Amgen (AMGN) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Strategic focus and business momentum

• Emphasis on long-term growth through innovation in general medicine, oncology, inflammation, and rare disease, with rare disease as a recent focus.

• Strong performance in key products: Repatha up 25%, Evenity up 40%, oncology portfolio up 12%, Tezspire up 75%, and Tepezza up 8% in the latest quarter.

• International expansion, especially in Asia, is a significant growth driver.

• Integration of Horizon is on track, with international expansion of Tepezza and pipeline synergies highlighted.

• AI investments are accelerating drug discovery and operational efficiency, with ongoing collaborations and early results.

Pipeline and innovation highlights

• Advancing next-generation assets: MariTide for obesity (phase II, moving to broad phase III), Imdelltra for lung cancer, xaluritamig for prostate cancer, and rocatinlimab for inflammation.

• Uplizna showed strong data in IgG4-related disease; further data in myasthenia gravis anticipated.

• Olpasiran targets genetically high Lp(a) patients, with a once-quarterly injection and pivotal data expected in 2026.

• Rocatinlimab phase III data in atopic dermatitis expected later this year, with broader programs in prurigo nodularis and respiratory disease.

• Focus on robust, large-scale clinical trials as a key barrier to entry and competitive advantage.

Policy, market access, and commercial strategy

• Inflation Reduction Act (IRA) seen as undermining innovation, especially for small molecules in oncology; capital allocation is being adjusted accordingly.

• Commercial adoption of new therapies depends on clinical value, safety, and overcoming initial market access barriers.

• International expansion and targeting untreated patient populations are key growth levers for rare disease assets like Tepezza.

• Predicting and preventing disease is positioned as a cost-saving strategy for healthcare systems, supporting the value proposition of new therapies.

• Ongoing Puerto Rico tax litigation is heading to court, with high confidence in a favorable outcome.