Amgen (AMGN) Leerink Global Healthcare Conference 2026 summary

Portfolio performance and growth drivers

• Achieved double-digit growth in both revenue and EPS for 2025, with 13 products growing double digits, 14 exceeding $1 billion in sales, and 18 delivering record performance.

• Six key growth drivers include Repatha, Evenity, Tezspire, rare disease, innovative oncology, and biosimilars, all showing strong momentum.

• Rare disease portfolio reached $5 billion in 2025 sales, up 14%, with UPLIZNA growing 73% due to new indications and geographic expansion.

• Biosimilars generated $3 billion in 2025, up 37% year-over-year, driven by Pavblu and ongoing development of biosimilars to OPDIVO, KEYTRUDA, and OCREVUS.

• Innovative oncology highlighted by IMDELLTRA's rapid adoption in small cell lung cancer and ongoing expansion of Xaluritamig in prostate cancer.

Pipeline and clinical development

• 2026 will focus on disciplined data generation across multiple phase II and III programs, supporting long-term growth.

• MariTide is positioned as a differentiated obesity and diabetes therapy, with six global phase III studies underway and potential for monthly, every other month, or quarterly dosing.

• Olpasiran's OCEAN(a) outcome study is progressing, with completion date extended but strong conviction in its cardiovascular potential.

• Dazodalibep (DAS) is advancing in phase III for Sjögren's disease, with completion expected in the second half of 2026 and a favorable safety profile observed in phase II.

• Additional phase III studies for UPLIZNA in autoimmune hepatitis and chronic inflammatory demyelinating polyneuropathy are planned for later in 2026.

Financial outlook and operational execution

• Q1 is expected to be seasonally lighter due to insurance cycles, benefit plan changes, and higher patient co-pays.

• Otezla faces European generic entry as of January, with accelerated erosion expected for Prolia and XGEVA due to biosimilar competition.

• Q1 non-GAAP operating margin expected to be the lowest of the year, roughly consistent with Q4 2025 at 43%.

• $250 million inventory build in Q4 2025 may impact Q1 sales.

• Entering 2026 with strong commercial momentum and a diversified pipeline across four therapeutic areas.