Amgen (AMGN) TD Cowen 45th Annual Healthcare Conference summary

Business performance and portfolio momentum

• Achieved strong 2024 momentum with 10 products growing at double-digit rates and 14 products annualizing over $1 billion in Q4 sales.

• Repatha saw 36% year-over-year growth, with price stabilization expected in 2025 and robust access supporting continued expansion.

• Rare disease portfolio delivered $4.5 billion in sales with 17% growth, and Tepezza and Uplizna are advancing with new approvals and indications.

• Biosimilars sales rose 60% to $2.2 billion in 2024, with new launches and a goal to double 2021 sales by 2030.

• Operating margin guidance for Q1 is 42%, with a full-year average of 46% and consistent revenue growth expected each quarter in 2025.

Pipeline and clinical development updates

• MariTide obesity medicine has initiated two phase III trials: one in obesity/overweight without diabetes (3,500 patients), and one with type 2 diabetes (999 patients), both using three dose levels.

• Phase II MariTide data showed ~20% weight loss in non-diabetics and 17% in diabetics, with low discontinuation and GI side effects.

• Phase III trials will use a 72-week primary endpoint to capture long-term efficacy, with more detailed phase II data to be presented at the ADA meeting.

• Dosing regimens leverage learnings from prior studies, with monthly, every-other-month, and every-three-month schedules explored.

Manufacturing and infrastructure investments

• Significant investments in manufacturing, including a packaging plant in Ohio and a new high-yield drug substance facility in North Carolina, with over $1.5 billion committed.

• North Carolina facility expected FDA approval in 2026, supporting volume growth across the portfolio, including MariTide.