Amgen (AMGN) Jefferies 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 $1 billion or more.

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

• IMDELLTRA in oncology and UPLIZNA in rare disease are highlighted as significant contributors, with IMDELLTRA annualizing over $1 billion.

• Continued investment in Puerto Rico manufacturing, with an additional $300 million announced, reinforcing its role as a core operational hub.

• Maintains a 45%-46% operating margin target for the year, emphasizing financial discipline and long-term shareholder value.

Pipeline and innovation

• Advancing a robust phase III pipeline, including MariTide for obesity and type 2 diabetes, olpasiran for CV risk reduction, dazodalibep for Sjögren's disease, and xaluritamig for prostate cancer.

• MariTide is positioned as a potential new paradigm in obesity care, with a focus on long-term maintenance and fewer injections per year.

• New indications pursued for approved products, such as UPLIZNA in autoimmune hepatitis and CIDP, TEZSPIRE in COPD and eosinophilic esophagitis, and IMDELLTRA in early-stage lung cancer.

• Confidence in the scientific and commercial opportunity for MariTide, with ongoing studies to support global launch and patient segmentation.

• IMDELLTRA's maintenance setting in oncology is seen as a potentially larger opportunity than frontline use, with strong physician enthusiasm.

Technology and operational efficiency

• AI and advanced technology are being integrated across R&D, manufacturing, and commercial operations to drive efficiency and insights.

• AI applications include accelerating antibody optimization, improving clinical trial site selection, and streamlining regulatory filings.

• Commercial use of AI focuses on speeding access to medicines, enhancing patient identification, and integrating with physician workflows.

• Efficiency gains from AI are being reinvested to drive top-line growth rather than just reducing costs.

• Technologically advanced manufacturing plants, such as in Ohio, have reduced headcount needs by up to 50%-60%.