amgen reported strong financial performance in 2025, with double-digit growth in revenues and earnings per share, entering 2026 with momentum across its portfolio of medicines [2][5]. Financial Performance - For Q4 2025, total revenues increased by 9% to $9.9 billion compared to Q4 2024, with product sales growing by 7% driven by 10% volume growth, partially offset by a 4% decrease in net selling price [5]. - For the full year 2025, total revenues rose by 10% to $36.8 billion compared to 2024, with product sales increasing by 10% due to 13% volume growth, offset by a 3% decline in net selling price [5]. - GAAP earnings per share (EPS) for Q4 increased by 111% from $1.16 to $2.45, and for the full year, GAAP EPS rose by 88% from $7.56 to $14.23 [5]. - Non-GAAP EPS for Q4 remained relatively unchanged at $5.29, while for the full year, it increased by 10% from $19.84 to $21.84 [5]. Product Sales Performance - Eighteen products achieved record sales for the full year, with fourteen products exceeding $1 billion in annual sales and thirteen products delivering at least double-digit sales growth [5]. - Repatha sales increased by 44% year-over-year to $870 million in Q4, driven by 31% volume growth [6]. - EVENITY sales rose by 39% year-over-year to $599 million in Q4, primarily due to volume growth [6]. - Prolia sales decreased by 10% year-over-year to $1.1 billion in Q4, impacted by lower net selling price and decreased volume [6]. Operating Expenses and Margins - Total operating expenses increased by 5% year-over-year for Q4 and by 6% for the full year [18]. - GAAP operating income for Q4 increased from $2.3 billion to $2.7 billion, with GAAP operating margin rising by 2.5 percentage points to 29.0% [5]. - Non-GAAP operating income for the full year increased from $15.0 billion to $16.2 billion, with non-GAAP operating margin decreasing by 0.8 percentage points to 46.1% [5]. Cash Flow and Balance Sheet - The company generated $8.1 billion of free cash flow for the full year 2025, down from $10.4 billion in 2024, primarily due to timing of working capital and higher capital expenditures [23]. - As of December 31, 2025, cash and cash equivalents totaled $9.1 billion, and debt outstanding was $54.6 billion, with a debt leverage ratio of approximately 3.2 times EBITDA [23]. 2026 Guidance - For 2026, the company expects total revenues in the range of $37.0 billion to $38.4 billion, with GAAP EPS projected between $15.45 and $16.94 [27].

安进赌输了。 在炎症微环境中，APC表面OX40L表达上调，进一步放大抗原特异性T细胞反应及促炎细胞因子分泌。 在多种炎症性和自身免疫性疾病中，OX40L和OX40存在表达升高的现象，如特应性皮炎、哮喘、多发性硬化症、类风 湿性关节炎、炎症性肠病、克罗恩病和系统性红斑狼疮。鉴于其在T细胞激活中的上游调控地位，阻断该相互作用可 有效抑制T细胞相关病理性免疫应答，由此催生了OX40/OX40L靶向疗法的研发热潮。 而rocatinlimab则是该领域的领跑者之一，且早期结果惊艳。2022年12月，安进公布的rocatinlimab在特应性皮炎中的二 期数据显示，接受4种不同剂量rocatinlimab治疗的患者组的EASI评分与安慰剂组相比，均获得统计学显著改善。 600mg每两周（Q2W）组EASI降低57.4%，300mgQ2W组降低61.1%，安慰剂组降低15%（所有剂量组与安慰剂相比， P<0.001）。 2021年6月，安进以4亿美元首付款、高至8.5亿美元的潜在里程碑付款以及未来销售分成，从日本制药企业协和麒麟获 得OX40单抗rocatinlimab在日本外的全球权益。 引进之后，安进火力全开，推进 ...