Amgen (AMGN) TD Cowen 46th Annual Health Care Conference summary

Portfolio performance and growth drivers

• Achieved double-digit revenue and EPS growth in 2025, with 13 products showing double-digit growth and 14 exceeding $1 billion in annual sales.

• Six key growth drivers include Repatha, EVENITY, TEZSPIRE, rare disease, innovative oncology, and biosimilars portfolios.

• Repatha, EVENITY, and TEZSPIRE each grew over 30% year-over-year in 2025, establishing themselves as multi-billion dollar global franchises.

• Rare disease portfolio reached $5 billion in 2025 sales, up 14%, with UPLIZNA growing 73% due to new indications and geographic expansion.

• Biosimilars portfolio generated $3 billion in 2025 sales, up 37%, driven by PAVBLU and future candidates in late-stage development.

Pipeline and innovation

• 2026 will focus on disciplined data generation across multiple phase 2 and 3 programs to support long-term growth.

• MariTide is positioned as a differentiated obesity and diabetes therapy with infrequent dosing and strong efficacy.

• Olpasiran's OCEAN(a) outcome study is ongoing, with completion delayed but conviction in its potential remains strong.

• Dazodalibep is advancing in two phase III studies for Sjögren's disease, with completion expected in the second half of 2026.

• Innovative oncology growth is led by the BiTE platform, with IMDELLTRA and xaluritamig in multiple phase III studies.

Market access and competitive strategy

• Integrated access strategy from early pipeline stages ensures products are competitive for both physicians and payers.

• Access negotiations are product-specific, leveraging clinical and real-world evidence to justify economic value.

• Repatha's access improvements include preferred formulary status, lower copays, and direct-to-patient AmgenNow program at $239/month.

• Competitive landscape in cardiometabolic markets is expected to expand overall market penetration rather than just shift share.

• TEZSPIRE is differentiated by its broad applicability in severe asthma and efficacy in nasal polyps, supporting further market penetration.