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]