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]