Summary of Amgen Inc. Conference Call Company Overview - **Company**: Amgen Inc. (NASDAQ: AMGN) - **Event**: BofA Securities 2024 Health Care Conference - **Date**: May 14, 2024 Key Points Industry and Market Dynamics - Amgen is focusing on expanding its manufacturing capacity to support both clinical and commercial supply, particularly for its obesity-related drug, MariTide [3][24] - The company is committed to addressing the global health crisis of obesity and sees it as a platform for long-term growth [20][21] Product Performance - **Repatha**: Sales increased by 33% in Q1, with a 44% growth in volume. The company is optimistic about its future, especially with the upcoming VESALIUS trial for primary prevention in high-risk cardiovascular patients [4][36] - **TEZSPIRE**: The company is seeing growth in the rare disease segment, with TEPEZZA showing a 5% growth in Q1. Amgen plans to expand its market penetration and is focusing on low CAS patients [40][41] - **Rare Disease Portfolio**: Contributed nearly $1 billion in sales, up 14% year-over-year. Products like KRYSTEXXA and UPLIZNA are performing well, with UPLIZNA up 59% [5][42] Pipeline and Future Developments - Amgen is advancing a robust pipeline, including promising new medicines in various therapeutic areas. The company is particularly excited about tarlatamab, a bispecific antibody for small cell lung carcinoma, with a PDUFA date set for June 12, 2024 [6][46] - MariTide is in Phase II trials, with plans for a broad Phase III program. The company is confident in its differentiated profile compared to existing treatments [3][10][13] Manufacturing and Capacity Expansion - Amgen is investing significantly in manufacturing capabilities, including a new fill-and-finish plant in Ohio and a drug substance plant in North Carolina, set to open in 2026 [25][26] - The company emphasizes its readiness to meet patient demand and is committed to optimizing its global manufacturing network [26] Competitive Landscape - Amgen acknowledges the competitive landscape in obesity treatments but believes its long-standing expertise in metabolism and human genome science gives it an edge [11][19] - The company is also exploring various mechanisms of action for obesity treatments, indicating a commitment to innovation in this area [21][30] Strategic Focus - Amgen is open to evaluating potential acquisitions or collaborations, particularly in the rare disease space, while maintaining a focus on deleveraging in the coming years [44][45] - The company aims to leverage its strengths in discovery research and manufacturing to enhance its product offerings and market presence [44] Conclusion - Amgen is positioned for long-term growth through its diverse therapeutic areas, strong product performance, and commitment to innovation in addressing significant health challenges like obesity and rare diseases [3][20][21]

17 November 2023, Berlin: View of a screen with the lettering Lilly Deutschland GmbHì. The US ... [+] pharmaceutical company Eli Lilly announced investment plans in Germany at the press conference. Photo: Hannes P. Albert/dpa (Photo by Hannes P Albert/picture alliance via Getty Images)dpa/picture alliance via Getty ImagesGiven its better prospects, we believe Eli Lilly stock (NYSE: LLY) is a better pick than Amgen stock (NASDAQ NASDAQ : AMGN). Both stocks have been in the limelight lately, given their focus ...

The biotech's pipeline extends far beyond this exciting weight-loss product.It's a race to the riches in the anti-obesity drug market. This therapeutic area is projected to grow exponentially in the coming years. Novo Nordisk is one of the clear market leaders -- for now -- thanks to its now-famous therapy, Wegovy. However, several companies have promising pipeline candidates they hope will eventually challenge Wegovy.One of them is Amgen (AMGN -0.87%), one of the largest biotechs in the world. Amgen recent ...

During this earnings season, Wall Street investors have been paying attention to stocks generating buzz in different sectors. Diversifying investments across the 11 sectors within the S&P 500 index could help weather short-term market volatility. Over the past 12 months, the best performing sector has been information technology, returning well over 30%. Consumer discretionary sector with nearly 20% follows it, and the health care sector holds over 6%. By comparison, the S&P 500 index, which represents the ...

GERMANY - 2024/04/03: In this photo illustration, an Amgen Inc. (formerly Applied Molecular Genetics ... [+] Inc.) logo seen displayed on a tablet. (Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty ImagesAmgen stock (NASDAQ NASDAQ : AMGN) has seen a solid 9% rise in a week, outperforming the broader S&P500 index, up 1.5%. The recent rise can be attributed to the progress with its weight-loss drug — MariTide and its upbeat Q1 results reported las ...

Picking income stocks can be challenging. Some companies pay dividends only to cut them in the future, and others are more focused on stock buybacks instead of dividends. However, research has shown that dividends provide investors with about 35% of their total returns over time. It varies year to year, but holding solid income stocks that consistently raise their annual payout has proven successful.The three dividend stocks to buy below have prioritized returning cash to shareholders and all have excellent ...

In this articleAMGNLLYNOVO.B-DKThe injectable weight-loss medication Wegovy is available at New City Halstead Pharmacy on April 24, 2024 in Chicago, Illinois.Scott Olson | Getty ImagesNovo Nordisk and Eli Lilly have long dominated the rapidly growing weight loss drug market, but their duopoly is closer than ever to facing a threat from a new rival. Amgen is among the leaders of a pack of drugmakers racing to join the market with their own weight loss treatments. As the company pushes forward with the trials ...

The stock market is where investors buy and sell shares of public companies. Among the various indexes, the Dow Jones Industrial Average (DJIA) is one of the most recognized. It consists of 30 prominent companies in the U.S., often referred to as “blue chips.” This index is a significant indicator of the market’s overall health and economic trends.Investing in Dow Jones stocks offers the advantage of stability and reliability. These companies are well-established and financially sound, often providing consi ...

Amgen, Inc. (NASDAQ:AMGN) Q1 2024 Earnings Conference Call May 2, 2024 4:30 PM ET Company Participants Justin Claeys - VP, IR Robert Bradway - Chairman, CEO & President James Bradner - EVP, Research and Development & Chief Scientific Officer Vikram Karnani - EVP & President, Global Commercial Operations & Medical Affairs (Rare Disease) Murdo Gordon - EVP, Global Commercial Operations Peter Griffith - EVP & CFO Conference Call Participants Salveen Richter - Goldman Sachs Group Michael Yee - Jefferies Terence ...

Financial Performance - Total revenues for the three months ended March 31, 2024, were $7,447 million, a 22% increase from $6,105 million in the same period of 2023[10]. - Product sales reached $7,118 million, up from $5,846 million, reflecting a 22% growth year-over-year[10]. - Operating income decreased to $991 million from $1,921 million, representing a decline of 48%[10]. - Net loss for the three months ended March 31, 2024, was $(113) million compared to a net income of $2,841 million in the same period of 2023[10]. - Basic and diluted loss per share for the current period was $(0.21), down from earnings of $5.32 and $5.28, respectively, in the prior year[10]. - The company reported a pretax loss of $68 million for Q1 2024, compared to a pretax income of $3,442 million in Q1 2023[45]. - The effective tax rate for the three months ended March 31, 2024, was (66.2)%, compared to 17.5% for the same period in 2023, primarily due to the earnings mix from the inclusion of the Horizon business[45][46]. Expenses and Investments - Research and development expenses increased to $1,343 million from $1,058 million, marking a 27% rise[10]. - Total operating expenses rose to $6,456 million, up from $4,184 million, indicating a 54% increase[10]. - The company reported depreciation and amortization expenses of $1,399 million for the quarter, compared to $900 million in the prior year[23]. - Amortization of finite-lived intangible assets for the three months ended March 31, 2024, was $1.2 billion, compared to $693 million for the same period in 2023, indicating a significant increase of approximately 73.2%[74]. - The total estimated amortization of finite-lived intangible assets for the remaining nine months of 2024 is projected to be $3.6 billion[74]. Cash and Assets - Cash and cash equivalents decreased to $9,708 million from $10,944 million[15]. - Total assets as of March 31, 2024, were $92,980 million, down from $97,154 million at the end of 2023[15]. - Total inventories decreased to $8,724 million as of March 31, 2024, from $9,518 million as of December 31, 2023, a decline of approximately 8.3%[67]. - The fair value of money market mutual funds decreased from $10,266 million as of December 31, 2023, to $9,099 million as of March 31, 2024[89]. - The fair value of equity securities decreased from $4,514 million as of December 31, 2023, to $3,985 million as of March 31, 2024[89]. Debt and Liabilities - Long-term debt decreased to $60,061 million from $63,170 million, reflecting a reduction of 5%[15]. - The total carrying value of debt decreased to $64,020 million as of March 31, 2024, from $64,613 million as of December 31, 2023[78]. - The company repurchased portions of various notes for an aggregate cost of $410 million during the three months ended March 31, 2024, resulting in a $133 million gain on extinguishment of debt[79]. - Total liabilities as of March 31, 2024, were $1,168 million, compared to $1,188 million as of December 31, 2023[89]. Acquisitions - The company completed the acquisition of Horizon Therapeutics for approximately $27.8 billion, enhancing its portfolio in rare diseases[31]. - The acquisition included cash consideration of $26.7 billion and additional costs related to options and equity awards totaling $523 million[33]. - The fair value of developed-product-technology rights acquired in the Horizon acquisition was estimated at $19,590 million[34]. - The estimated fair value of acquired inventory from Horizon was $5,025 million, with amortization expected over approximately 27 months[35]. Legal and Regulatory Matters - Legal proceedings and investigations may have outcomes that are difficult to predict, potentially affecting the company's financial position[116]. - The company is involved in patent litigation concerning Repatha and other products, with significant hearings scheduled in the coming years[118]. - Amgen's patent claims related to the '736 Patent were found valid and enforceable by the New Jersey District Court[121]. - Amgen successfully dismissed indirect purchasers' claims in the antitrust class actions in Delaware District Court[122]. Market and Investment Risks - The company recognized an unrealized loss of $454 million on its equity investment in BeiGene for the three months ended March 31, 2024, compared to an unrealized gain of $1.9 billion for the same period in 2023[60]. - The carrying value of the equity investment in BeiGene was $3.0 billion as of March 31, 2024, down from $3.4 billion as of December 31, 2023[60]. - The company incurred net changes in valuations of contingent consideration obligations of $2 million for the three months ended March 31, 2024[94].