Amgen (AMGN) 2025 Conference Transcript

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]