Amgen (AMGN) RBC Capital Markets Global Healthcare Conference 2025 summary

Financial performance and portfolio momentum

• Q1 2025 revenues rose 9% and non-GAAP EPS increased 24% year over year, with 14 products achieving double-digit growth across general medicine, rare disease, inflammation, and oncology.

• Repatha and Evenity generated over $1 billion in Q1, up 28% year over year, with significant growth potential due to large untreated patient populations.

• Biosimilars portfolio delivered $735 million in Q1 revenue, up 35% year over year, driven by new U.S. launches.

• Beckenvy, a biosimilar to Soliris, launched in the U.S. on April 1, with additional biosimilars to Opdivo, Keytruda, and Ocrevus in phase III.

• Substantial U.S. investments include $5 billion in CapEx since 2017 and $2 billion in new facilities in Ohio and North Carolina.

Pipeline and innovation highlights

• Olpacerin phase III trial for Lp(a) cardiovascular risk is fully enrolled; Maritide obesity program advancing with phase III enrollment and 52-week phase II data to be presented at ADA in June.

• Eplizna launched as the first FDA-approved therapy for IgG4-related disease, with a December 14 PDUFA date for generalized myasthenia gravis.

• Tezspire continues to grow in severe asthma, with an October 19 PDUFA date for chronic rhinosinusitis with nasal polyps and ongoing phase III studies in COPD and eosinophilic esophagitis.

• Oncology pipeline includes phase III readouts for bimaratuzumab in gastric cancer and progress in bispecific T-cell engager platform.

Market access, pricing, and policy environment

• Focus on expanding access, exemplified by Repatha’s 42% U.S. volume growth year over year, driven by improved Medicare and commercial formulary access.

• Ongoing engagement with policymakers regarding tariffs, taxes, and pricing, emphasizing the value of innovation and U.S. investment.

• Monitoring international pricing normalization and most favored nation discussions, with strategies evolving as the situation develops.