Amgen (AMGN) Wells Fargo 21st Annual Healthcare Conference summary

Business performance and growth drivers

• Achieved over $10 billion in quarterly revenue, up 10% year-on-year, with 22 products delivering double-digit sales growth.

• Six key growth drivers—Repatha, EVENITY, TEZSPIRE, rare disease, innovative oncology, and biosimilars—grew 26% year-on-year and now represent nearly 70% of product sales.

• Margin and earnings performance remained strong while increasing investment in innovation.

• Focus remains on financial discipline, cash returns, and productivity improvements through process streamlining and AI.

• Guidance for 2024 is a 45%-46% non-GAAP operating margin, balancing investment and profitability.

Pipeline and clinical advancements

• Landmark phase III results for IMDELLTRA in small cell lung cancer showed significant survival benefits, with plans to expand its use and reduce monitoring requirements.

• Positive phase III data for TEZSPIRE in eosinophilic esophagitis and TEPEZZA in Japanese thyroid eye disease patients, supporting global expansion.

• Advancing late-stage assets including MariTide, dasotralimab, and xaluritamig, targeting high unmet needs.

• Ongoing development of olpasiran for cardiovascular risk, with anticipation for competitor data to inform future strategy.

• Biosimilar pipeline progressing, with regulatory submissions for KEYTRUDA and OPDIVO biosimilars expected in 2024.

Market access, adoption, and commercial strategy

• IMDELLTRA adoption is strong in both academic and community settings, with over 2,000 U.S. sites using the product and efforts underway to further reduce monitoring barriers.

• Repatha saw 37% year-over-year growth, with increased adoption in both primary care and cardiology, supported by new guidelines and EU approval for primary prevention.

• Oral PCSK9s are viewed as market expanders rather than direct competitors, given the large untapped patient population.

• UPLIZNA is experiencing rapid growth across three indications, with balanced uptake from both new and switch patients, and expansion into new indications underway.

• MariTide is positioned as a differentiated weight management therapy, with extended dosing and maintenance potential, addressing unmet needs in long-term adherence.