Amgen (AMGN) Jefferies Global Healthcare Conference 2025 summary

Commercial performance and growth outlook

• Achieved 9% revenue growth and 24% non-GAAP EPS growth in Q1, with 14 products delivering double-digit growth.

• Repatha and Evenity generated over $1 billion in Q1, up 28% year-over-year, with strong future potential.

• Biosimilars revenue rose 35% to $735 million, driven by new US launches and ongoing pipeline expansion.

• Confident in offsetting biosimilar denosumab impact through strong branded product growth and broad portfolio.

• Operating margin guidance set at 46% of product sales, with disciplined capital allocation and focus on innovation.

R&D pipeline and innovation

• Initiated two phase III studies for MariTide in chronic weight management; 52-week phase II data to be presented at ADA.

• Olpasiran phase III cardiovascular outcomes trial fully enrolled, aiming for best-in-class profile.

• Uplizna launched for IgG4-related disease, with a December 14 PDUFA date for generalized myasthenia gravis.

• Oncology pipeline advancing with bispecific T-cell engagers and multiple phase III readouts expected this year.

• Next wave of biosimilars in phase III, including candidates to Opdivo, Keytruda, and Ocrevus.

Competitive landscape and product differentiation

• MariTide positioned as a highly differentiated peptide-antibody conjugate, with up to 20% weight loss and improved tolerability via dose escalation.

• Phase III MariTide program covers multiple indications and dosing regimens, including monthly and potentially quarterly dosing.

• Device for MariTide designed for patient-friendly, infrequent administration, leveraging extensive device experience.

• Confident in competitive position for denosumab despite biosimilar launches, due to unique supply chain and provider relationships.

• Olpasiran expected to benefit from urgent need for Lp(a) lowering, with adoption behavior distinct from LDL therapies.