Amgen (AMGN) Goldman Sachs 47th Annual Global Healthcare Conference 2026 summary

Financial performance and growth drivers

• Achieved 6% year-over-year revenue growth and 5% non-GAAP EPS growth in Q1, with 16 products showing double-digit sales increases and 17 products annualizing at over $1 billion in sales.

• Six key growth drivers—Repatha, EVENITY, TEZSPIRE, innovative oncology, rare disease, and biosimilars—accounted for 70% of Q1 product sales, growing 24% year-over-year.

• IMDELLTRA and UPLIZNA are highlighted as major contributors, with IMDELLTRA now annualizing at over $1 billion in sales and UPLIZNA expanding in multiple indications.

• Commercial execution and operational investments, including $300 million in Puerto Rico this year, support ongoing growth.

• The company expects its growth drivers to offset losses of exclusivity and sustain performance through 2026 and beyond.

Pipeline and innovation

• Advancing a robust phase III pipeline, including MariTide for obesity and diabetes, olpasiran for cardiovascular risk, dazodalibep for Sjögren's disease, and xaluritamig for prostate cancer.

• MariTide is positioned as a potential new paradigm in obesity care, with extended dosing and broad phase III programs underway.

• Ongoing expansion of indications for approved products, such as UPLIZNA in autoimmune hepatitis and TEZSPIRE in COPD.

• Capital allocation prioritizes innovation, both internal and external, with significant investments in R&D and manufacturing scale-up.

• Twelve phase III trials for MariTide and large-scale studies for other pipeline assets are planned or ongoing.

Tax and legal matters

• Confident in tax reserves and legal position regarding the IRS dispute, with significant prior payments and deposits reducing potential cash exposure.

• The 2010–2015 tax court decision is expected no earlier than the second half of this year, with a possible two-year timeline for resolution.

• Ongoing tax matters do not constrain capital allocation or business development activities.