Amgen (AMGN) Jefferies 2024 Global Healthcare Conference summary

Strategic outlook and pipeline development

• Expanding global reach with existing medicines and advancing a diverse midstage pipeline, focusing on first-in-class and best-in-class therapies.

• Obesity is a major focus, with strong confidence in MariTide's differentiated profile and broad phase 3 program planned for obesity, related conditions, and diabetes.

• Capital expenditures for 2024 raised to $1.1–$1.2 billion to support manufacturing expansion.

• Long-term growth expected across four therapeutic pillars: general medicine, oncology, inflammation, and rare disease.

• Recent product approvals and pipeline advancements include Imdelltra for small cell lung cancer and Bkemv, a biosimilar for rare disease.

MariTide program and manufacturing capacity

• Interim phase 2 analysis for MariTide shows a differentiated profile, with all study arms active and no dropout issues.

• Phase 2 readout expected in late 2024, with top-line results to be released and details at a future medical conference.

• Manufacturing capacity expansion includes a new North Carolina facility (operational by 1H 2026) and a technologically advanced packaging plant in Columbus, Ohio.

• Confident in ability to supply large patient populations, leveraging experience with over 30 million units produced annually for other biologics.

• MariTide to be delivered via a convenient auto-injector, with monthly or less frequent dosing planned.

Broader obesity and metabolic disease strategy

• Platform approach to obesity, with additional injectable and oral candidates in preclinical development, targeting both incretin and non-incretin mechanisms.

• Commitment to invest prudently in obesity as a global public health crisis, with ongoing evaluation of new therapeutic areas.

• Discontinued oral small molecule 786, but advancing other candidates toward IND.

• Over a decade of experience in obesity research and development.