Amgen(AMGN)2024-09-04 16:25Company and Industry Overview * Company: Amgen Inc. (NASDAQ: AMGN) * Industry: Biopharmaceuticals * Focus: Developing innovative medicines for unmet medical needs in general medicine, oncology, inflammation, and rare diseases. Key Points Business Performance * General Medicine: Repatha and EVENITY continue to grow strongly, with Repatha up 25% in Q2 2024 and EVENITY up 40%. * Oncology: Oncology portfolio up 12% on the quarter, driven by strong performance across multiple medicines. * Inflammation: TEZSPIRE grew 75% in Q2 2024, with potential to be a game-changing medicine. * Rare Diseases: TEPEZZA, KRYSTEXXA, and UPLIZNA are performing well, with UPLIZNA showing spectacular data in IgG4-related disease. * Pipeline: Strong pipeline with visible molecules in each area, including bispecifics, novel biologics, and next-generation assets. Strategy and Growth * Innovation: Focus on innovation and addressing unmet medical needs. * International Growth: Well-established globally, with strong growth in Asia and other international markets. * Pipeline: Exciting pipeline with multiple late-stage programs and next-generation assets. * Biosimilars: Developing biosimilars to augment existing products and expand market access. Policy and Regulatory * Inflation Reduction Act (IRA): Concerns about the impact of IRA on innovation and investment in the industry. * Policy Engagement: Active engagement in Washington D.C. to ensure understanding of the biopharmaceutical industry and the impact of policies like IRA. Pipeline Details * MariTide: Next-generation obesity asset with a different mechanism of action and dosing advantage compared to existing treatments. * Rocatinlimab: Novel OX40 antibody for atopic dermatitis, prurigo nodularis, and respiratory diseases. * Olpasiran: Novel Lp(a) lowering therapy for patients at high risk of cardiovascular disease. * AI: Investing in AI to accelerate drug discovery and development. Other Important Points * Horizon Integration: Integration of Horizon Therapeutics is progressing well, with a strong fit between teams and exciting potential for future growth. * Puerto Rico Tax Litigation: High confidence in a favorable outcome in the tax court later in the year.