Key Takeaways MRK faces major headwinds as Keytruda, its top seller, nears the loss of exclusivity in 2028. Gardasil sales dropped 40% in Q1 2025 due to weak China demand, despite strength in other regions. MRK expects IRA's Medicare drug pricing to impact Januvia in 2026 and Keytruda starting in 2028.Merck (MRK) is expected to face several hurdles over the next few years that could affect its long-term growth trajectory, starting with the anticipated loss of exclusivity of its blockbuster PD-L1 inhibitor ...

Key Takeaways PFE expects steady 2025 COVID sales but anticipates major LOE losses and IRA headwinds in the future. Medicare Part D changes may cut into sales of key PFE drugs like Vyndaqel, Ibrance, Xtandi and Xeljanz. PFE trades at 7.82x forward earnings, below industry average, with EPS estimates rising for 2025 and 2026.Pfizer (PFE) is likely to encounter several headwinds in the next couple of years that can hurt its sales and profits, the first being declining sales of COVID products, Comirnaty and ...

Market Overview - The stock market is experiencing volatility, with the S&P 500 index falling nearly 20% from February highs but recovering fully by May 22 [1] - Investors are concerned about high tariffs, a proposed major tax bill, and the potential for recession or rising inflation [1] Amgen - Amgen is a pharmaceutical company known for its diverse range of drugs, including Enbrel, Prolia, XGEVA, Otezla, and Repatha [3] - The company is developing a weight-loss drug, MariTide, and has initiated two phase 3 trials [4] - In Q1, Amgen reported adjusted earnings of $4.90 per share, surpassing Wall Street estimates of $4.26, with revenue growth of 9% year over year [6] - Amgen has consistently paid dividends since 2011, increasing them for 14 consecutive years, with a current dividend yield of approximately 3.5% [7] - Management expects free cash flow to rebound to $7.4 billion in 2023, covering the expected $5.2 billion in dividend payments [7] Sirius XM - Sirius XM is a leading digital audio company in the U.S., operating Sirius satellite radio and Pandora, reaching 160 million listeners monthly [8] - The company has faced significant challenges, with stock down about 57% over the last five years due to rising competition and declining subscribers [8] - Management is investing in technology, expanding its podcast network, and streamlining subscription offerings, aiming for a 25% increase in subscribers to 50 million and a 50% increase in free cash flow to $1.8 billion [9] - In Q1, Sirius XM's revenue fell 4.3% year over year, and total U.S. subscribers declined by 2% [10] - The company offers a 4.9% dividend yield, having regularly paid and increased its annual dividend since 2017, with a trailing free cash flow yield close to 10% [11]

Core Viewpoint - A federal court jury found Amgen liable for antitrust violations, awarding Regeneron $135.6 million in compensatory damages and $271.2 million in punitive damages due to Amgen's anticompetitive practices that hindered competition for Praluent [1][3]. Summary by Relevant Sections Antitrust Violations - Amgen was found to have violated multiple laws, including the Clayton Act and Sherman Act, by using cross-therapeutic bundled rebates to favor Repatha over Praluent, thereby preventing fair competition [1][2]. Jury Verdict and Damages - The jury awarded Regeneron a total of $406.8 million, comprising $135.6 million in compensatory damages and $271.2 million in punitive damages aimed at deterring similar future conduct [3]. Company Statements - Regeneron emphasized the importance of fair competition in the biotech industry, stating that anticompetitive tactics undermine patient access to innovative therapies and hinder medical advancements [4]. Product Information - Praluent, developed by Regeneron and Sanofi, is designed to lower LDL cholesterol levels by inhibiting PCSK9, and is approved in 60 countries [6][7]. Technology and Innovation - Regeneron's proprietary VelocImmune technology has been instrumental in developing fully human monoclonal antibodies, contributing to a significant portion of FDA-approved treatments [8][9].

Core Viewpoint - Amgen (AMGN) reported strong first-quarter earnings and sales for 2025, with total revenues increasing by 9% year over year and product revenues rising by 11% to $7.87 billion, driven by volume growth despite price declines [1][2][3] Revenue Performance - Total revenues rose 9% year over year, with product revenues increasing 11% to $7.87 billion, reflecting strong volume growth across all areas [1][2] - Sales of key products such as Prolia, Xgeva, Repatha, Blincyto, and Evenity exceeded estimates, with 14 products achieving double-digit volume growth [3][4] Key Drug Performance - Repatha generated $656 million in sales, up 27% year over year, with volume growth of 41% offset by a 9% price decline [4] - Evenity recorded sales of $442 million, a 29% increase year over year, driven by strong demand [5] - Prolia revenues reached $1.1 billion, up 10% from the previous year, as higher volumes mitigated lower pricing impacts [5] Rare Disease Drug Sales - Sales of rare disease drugs rose 3% year over year to $1 billion, with Tepezza and Krystexxa impacted by U.S. wholesaler inventory changes [8][9] - Tepezza sales declined 10% to $381 million, while Krystexxa remained flat at $236 million; Uplizna grew 14% to $91 million, and Tavneos saw a 76% increase to $90 million [9] Oncology Portfolio - Amgen's oncology portfolio grew 10% year over year, generating over $2 billion in sales, with Blincyto as a key driver at $370 million, up 52% [10][11] - Xgeva delivered revenues of $566 million, while Kyprolis saw a 14% decline to $324 million due to competitive pressures [11] Biosimilars Contribution - Biosimilar portfolio sales increased by 35% year over year to $735 million, with new products like Wezlana contributing significantly [12][13] - Wezlana generated $150 million in sales, while Pavblu brought in $99 million [13] Inflammation Drugs - Otezla sales were $437 million, up 11%, while Enbrel revenues declined 10% to $510 million, with both products beating estimates [15] Overall Conclusion - Amgen's key medicines, including Evenity, Repatha, and Blincyto, drove sales growth, offsetting declines from oncology biosimilars and established products like Enbrel [16] - Increased pricing pressures and competition are expected to impact sales of several products, with potential revenue headwinds from brands like Otezla and Lumakras [17]

Amgen (AMGN) reported $8.15 billion in revenue for the quarter ended March 2025, representing a year-over-year increase of 9.4%. EPS of $4.90 for the same period compares to $3.96 a year ago.The reported revenue represents a surprise of +2.47% over the Zacks Consensus Estimate of $7.95 billion. With the consensus EPS estimate being $4.16, the EPS surprise was +17.79%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expect ...

Q1 '25 Earnings Call May 1, 2025 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 BeiGene, Ltd. or Kyowa Kirin Co., Ltd.), the performance of Otezla® (a ...

Core Viewpoint - Sandoz reported a net sales growth of 3% in Q1 2025, marking the fourteenth consecutive quarter of growth, driven by a strong biosimilar pipeline and commercial excellence [3][5][6]. Financial Performance - Q1 2025 net sales reached USD 2,480 million, with volume contributing six percentage points to growth, while price erosion accounted for a three percentage point decline [5][6]. - The company anticipates mid single-digit net sales growth for the full year 2025 and a core EBITDA margin of around 21% [7][4]. Segment Performance - Generics net sales were USD 1,809 million, stable with a 2% growth on a comparable growth rate (CGR) basis, representing 73% of total net sales [9][8]. - Biosimilars net sales amounted to USD 671 million, reflecting an 11% growth (14% on a CGR basis), accounting for 27% of total net sales [10][8]. Regional Performance - Europe net sales grew by 7% to USD 1,372 million, driven by recent launches in biosimilars [14][12]. - International net sales declined by 2% to USD 590 million, but grew by 2% when adjusted for the divestment of the China business [15][12]. - North America net sales increased by 1% to USD 518 million, with a 3% growth when excluding the impact of the Cimerli withdrawal [16][12]. Future Outlook - Sandoz plans to launch several major biosimilars in the second half of 2025, including Wyost®/Jubbonti® and Tyruko® [6][4]. - The company is also experiencing favorable regulatory developments, which may streamline biosimilar development processes [20][4]. Legal Developments - Sandoz has filed an antitrust lawsuit against Amgen in the US, alleging anti-competitive practices related to the market position of Enbrel® [21].

Amgen (AMGN) will report first-quarter 2025 results on May 1, after market close. In the last reported quarter, the company beat earnings expectations by 5.57%. The Zacks Consensus Estimate for first-quarter sales and earnings is pegged at $7.96 billion and $4.16 per share, respectively. (Find the latest earnings estimates and surprises on Zacks Earnings Calendar.)Factors to Consider for AmgenAmgen’s product sales are expected to have been driven by strong volume growth of products like Evenity, Repatha, Ky ...

Things were going great, right until the point when they weren't.Few would dispute that Pfizer (PFE 0.63%) is an icon within the pharmaceutical world. And, giving credit where it's due, the drugmaker largely led the charge against the COVID-19 pandemic with both a vaccine and treatment.Anyone keeping tabs on this ticker of late, however, likely knows it's also been a disappointment since its contagion-driven peak. Indeed, thanks to more than a 60% pullback from its late-2021 high, investors that committed $ ...