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].

Summary of Royalty Pharma Conference Call Company Overview - **Company**: Royalty Pharma - **Key Executives**: Terence Coyne (Executive VP and CFO), Marshall Uerst (EVP, Head of Research and Investments) Key Industry Insights - **Therapeutics Landscape**: The current environment in the biopharma market is characterized by uncertainty, but Royalty Pharma remains optimistic about finding attractive royalty opportunities amidst this turmoil [2][6][10] - **Capital Allocation**: The company has a balanced approach to capital allocation, focusing on share buybacks and business development (BD) to maximize returns [3][7][25] Financial Performance - **Q1 Performance**: Royalty Pharma reported a 17% growth in top-line revenue and a 12% increase in royalty receipts, maintaining consistent growth since its IPO [4][6] - **Share Buybacks**: Approximately $725 million worth of shares were repurchased in Q1, indicating a strong commitment to returning value to shareholders [7] Strategic Focus - **Internalization Transaction**: The internalization transaction was approved by 89.9% of shareholders, which is seen as a positive development for the company [2] - **Deal Pipeline**: The company is actively seeking new royalty deals, leveraging its flexibility to adapt to changing market conditions [10][11] - **Regulatory Environment**: Royalty Pharma is cautious but optimistic about drug approvals, believing that strong data will lead to successful outcomes regardless of regulatory changes [22][23] Market Risks and Opportunities - **Tariffs and Drug Pricing**: The company does not foresee significant exposure to tariffs due to its business model, which typically avoids tariff-bearing sales [15][18] - **FDA Dynamics**: The company believes that drugs with strong clinical data will continue to receive approvals, despite potential regulatory challenges [22] - **Royalty Market Growth**: The royalty market is expanding, with increasing opportunities for funding in the biopharma ecosystem [41][44] Portfolio Highlights - **Vertex Royalty**: The early adoption of Vertex's triplet product is gradual, but Royalty Pharma remains confident in its long-term value [33][34] - **Tourette's Asset**: The company identified a significant market opportunity in Tourette's syndrome, with over 100,000 patients and no new drugs approved in over a decade [47][48] - **Cytokinetics Partnership**: The long-term view on investments allows Royalty Pharma to remain optimistic about partnerships, even amidst short-term challenges [53][54] - **Olanzapine LAI**: The company is excited about the potential of the olanzapine long-acting injection, addressing a significant unmet need in the market [66][68] Conclusion - Royalty Pharma is well-capitalized with over $1 billion in cash and a debt-to-EBITDA ratio of 3x, allowing for flexibility in pursuing new deals or share buybacks [26][28] - The company maintains a positive outlook on the royalty market and is strategically positioned to capitalize on emerging opportunities while managing risks effectively [41][44]

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].

Summary of Arrowhead Pharmaceuticals (ARWR) Conference Call Company Overview - **Company**: Arrowhead Pharmaceuticals (ARWR) - **Event**: BofA Annual Healthcare Conference - **Date**: May 14, 2025 Key Points Strategic Developments - The recent deal with Sarepta has significantly changed Arrowhead's strategic outlook, allowing the company to focus on core assets and reducing dependence on capital markets for a period of time [2][4][5] - The core assets from the Sarepta deal include two muscle assets, ARO DM1 and ARO DUX4, which Arrowhead is excited about due to Sarepta's expertise in drug approval [3][4] Pipeline and Research Focus - Arrowhead has a strong presence in cardiometabolic diseases, with ongoing projects targeting APOC3 and obesity [6][7] - The company is expanding its capabilities to address various tissue types, including adipocytes, and plans to introduce new metabolic targets in the clinic next year [8][9][10] FCS and SHTG Opportunities - The company views the FCS (Familial Chylomicronemia Syndrome) market as a gateway to the larger SHTG (Severe Hypertriglyceridemia) opportunity, with an estimated 3-4 million patients in the U.S. having triglyceride levels above 500 [12][14] - Arrowhead's Phase 3 data showed an 80% reduction in triglycerides from baseline, which is significantly higher than competitors [13][19] Competitive Landscape - Arrowhead believes it has a competitive edge over Ionis in the FCS market due to its superior triglyceride reduction capabilities and less frequent dosing [20][19] - The company is preparing for potential payer restrictions based on patient profiles but expects to address a broad patient population [23][24] Clinical Trials and Timelines - Arrowhead is currently enrolling patients for multiple Phase 3 studies, with expectations to launch in the SHTG market by 2027 [33][35] - The company has sufficient cash to sustain operations until 2028, allowing for multiple product launches around that time [35] Obesity Research - Arrowhead is exploring the ALK7 and Inhibin E pathways for obesity treatment, with promising animal data indicating high-quality weight loss without caloric restriction [42][43] - The company is considering combination therapies with existing GLP-1 drugs to enhance weight loss outcomes [51][52] Neuromuscular Programs - Arrowhead is advancing its neuromuscular programs, particularly ARO DM1 and ARO DUX4, with data disclosures expected this year [59][61] - The company anticipates triggering $300 million in milestone payments based on dosing in the DM1 study [62] Safety and Efficacy Considerations - Arrowhead emphasizes the importance of safety in drug development, aiming to use lower doses compared to competitors while maintaining efficacy [63][64] - The potential for subcutaneous administration of their drugs could be a significant advancement in the field [65][66] Additional Insights - Arrowhead is optimistic about the educational aspect of the market, believing that both it and Ionis can benefit from increased awareness of triglyceride management [18] - The company is open to exploring various avenues for funding future trials, including business development and partnerships [38] This summary encapsulates the key discussions and insights from the Arrowhead Pharmaceuticals conference call, highlighting the company's strategic direction, pipeline developments, and competitive positioning in the biotech landscape.

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]

Contacts Investors: Melanie Herman investors@ligand.com (858) 550-7761 Media: Kellie Walsh media@ligand.com (914) 315-6072 About Ligand Pharmaceuticals Ligand is a biopharmaceutical company enabling scientific advancement through supporting the clinical development of high-value medicines. Ligand does this by providing financing, licensing our technologies or both. Our business model seeks to generate value for stockholders by creating a diversified portfolio of biotech and pharmaceutical product revenue st ...

Mr. Hand brings more than 20 years of strategic legal and business leadership experience across multiple functions in the biopharmaceutical industry, including nearly a decade in senior executive positions at Celgene Served on Celgene's Executive Committee and played a key leadership role in the BMS transaction, the integration of Celgene into BMS, and the divestiture of Otezla to Amgen Appointment marks a key addition as Tonix readies for the potential approval of TNX-102 SL for the management of fibromyal ...

Financial Data and Key Metrics Changes - The net income for Q2 2025 was $370.4 million, or $2.75 per share, compared to a net loss of $125.3 million, or $1.02 per share, for Q2 2024 [49] - Revenue for Q2 2025 was $542.7 million, with no revenue recorded in Q2 2024, primarily due to the license and collaboration agreement with Sarepta [49][50] - Total operating expenses for Q2 2025 were $161.5 million, up from $126.2 million in Q2 2024, driven by increased costs associated with the clinical pipeline [53] Business Line Data and Key Metrics Changes - The company is preparing for the launch of Flodasiran, targeting severe hypertriglyceridemia (SHTG) with a PDUFA date set for November 18, 2025 [10][55] - Flodasiran has shown a reduction in triglycerides of about 80% from baseline in clinical studies, with 75% of patients achieving levels below 880 mg/dL [11][41] - The company is also advancing its obesity candidates ARO INHBE and ARO ALK7, with initial data expected by the end of 2025 [16][45] Market Data and Key Metrics Changes - The company has engaged with payers representing a significant number of US covered lives, delivering content on the clinical value of Flodasiran [39] - The market research indicates strong interest in Flodasiran's potential to reduce triglycerides and acute pancreatitis risk [40] Company Strategy and Development Direction - Arrowhead aims to transition from a development stage to a commercial stage with the planned launch of Flodasiran [8] - The company has a robust pipeline with multiple independent and partner launches expected over the next few years, supported by a strong balance sheet and access to non-dilutive capital [9][22] - The focus is on expanding its commercial presence while leveraging its RNAi technology platform for future drug development [21][55] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's financial strength and the potential for significant value creation despite current biotech market challenges [9][22] - The company anticipates that the approval of Flodasiran will mark a major advancement in treatment options for patients with familial chylomicronemia syndrome [26][43] Other Important Information - The company closed a significant collaboration agreement with Sarepta Therapeutics, bringing in $500 million upfront and additional potential milestone payments [22][23] - Arrowhead's cash and investments totaled $1.1 billion as of March 31, 2025, providing a strong financial foundation for future growth [54] Q&A Session Summary Question: What are the expectations for initial monotherapy and potential combo data for ARO INHBE and ARO ALK7? - Management indicated that they are not providing specific guidance on expectations but are looking forward to seeing data on weight loss and body composition [58][60] Question: How robust is the pancreatitis data for Flodasiran? - Management noted that they have not had labeling negotiations with the FDA yet and emphasized the importance of triglyceride reduction in relation to pancreatitis risk [66][70] Question: What are the expectations for acute pancreatitis rates in the SHTG population? - Management expects the baseline for acute pancreatitis to be around 2000 mg/dL, similar to the FCS population [80] Question: What is the potential for ARO C3 and ARO CFB in complement-mediated diseases? - Management is open to partnerships for these compounds but believes they could also build a commercial presence if necessary [84][86]

Financial Data and Key Metrics Changes - The net income for the quarter ended March 31, 2025, was $370.4 million or $2.75 per share, compared to a net loss of $125.3 million or $1.02 per share for the same quarter in 2024 [48] - Revenue for the quarter was $542.7 million, with no revenue recorded in the same quarter of the previous year, primarily due to the license and collaboration agreement with Sarepta [48][49] - Total operating expenses increased to $161.5 million from $126.2 million in the prior year, driven by increased costs associated with the clinical pipeline [51] Business Line Data and Key Metrics Changes - The company is preparing to launch Flodasiran, targeting severe hypertriglyceridemia (SHTG) with a PDUFA date set for November 18, 2025 [10][28] - Phase three studies for Flodasiran showed triglyceride reductions of about 80% from baseline in genetically defined patients, with significant results in reducing triglyceride levels below critical thresholds [11][41] - The company is also advancing obesity candidates ARO INHBE and ARO ALK7, with initial data expected by the end of 2025 [15][44] Market Data and Key Metrics Changes - The company has engaged with payers representing a significant number of US covered lives, delivering content on the clinical value of Flodasiran [39] - Market research indicates strong interest in Flodasiran's ability to reduce triglycerides and the risk of acute pancreatitis, with 75% of patients achieving triglyceride levels below 880 mg/dL [41] Company Strategy and Development Direction - Arrowhead Pharmaceuticals is transitioning from a development stage to a commercial stage, with plans for multiple product launches over the next few years [7][8] - The company aims to leverage its RNAi technology platform to address various diseases, including CNS disorders and obesity, while maintaining a strong pipeline of clinical assets [18][21] - The recent collaboration with Sarepta Therapeutics significantly strengthened the company's balance sheet, providing $500 million upfront and additional milestone payments [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's financial strength and the potential for significant value creation despite current market challenges in the biotech sector [9][24] - The company anticipates that the upcoming launches and ongoing clinical trials will drive substantial value for shareholders [53] Other Important Information - The company has a strong cash position of $1.1 billion as of March 31, 2025, providing funding through 2028 [52] - Arrowhead is actively pursuing regulatory approvals in multiple jurisdictions, including the US, Europe, Canada, and Japan [28] Q&A Session Summary Question: What are the expectations for initial monotherapy and potential combo data for ARO INHBE and ARO ALK7? - The company is not providing specific guidance on expectations but is optimistic based on compelling animal data showing weight loss and retention of lean muscle mass [56][57] Question: How robust is the pancreatitis data for Flodasiran? - Management indicated that they have not had labeling negotiations with the FDA yet, and the focus remains on how low triglycerides can be reduced in patients [64][66] Question: What are the expectations for acute pancreatitis rates in the SHTG population? - The baseline for acute pancreatitis is expected to be around 2000 mg/dL, similar to the FCS population [72][74]