Amgen (AMGN) Citi's 2025 Virtual Oncology Leadership Summit summary

Strategic focus and pipeline overview

• Oncology strategy centers on immune system leveraging via T-cell engagers and precision oncology targeting specific antigens or mutations.

• Nine ongoing Phase III trials span five different assets, reflecting a robust and diversified pipeline.

• Expansion into earlier lines of therapy is a key blueprint, aiming for improved efficacy and tolerability.

• Business development is guided by scientific data, commercial synergies, and a focus on transformative innovation.

• Cross-functional collaboration between R&D and commercial teams ensures alignment with patient needs and market opportunities.

Key assets and clinical progress

• BLINCYTO, a T-cell engager, saw FDA and EMA label expansions, robust commercial growth, and is advancing a subcutaneous formulation with a registration-enabling study starting in H2 2025.

• Imdelltra, approved for small cell lung cancer, demonstrated a median overall survival of 15 months versus 5 months standard, with multiple Phase III trials targeting earlier lines and combinations with PD-1 inhibitors.

• Xaluritamig, targeting STEAP1 in prostate cancer, showed promising Phase I results and is being tested in neoadjuvant and biochemical recurrence settings.

• Bemarituzumab, a monoclonal antibody for FGFR2b, is in two Phase III gastric cancer trials, with results expected in 2024 and 2025, and basket studies exploring broader indications.

• AMG 193, a precision oncology PRMT5 inhibitor for MTAP-deleted tumors, is in Phase II for non-small cell lung cancer and being explored in other solid tumors.

Innovation, technology, and future outlook

• T-cell engagers are positioned as potentially transformative, with ongoing expansion of the BiTE platform and new assets entering early clinical development.

• Precision oncology remains a core pillar, with continued investment in small molecules, monoclonal antibodies, and antibody-drug conjugates.

• The company is open to external innovation and business development, actively scanning for opportunities that fit its strategic pillars.

• Early pipeline assets and new modalities are being advanced, with a focus on hard-to-treat cancers and improving patient survival.

• Collaboration across therapeutic areas is encouraged to maximize asset potential, including exploration in immunology and rare diseases.