Amgen (AMGN) Citi's 2024 Global Healthcare Conference summary

Business performance and portfolio updates

• Achieved 23% revenue growth and 29% volume growth in Q3, with 10 products showing double-digit sales increases and 14 products annualizing over $1 billion in sales.

• Oncology portfolio grew 17% to over $2 billion, with xaluritamig advancing to phase III for prostate cancer.

• Rare disease segment expanded after the Horizon acquisition, with Tepezza launching in Japan and four key medicines generating $1.2 billion in Q3 sales.

• Inflammation and general medicine portfolios saw strong growth, including Tezspire up 67% and Repatha up 40%.

• Biosimilars remain robust, with Pavblu launched and Uplizna receiving priority review for rare IgG4-related disease.

MariTide obesity program highlights

• Phase II data showed ~20% average weight loss at 52 weeks with no plateau, and 17% in type 2 diabetes patients, with significant HbA1c reduction.

• First obesity treatment studied with monthly or less frequent dosing; quarterly dosing under evaluation.

• Low discontinuation rates (11%), favorable GI tolerability, and high patient retention into phase II part 2 (>90%).

• Device innovation emphasized, leveraging expertise in biotherapeutic-device integration for patient-friendly autoinjectors.

• Extended dosing and maintenance strategies expected to improve persistence and convenience for chronic disease management.

Commercial and strategic perspectives

• Large, underpenetrated obesity market with billions of potential patients; MariTide positioned for strong competitive entry.

• Extended dosing options (monthly/quarterly) seen as key differentiators for both obesity and related indications.

• Manufacturing expansion announced: $1 billion investment in North Carolina facility, with global network optimization and reduced peptide requirements for MariTide.

• Focus on delivering a convenient, single-injection autoinjector device for patients.

• Ongoing research into oral obesity medicines, but injectables expected to remain critical for severe cases.