Amgen (AMGN) BofA Securities 2025 Healthcare Conference summary

Financial and operational performance

• Started 2025 with strong financial momentum, reporting 9% revenue growth in Q1, driven by 14% volume growth and double-digit growth in 14 products across key therapeutic areas.

• Repatha and Evenity delivered over $1 billion in Q1, up 28% year-over-year, with significant growth potential remaining.

• Biosimilars portfolio generated $735 million in Q1, up 35% year-over-year, supported by new launches and a robust pipeline of biosimilar candidates in phase III.

• Operating margin guidance for 2025 is around 46%, reflecting a 20% year-over-year increase in R&D spend, primarily for late-stage programs.

• Emphasized ongoing productivity and efficiency initiatives to offset inflationary pressures and maintain financial discipline.

Pipeline and R&D strategy

• Advancing MariTide in two phase III obesity studies, with detailed 52-week phase II data and phase I PK data to be presented at ADA in June.

• Olpasiran, a cardiovascular candidate targeting Lp(a), is fully enrolled and progressing, with high confidence in its genetically validated mechanism.

• UPLIZNA launched for IgG4-RD and has a PDUFA date for generalized myasthenia gravis in December; Glenitumamab and TEZSPIRE also progressing in rare disease and inflammation.

• Oncology BiTE platform showing strong results, with Imdelltra, [Lenkicta], and Xaluritamig advancing in clinical development and delivering significant sales and clinical milestones.

• R&D spend is prioritized as the top capital allocation, with a focus on innovation across four therapeutic areas.

Policy, manufacturing, and business development

• 2025 guidance incorporates current tariffs; future tariffs are not included, but the company remains flexible and resilient to policy changes.

• Significant U.S. manufacturing investments, including new facilities in Ohio and North Carolina, with over $2 billion committed and new plants expected to be operational by 2027-2028.

• Maintains a proactive stance on policy engagement and supply chain resilience, drawing on experience from COVID-19 disruptions.

• Open to business development opportunities, especially in obesity and other core therapeutic areas, with a focus on differentiated assets and portfolio expansion.

• Not interested in undifferentiated weekly injectables for obesity; pursuing novel mechanisms and innovative dosing strategies, including quarterly dosing for MariTide.