AMGEN INC Q1 FY2025 earnings call

Revenue grew 9% YOY with 14% volume growth; 14 medicines had double-digit sales growth. Positive Phase III data, 4 new Phase III studies initiated, 3 new products/indications launched. General Medicine: Repatha growth, MariTide clinical program; Bone Health: EVENITY growth, MariTide Phase III studies. Rare Disease: UPLIZNA launched in IgG4-related disease, Phase III data for myasthenia gravis. Inflammation: TEZSPIRE growth, Phase III studies in COPD. Oncology: BLINCYTO frontline move, IMDELLTRA survival benefit in SCLC, Xaluritamig enrollment. Biosimilars: U.S. launches of PAVBLU, WEZLANA, BEKEMV. $5B+ invested in U.S. capital projects since 2017, $2B+ expansions in Ohio and NC.

In the first quarter, Global Product sales grew 11% YOY. U.S. product sales grew 14%. General Medicine: Repatha sales increased 27% YOY to $656M; EVENITY sales up 29% YOY to $442M; Prolia sales up 10% YOY. Rare Disease: UPLIZNA sales up 14% YOY to $91M. Inflammation: TEZSPIRE sales up 65% YOY. Oncology: Innovative oncology portfolio grew 10% YOY, generating over $2B in sales. Biosimilars: Sales $735M in Q1, up 35% YOY with PAVBLU, WEZLANA, BEKEMV launches.

Reaffirmed 2025 total revenue guidance $34.3B-$35.7B and non-GAAP EPS $20-$21.20. Non-GAAP R&D expense expected to grow ~20% in 2025. Non-GAAP OI&E expected ~$2.3B in 2025. Non-GAAP tax rate 14.5%-16%. WEZLANA U.S. sales expected to fluctuate, no sales in Q2.

Uncertainty related to tariffs and taxes; impact of changes in taxes or tariffs on operations.

Q: Frame for ADA on MariTide; CVOT trial design A: ADA to share Phase II data, CVOT trial details to be shared later Q: UPLIZNA commercial strategy for IgG4-related disease A: Targeting rheumatologists, gastroenterologists, neurologists; efficacy and convenience of dosing Q: MariTide tolerability and competition from oral medicines A: Confident in tolerability/efficacy; MariTide's monthly dosing and data from Phase II/III Q: Repatha competition from Leqvio A: Repatha has strong profile, access improvements, and growth trajectory Q: PAVBLU uptake and biosimilar shift A: PAVBLU well-received, working on contracting, support via charities