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Core Viewpoint - Amgen's stock has faced a decline of 10.4% over the past three months, largely attributed to macroeconomic uncertainties and trade tensions [1][2]. Group 1: Market Environment - The stock market has experienced volatility due to President Trump's tariffs and China's retaliatory measures, although a recent deal has eased tensions temporarily [2]. - The uncertainty surrounding tariffs continues to impact economic growth, despite pharmaceuticals being exempt from initial tariffs [3]. Group 2: Company Performance - Amgen's revenues grew by 9% year over year in Q1 2025, driven by increased patient demand for innovative medicines [4]. - The company is facing declining revenues from oncology biosimilars and established products like Enbrel, with competitive pressures affecting sales [5]. - Key revenue drivers include older medicines like Prolia and Repatha, as well as new drugs such as Tavneos and Tezspire, alongside rare disease drugs from the acquisition of Horizon Therapeutics [5]. Group 3: Drug Pipeline and Approvals - Amgen is evaluating several drugs for additional indications, which could enhance revenue growth, with Uplizna recently approved for IgG4-related disease [6][7]. - The company has invested significantly in M&A to diversify its pipeline, including the development of MariTide, a novel obesity treatment [8][10]. - Clinical studies for MariTide have shown promising results, and further studies are ongoing [9][10]. Group 4: Biosimilars and Market Strategy - Amgen launched several new biosimilars in 2025, generating substantial sales, including Wezlana and Pavblu, which contributed to a 35% year-over-year increase in biosimilar sales [13][15]. - The company is actively pursuing additional biosimilar approvals to mitigate the impact of upcoming patent expirations for key drugs [15][16]. Group 5: Financial Outlook - Amgen's stock has outperformed the industry and S&P 500, with a year-to-date increase of 7.3% [18]. - The stock is reasonably valued, trading at a price/earnings ratio of 13.12, lower than the industry average [21]. - Earnings estimates for 2025 and 2026 have seen upward revisions, indicating positive market sentiment [24][26]. Group 6: Long-term Growth Potential - The company is expected to maintain long-term revenue growth driven by strong performance from key drugs and innovative medicines [27]. - Despite initial data from MariTide studies being below expectations, it holds potential as a significant product for Amgen [27].

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]

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 - 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].