Amgen (AMGN) Oppenheimer 35th Annual Healthcare Life Sciences Conference (Virtual) 2025 summary

Business performance and portfolio highlights

• Achieved 19% revenue growth to $33.4B in 2024, with 7% organic sales growth and 11% volume growth, driven by a broad portfolio.

• Ten products grew at double-digit rates; 14 products annualized at $1B+ sales, and 21 products hit record sales.

• Repatha and Evenity combined grew 35% year-over-year, with significant addressable patient populations remaining.

• TEZSPIRE sales rose 71% to nearly $1B, with ongoing pursuit of new indications.

• Biosimilars delivered $2.2B in sales, up 16% year-over-year.

2025 outlook and revenue guidance

• Revenue guidance for 2025 incorporates Denosumab loss of exclusivity, offset by growth in key products and franchises.

• Medicare Part D redesign expected to have minimal net impact due to offsetting price concessions and volume gains.

• Continued industry-wide net price declines are factored into projections.

Olpasiran and cardiovascular pipeline

• Olpasiran, an siRNA targeting Lp(a), showed 95%+ reduction in phase II and is advancing to phase III for both secondary and primary prevention.

• Enrollment for secondary prevention phase III was rapid, with over 7,000 patients in about a year.

• Confident in trial assumptions and timelines despite competitor delays; durability and magnitude of Lp(a) reduction are key differentiators.