Amgen Inc. Q1 FY2026 earnings call

Robert A. Bradway noted a strong first quarter and that 2026 is a springboard year. Murdo Gordon discussed segment performance details. James E. Bradner talked about Meritide's Phase 3 studies, including switching and maintenance, and progress on other programs like olpasiran, rare disease, and oncology. Peter H. Griffith gave financial update, including non-GAAP operating margin, R&D spending, and guidance. Emphasis on AI and data progress, and pipeline execution.

In Q1 2026, 16 products achieved double-digit or better sales growth and 17 products are annualizing at $1 billion or more. Product sales grew 4% driven by diversified fast-growing products. Six key growth drivers generated 70% of sales and grew 24%. Repatha sales were $876 million, up 34%, with strong growth in primary and secondary prevention. Evenity sales were $562 million, up 27%, leading the U.S. bone builder market. Test Buyer sales were $343 million, up 20%. Prolia and XGEVA combined sales were $1.1 billion, down 32%. Rare disease portfolio grew 25% to $1.2 billion, with Eplizna up 188%, TEPEZZA up 29%, TADNIO up 32%. Innovative oncology portfolio grew 25% to $1.8 billion. Biosimilar portfolio grew 14% to $835 million.

2026 total revenues expected in $37.1 billion to $38.5 billion range, non-GAAP earnings per share $21.70 to $23.10. Other revenue expected $1.7 billion to $1.8 billion. Non-GAAP OI&E expected $2.2 billion to $2.3 billion expense. Non-GAAP tax rate 15% to 16.5%. Capital expenditures expected $2.6 billion. Share repurchases not to exceed $3 billion. Tax litigation ongoing with IRS.

Ongoing tax litigation with IRS for 2016 - 2018 tax years, draft NOPA from IRS asserting significant adjustments which could have material impact if sustained.

Q: On Meritide switch studies, details on switching schedule, superiority/noninferiority.

A: SWITCH study has 300 subjects, primary endpoint change in body weight after 52 weeks.

Q: On Meritide switching study design and maintenance opportunity.

A: Switch study focuses on weekly to every 8/12 week, maintenance opportunity discussed.

Q: On INVELTRA next steps and real-time clinical trial pilot.

A: INVELTRA advancing to frontlines, collaboration with FDA on real-time trial.

Q: On Olpasiran and background therapies.

A: OCEANA-ACE study well-designed, Lp(a) not affected by GLP-1/PCSK9.

Q: On BD and M&A.

A: Active in business development, looking for innovation.

Q: On Repatha primary prevention penetration and olpasiran in primary prevention.

A: Repatha strong in primary care, olpasiran potential in Lp(a) primary prevention.

Q: On Repatha cash-pay uptake and ex-U.S. offering.

A: Amgen Now has interest, cash-pay component small.

Q: On blinatumomab SLE trial and subcu pause.

A: Blinatumomab studies paused for safety, expected to resume.

Q: On Meritide titration and side effects.

A: Three-step titration improves GI tolerability, side effects short.

Q: On DAZZO Phase III Sjogren's programs.

A: Segregated studies for systemic and symptomatic, dazodalibep unique.

Q: On Meritide approval and position.

A: Focus on best monthly/less frequent agent, helping patients.