Amgen (AMGN) Jefferies Global Healthcare Conference 2025 summary

Commercial performance and growth drivers

• First quarter revenues rose 9% with non-GAAP EPS up 24% year-over-year, driven by 14 products with double-digit growth.

• Repatha and Evenity together delivered over $1 billion in Q1, up 28% year-over-year, with strong growth expected to continue.

• Biosimilars revenue increased 35% to $735 million, supported by new US launches and a robust pipeline of biosimilar candidates in phase III.

• The impact of denosumab biosimilars is expected to be manageable due to a diversified portfolio and unique market dynamics in osteoporosis.

• Improved US access for Repatha, with over 50% of commercial lives now requiring no prior authorization, is fueling volume growth.

Pipeline and R&D updates

• Phase III studies for MariTide in chronic weight management are underway, with 52-week phase II data to be presented at ADA.

• Olpasiran's phase III cardiovascular outcomes trial is fully enrolled, aiming for a best-in-class profile in Lp(a) lowering.

• Uplizna, recently launched for IgG4-related disease, is on track for a December 14 PDUFA date for generalized myasthenia gravis.

• Oncology pipeline advances include bispecific T-cell engagers and upcoming phase III readouts for bimuratuzumab in gastric cancer.

• Tezspire is growing in severe asthma, with additional indications in late-stage development.

Financial outlook and capital allocation

• Second quarter 2025 non-GAAP OpEx growth is expected in the low teens, reflecting shifted R&D expenses and milestone payments.

• Operating margin guidance for 2024 is about 46% of product sales, with disciplined capital allocation focused on innovation and capacity expansion.

• The company is on track to return to its pre-acquisition capital structure by year-end.

• Technology and AI are being leveraged to drive efficiency, with a new CTO leading these efforts.