Analyst Conference Summary

biotechnology

conference date: May 1, 2025 @ 1:30 PM Pacific Time
for quarter ending: March 31, 2025 (first quarter, Q1)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, up % sequentially from $9.09 billion and up % from $ billion in the year-earlier quarter.

Net income was $ million, down % sequentially from $627 million, and down % from $ million year-earlier.

Earnings Per Share (diluted EPS) were $, down % sequentially from $1.16 and down % from $ year-earlier.

Guidance:

Conference Highlights:

Robert A. Bradway, CEO said ""

MariTide (AMG 133) for obesity rolls ahead. Nov. 2024 data from Part 1 of Phase 2 showed robust weight loss. Only requires 1 dose per month. Enrolling a Phase 2 to treat Type 2 diabetes.

Expects to continue to grow the dividend.

As of Q1 2025, a Phase 3, open-label study of Tavneos in combination with rituximab or a cyclophosphamide-containing regimen is enrolling patients 6 to 18 years of age with active ANCA-associated vasculitis.

Krystexxa for uncontrolled gout study data was presented in November 2024. A regulatory filing is underway.

Lumakras, combined with Vectibix, for CRC patients with KRAS G12C mutations was approved by the FDA in January 2025. Other combination trials are underway.

In April 2025 Uplinza was approved by the FDA. On June 5, 2024 Amgen had announced positive Phase 3 results for Uplinza for IgG4-RD (immunoglobulin G4-related disease). In January 2025 the FDA granted Orphan Drug designation for Myasthenia Gravis, with filing expected in 1H 2025.

Rocatinlimab is a first-in-class T-cell rebalancing monoclonal antibody targeting the OX40 receptor to treat atopic dermatitis. Seven of eight Phase 3 studies have completed enrollment. Data readouts are expected in 2025.

Tezspire Phase 3 data for chronic rhinosinusitis with nasal polyps data in Q4 2024 was positive. Preparing to submit to FDA. In severe asthma, the WAYFINDER Phase 3b study is complete. Also a Phase 3 study of eosinophilic esophagitis is enrolling.

Many other studies are ongoing.

Non-GAAP numbers: net income was $ billion, down % sequentially from $2.88 billion, and up % from $ billion year-earlier. EPS was $, down % sequentially from $5.31 and up 13% from $ year-earlier.

Product sales were $ billion, up % sequentially from $ billion, and up % y/y from $ billion. Non-product revenue was $ million, up % sequentially from $ million, and down % from $ million year-earlier.

Cash and equivalents balance ended at $ billion, up sequentially from $12.0 billion. Operating cash flow $ billion. Capital expenditures $ million. Free cash flow was $ billion. Long-term debt was $ billion. $ billion in shares were repurchased in the quarter. Dividend payments were $ billion.

See also the Amgen pipeline.

GAAP cost of sales was $ billion. Research and development expense was $ billion; selling general and administrative expense $ billion; and other operating expense $ million, for total operating expenses of $ billion. Operating income was $ billion. Interest expense was $ million, other expense $ million, income taxes $ million.

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