Core Viewpoint - Amgen reported quarterly earnings of $4.90 per share, exceeding the Zacks Consensus Estimate of $4.16 per share, and showing an increase from $3.96 per share a year ago, representing an earnings surprise of 17.79% [1][2] Financial Performance - The company achieved revenues of $8.15 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 2.47%, and up from $7.45 billion year-over-year [2] - Over the last four quarters, Amgen has exceeded consensus EPS estimates four times and topped revenue estimates three times [2] Stock Performance - Amgen shares have increased approximately 11.6% since the beginning of the year, contrasting with a decline of -5.3% in the S&P 500 [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $5.29 on revenues of $8.82 billion, and for the current fiscal year, it is $20.57 on revenues of $34.99 billion [7] - The outlook for the Medical - Biomedical and Genetics industry is favorable, ranking in the top 32% of over 250 Zacks industries, suggesting potential for outperformance [8]

Financial Data and Key Metrics Changes - Revenue grew 9% year over year, reaching $8.1 billion, with volume growth of 14% reflecting increased patient demand for innovative medicines [4][49] - Non-GAAP operating expenses rose 4%, with R&D expenses increasing by 12% year over year [50] - Non-GAAP operating margin was 45.7%, above previous guidance due to timing of R&D spending [50] Business Line Data and Key Metrics Changes - General Medicine saw Repatha sales increase by 27% year over year, generating $656 million in Q1 [18] - Rare Disease portfolio grew 3% year over year, delivering $1 billion in sales, with TEPEZZA and KRYSTEXXA impacted by U.S. wholesaler inventory changes [23] - Oncology portfolio generated over $2 billion in sales, growing 10% year over year, driven by the bispecific T cell engager platform [28] Market Data and Key Metrics Changes - U.S. product sales grew 14%, with 14 products delivering double-digit growth [17] - Repatha sales outside the U.S. increased by 29% year over year, reaching $442 million [21] - Evenity sales in the U.S. grew 36% year over year, with Prolia sales reaching nearly $1.1 billion [22][23] Company Strategy and Development Direction - The company is focused on addressing large underserved patient populations with multiple products, particularly in general medicine and rare diseases [5][6] - Continued investment in manufacturing and R&D, with nearly $5 billion invested in U.S. capital projects since 2017 [14][58] - The company aims to maintain leadership in biosimilars and innovative therapies while navigating potential tariff and tax changes [13][58] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong patient demand and ongoing product launches [16] - The company is well-positioned to deliver innovation and growth, despite operating in a volatile environment [16] - Management reaffirmed 2025 revenue guidance of $34.3 billion to $35.7 billion and non-GAAP EPS guidance of $20 to $21.2 [54] Other Important Information - The company generated $1 billion in free cash flow in Q1, reflecting operational momentum [51] - The FDA granted breakthrough therapy designation for blinatumomab for subcutaneous treatment of B-ALL [11][46] - The company is advancing multiple Phase 3 studies across various therapeutic areas, including obesity and rare diseases [36][42] Q&A Session Summary Question: What should be expected at ADA regarding Meritide? - Management highlighted strong efficacy and tolerability data from Phase II studies, with a focus on mechanistic insights and ongoing Phase III trials [62][64] Question: What is the commercial strategy for Aplisna in IgG4? - The company is excited about being the first approved therapy for IgG4, with a focus on engaging rheumatologists and leveraging its experience in autoimmune diseases [68][70] Question: How does the company view competition from oral obesity medications? - Management expressed confidence in Meritide's efficacy and tolerability, noting that while oral medications may enter the market, Meritide's unique dosing schedule provides a competitive advantage [80][84] Question: How is Repatha performing against competitors like Lecvio? - Management acknowledged competition but emphasized Repatha's strong profile and ongoing efforts to improve access and affordability for patients [88][90] Question: What is the expected uptake of Tableau following the Q code implementation? - The company reported positive reception of PABLUE among retina specialists and is working on contracting with larger groups [95] Question: How is the company addressing payer dynamics in the obesity market? - Management is focused on ensuring broad access to obesity medications and is monitoring recent changes in the payer environment [99]

Financial Data and Key Metrics Changes - The company reported revenues of $8.1 billion for Q1 2025, reflecting a 9% year-over-year increase, driven by 14% volume growth from key brands [48] - Non-GAAP operating expenses rose by 4%, with R&D expenses increasing by 12% year-over-year, indicating continued investment in the late-stage pipeline [49] - The non-GAAP operating margin was 45.7%, above previous guidance due to the timing of R&D spending [49] Business Line Data and Key Metrics Changes - Global product sales grew by 11% year-over-year, with the U.S. market showing a 14% increase [18] - Repatha sales increased by 27% year-over-year, reaching $656 million in Q1, driven by improved access and prescriber engagement [19] - The rare disease portfolio grew by 3% year-over-year, generating $1 billion in sales, although sales of TEPEZZA and KRYSTEXXA were impacted by changes in U.S. wholesaler inventory levels [23] Market Data and Key Metrics Changes - The biosimilars portfolio generated $735 million in sales, a 35% increase year-over-year, with PABLUE sales reaching $99 million [31] - Evenity sales grew by 36% in the U.S., highlighting the potential for further market penetration as fewer than 250,000 patients have been treated to date [22] - The oncology portfolio, including products like BLINCYTO and IMDELTRA, grew by 10% year-over-year, generating over $2 billion in sales [29] Company Strategy and Development Direction - The company is focused on addressing large underserved patient populations in general medicine, rare diseases, and oncology, with multiple product launches and positive clinical trial data [5][6] - There is a commitment to innovation, with significant investments in R&D and manufacturing capacity in the U.S. [14][56] - The company aims to adapt to potential changes in tariffs and taxes while maintaining long-term growth strategies [13][55] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong patient demand for innovative medicines and the successful execution of multiple Phase 3 studies [16] - The company reaffirmed its 2025 total revenue guidance in the range of $34.3 billion to $35.7 billion, along with non-GAAP earnings per share guidance between $20 and $21.2 [52] - Management acknowledged the competitive landscape but emphasized the unique value propositions of their products, particularly in the PCSK9 category [88] Other Important Information - The company has invested nearly $5 billion in U.S. capital projects since 2017 and announced an additional $2 billion in expansions in Ohio and North Carolina [14] - The integration of Horizon is progressing well, with expectations to achieve $500 million in pre-tax cost synergies by the end of the year [49] Q&A Session Summary Question: What should be expected at ADA regarding Meritide? - Management highlighted strong efficacy and tolerability data from Phase II studies, with a focus on new mechanistic data to be presented at ADA [60][62] Question: What is the commercial strategy for Uplenza in IgG4? - The company is excited about being the first approved therapy for IgG4, with a focus on engaging rheumatologists and leveraging its existing presence in inflammation and autoimmune diseases [68][70] Question: How does the company view competition from oral obesity medications? - Management acknowledged the competition but emphasized the unique dosing schedule and efficacy of Meritide, which they believe will maintain its competitive edge [82][84] Question: What is the outlook for Repatha amidst increasing competition? - The company recognizes competition but believes Repatha has the best profile in the PCSK9 category, with ongoing efforts to improve access and affordability for patients [88][90]

Q1 2025 Financial Performance - Total revenue increased by 9% year-over-year, reaching $8.149 billion[97] - Product sales increased by 11% year-over-year, totaling $7.873 billion[97] - Non-GAAP EPS increased by 24% year-over-year, reaching $4.90[97] - Research and development investment increased by 12% year-over-year, reaching $1.5 billion[9] - Free cash flow was $980 million in Q1 2025, compared to $459 million in Q1 2024[117] Product Performance Highlights - Repatha sales increased by 27% year-over-year, reaching $656 million, driven by 41% volume growth[12, 22] - EVENITY sales increased by 29% year-over-year, reaching $442 million, driven by volume growth[12, 22] - Prolia sales increased by 10% year-over-year, reaching $1.099 billion, driven by 13% volume growth[12, 22] - TEZSPIRE sales increased by 65% year-over-year, reaching $285 million, driven by volume growth[12, 32] - BLINCYTO sales increased by 52% year-over-year, reaching $370 million, primarily driven by volume growth[12, 37] - IMDELLTRA generated $81 million in sales in Q1 2025[12, 17, 37] Pipeline and Regulatory Updates - FDA approved UPLIZNA for the treatment of IgG4-RD in adult patients[9, 51] - Positive Phase 3 data from IMDELLTRA, UPLIZNA, and rocatinlimab[9] - Initiated multiple Phase 3 trials of MariTide and TEZSPIRE[9] - The company expects 2025 revenue to be in the range of $34.3 billion to $35.7 billion[101]

Exhibit 99.1 News Release One Amgen Center Drive Thousand Oaks, CA 91320-1799 Telephone 805-447-1000 www.amgen.com AMGEN REPORTS FIRST QUARTER 2025 FINANCIAL RESULTS THOUSAND OAKS, Calif. (May 1, 2025) - Amgen (NASDAQ:AMGN) today announced financial results for the first quarter of 2025. "Demand for our products was strong globally in the first quarter. Ongoing new product launches and successful Phase 3 trial results for several products make us feel confident in our long-term growth prospects," said Rober ...

Core Viewpoint - Amgen reported strong financial results for Q1 2025, with total revenues increasing by 9% year-over-year to $8.1 billion, driven by robust product sales and successful new product launches [2][5][22]. Financial Performance - Total revenues for Q1 2025 were $8.1 billion, a 9% increase compared to Q1 2024 [5]. - Product sales grew by 11%, primarily due to a 14% increase in volume, although this was partially offset by a 6% decrease in net selling price [5]. - GAAP earnings per share (EPS) were $3.20, a significant recovery from a loss of $0.21 in Q1 2024, influenced by an unrealized gain on equity investments [5]. - Non-GAAP EPS increased by 24% from $3.96 to $4.90, reflecting higher revenues despite increased operating expenses [5][18]. - Free cash flow for Q1 2025 was $1.0 billion, up from $0.5 billion in Q1 2024, attributed to improved business performance [22]. Product Sales Performance - Repatha® sales rose by 27% year-over-year to $656 million, driven by a 41% increase in volume [6]. - TEPEZZA® sales decreased by 10% year-over-year to $381 million, primarily due to lower volume and inventory levels [4]. - Fourteen products achieved double-digit sales growth, including Repatha®, BLINCYTO®, TEZSPIRE®, and EVENITY® [5]. - IMDELLTRA® generated $81 million in sales during its launch quarter, with positive Phase 3 trial results [5]. Operating Expenses and Margins - Total operating expenses increased by 8% year-over-year, with cost of sales as a percentage of product sales decreasing by 7.3 percentage points [18]. - GAAP operating income rose from $1.0 billion to $1.2 billion, with an operating margin increase of 1.1 percentage points to 15.0% [5][18]. - Non-GAAP operating income increased from $3.1 billion to $3.6 billion, with a non-GAAP operating margin of 45.7%, up 2.5 percentage points [5][18]. Guidance for 2025 - The company expects total revenues for 2025 to be in the range of $34.3 billion to $35.7 billion [23]. - GAAP EPS is projected to be between $12.21 and $13.46, while non-GAAP EPS is expected to range from $20.00 to $21.20 [23]. - Capital expenditures are anticipated to be approximately $2.3 billion for the year [23].

CAMBRIDGE, Mass., May 01, 2025 (GLOBE NEWSWIRE) -- Foghorn® Therapeutics Inc. (Nasdaq: FHTX), a clinical-stage biotechnology company pioneering a new class of medicines that treat serious diseases by correcting abnormal gene expression, today announced the election of Neil Gallagher, M.D., Ph.D., and Stuart Duty, to its Board of Directors. “Neil and Stuart are experienced leaders with decades of deep and multifaceted understanding of the biotechnology industry,” said Adrian Gottschalk, President and Chief E ...

Core Viewpoint - Amgen is set to report its first-quarter 2025 results on May 1, with expectations of strong sales driven by volume growth in key products, although pricing pressures may impact overall revenue [1][4]. Sales Estimates - The Zacks Consensus Estimate for first-quarter sales is $7.96 billion, with earnings expected at $4.16 per share [1]. - Specific sales estimates for key products include Evenity at $406 million, Repatha at $616 million, Kyprolis at $381 million, and Blincyto at $333 million [2]. Patent Expiration Impact - Patents for Prolia and Xgeva expired in February 2025 in the U.S., leading to anticipated significant sales erosion due to biosimilar competition, with estimates of $990 million for Prolia and $542 million for Xgeva [3]. New Product Contributions - Newer drugs like Tezspire and Tavneos are expected to contribute positively to top-line growth, alongside the successful launch of Imdelltra for advanced small cell lung cancer [4]. Declining Sales of Established Products - Sales of Enbrel and Otezla are projected to decline due to price reductions and historical trends related to benefit plan changes and increased co-pay expenses [5][6]. Biosimilars Performance - Increased competition is expected to negatively impact revenues from oncology biosimilars, while sales of Amjevita/Amgevita are likely to have increased [7]. - Amgen launched biosimilars Wezlana and Pavblu, with investors keenly observing their sales performance [8]. Operating Margin Expectations - Amgen anticipates the lowest operating margin of the year at around 42% for the first quarter, with R&D costs expected to rise while SG&A costs as a percentage of sales are projected to decline [9]. Earnings Surprise History - Amgen has a strong earnings surprise history, beating estimates in the last four quarters with an average surprise of 5.23% [10]. Earnings Prediction Model - The current model does not predict a definitive earnings beat for Amgen, with an Earnings ESP of -0.05% and a Zacks Rank of 3 [12].

Core Viewpoint - Amgen is set to report its first quarter 2025 financial results on May 1, 2025, followed by a conference call with senior management [1] Group 1: Financial Reporting - Amgen will announce its Q1 2025 financial results after the close of U.S. financial markets on May 1, 2025 [1] - A conference call will take place at 4:30 p.m. ET, featuring CEO Robert A. Bradway and other senior management members [1] Group 2: Conference Call Details - The conference call will be broadcast live over the internet, accessible to media, investors, and the general public [2] - The webcast will be archived for at least 90 days for replay [3] Group 3: Company Overview - Amgen is a leader in biotechnology, focusing on innovative medicines for serious diseases, with over 40 years of industry experience [4] - The company has a diverse pipeline targeting cancer, heart disease, osteoporosis, inflammatory diseases, and rare diseases [4] Group 4: Recognition and Index Inclusion - In 2024, Amgen was recognized as one of the "World's Most Innovative Companies" by Fast Company and one of "America's Best Large Employers" by Forbes [5] - Amgen is part of the Dow Jones Industrial Average and the Nasdaq-100 Index, highlighting its market capitalization and innovation [5]

Industry Overview - The first-quarter earnings season for the drug and biotech sector is underway, with major companies like Pfizer, Eli Lilly, Amgen, Biogen, and Regeneron set to announce results [1] - Johnson & Johnson and Merck have reported results, both exceeding first-quarter estimates for earnings and sales, while Sanofi had mixed results, beating earnings estimates but missing sales [1] Earnings Trends - As of April 23, 15% of companies in the Medical sector, representing 33.8% of the sector's market capitalization, reported quarterly earnings, with 77.8% surpassing estimates for both earnings and revenues [3] - Year-over-year earnings increased by 4.7%, and revenues rose by 9.4% [3] - Overall, first-quarter earnings for the Medical sector are expected to increase by 35%, while sales are projected to rise by 7.8% compared to the previous year [3] Company Performance Pfizer (PFE) - Pfizer has consistently exceeded earnings expectations in the last four quarters, with an average earnings surprise of 44.16% [5] - The Zacks Consensus Estimate for first-quarter sales and earnings is $13.88 billion and 64 cents per share, respectively [6] - Non-COVID operational revenues are driving growth, supported by products like Vyndaqel, Padcev, and Eliquis, despite a decline in sales of COVID products [7] Eli Lilly (LLY) - Eli Lilly has had mixed performance, exceeding earnings expectations in three of the last four quarters, with an average earnings surprise of 8.47% [8] - The Zacks Consensus Estimate for sales and earnings is $12.62 billion and $3.52 per share, respectively [8] - Growth is expected to be driven by demand for FDA-approved tirzepatide medicines, although sales of Mounjaro and Zepbound were below expectations [9][10] Amgen (AMGN) - Amgen has shown strong performance, beating earnings estimates in each of the last four quarters, with an average earnings surprise of 5.23% [11] - The Zacks Consensus Estimate for first-quarter sales and earnings is $7.96 billion and $4.15 per share, respectively [11] - Product sales are expected to be driven by strong volume growth, although prices may decline due to higher rebates [12] Biogen (BIIB) - Biogen has consistently beaten earnings estimates in the last four quarters, with an average earnings surprise of 11.80% [13] - The Zacks Consensus Estimate for sales and earnings is $2.23 billion and $3.52 per share, respectively [13] - Lower sales of multiple sclerosis drugs are likely to be offset by revenues from new drugs [14] Regeneron (REGN) - Regeneron has had mixed results, surpassing earnings expectations in three of the last four quarters, with an average earnings surprise of 3.23% [16] - The Zacks Consensus Estimate for first-quarter sales and earnings is $3.28 billion and $8.43 per share, respectively [17] - Sales of Eylea are expected to have declined due to competition, but sales of Eylea HD and Dupixent are likely to have surged [18][19]