Amgen Earnings Call Transcripts
Fiscal Year 2026
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Q3 revenue rose 8% to $10.4B as six growth drivers grew 27%. 2026 revenue and non-GAAP EPS guidance rose, backed by late-stage pipeline progress.
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DeLLphi-305 showed significant OS and PFS benefits for IMDELLTRA plus IMFINZI in first-line maintenance, with responses across subgroups and manageable reported toxicities. Development is advancing into earlier SCLC settings, while monitoring and dosing initiatives aim to widen access.
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Quarterly revenue exceeded $10 billion, driven by strong growth across key products and robust pipeline progress. Landmark clinical results and regulatory advances support future growth, while disciplined capital allocation and evolving DTC strategies position the business for long-term success.
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Quarterly revenues exceeded $10 billion, driven by strong growth across six key product areas and robust pipeline progress. Landmark clinical results for IMDELLTRA and TEZSPIRE, expanding biosimilar portfolio, and strategic focus on productivity and disciplined investment support a positive long-term outlook.
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Q2 2026 revenues rose 10% year-over-year to over $10 billion, driven by strong growth across six key product areas, with 22 products posting double-digit sales gains. Guidance for 2026 was raised, reflecting robust execution, expanding pipeline, and continued investment in innovation.
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Strong Q1 growth was driven by key products and robust pipeline progress, with major investments in innovation and manufacturing. The company remains confident in its tax position and is prepared for future launches in obesity and cardiovascular markets, while maintaining disciplined capital allocation.
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Strong Q1 growth was driven by key products and robust pipeline progress, especially in obesity and oncology. AI is being leveraged across R&D, manufacturing, and commercial operations to boost efficiency and top-line growth. Ongoing tax disputes and continued investment in Puerto Rico manufacturing were discussed.
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Strong Q1 growth was driven by key products and robust commercial execution, with Repatha and UPLIZNA showing significant momentum. The pipeline is advancing, notably with MariTide and olpasiran, while the company continues to invest in manufacturing and navigate ongoing IRS matters.
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Strong Q1 results driven by 24% growth in key products offsetting legacy declines, with raised 2026 guidance for revenue and EPS. Pipeline advances in obesity, rare disease, and oncology, plus AI integration, support long-term growth.
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Strong 2025 performance was driven by six key growth drivers and robust product sales, with a diversified pipeline supporting long-term growth. Focus areas include innovative dosing for MariTide, expansion of UPLIZNA, and strategic M&A, while navigating near-term headwinds from generics and inventory shifts.
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Strong double-digit growth in 2025 was driven by key products and expanding portfolios in rare disease, oncology, and biosimilars. Pipeline innovation and disciplined data generation underpin long-term growth, while integrated access strategies and manufacturing efficiency support profitability amid pricing pressures.
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The summit highlighted a focus on transformative oncology therapies, with major advances in T-cell engagers, precision small molecules, and AI-driven discovery. Key products like IMDELLTRA, LUMAKRAS, and BLINCYTO are expanding indications, while new assets and technologies are being selectively developed.
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Multiple late-stage clinical programs are advancing, including new phase III trials for UPLIZNA and daxdilimab, and label expansion for TEZSPIRE. TEZSPIRE's upstream TSLP targeting and inhaled TSLP agents are positioned for growth, with key data readouts expected later this year.
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Strong 2025 results were driven by blockbuster products, new FDA approvals, and robust biosimilars growth. The 2026 outlook centers on under-penetrated therapies, a deep late-stage pipeline, and strategic investments in innovation and manufacturing.
Fiscal Year 2025
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Double-digit revenue and EPS growth in 2025 was driven by strong performance across core brands, with Repatha, Evenity, Tezspire, and biosimilars leading gains. 2026 guidance anticipates continued growth despite biosimilar competition, supported by robust pipeline and disciplined capital allocation.
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Strong volume-driven growth and robust R&D investment are fueling momentum across six major product drivers, with significant advances in rare disease, oncology, and cardiometabolic pipelines. Strategic capital allocation and innovative access models support long-term expansion.
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Strong revenue and volume growth driven by six key product areas, robust pipeline progress, and strategic capital allocation were highlighted. Repatha, TEZSPIRE, and the rare disease portfolio showed significant momentum, while new data and launches are expected to sustain growth into 2026 and beyond.
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Q3 2025 saw 12% revenue growth to $9.6B, driven by strong volume and double-digit growth across key products and therapeutic areas. Raised 2025 guidance for both revenue and EPS, with robust pipeline progress and continued investment in R&D and manufacturing.
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Strong Q2 growth was driven by key products and a robust pipeline, with major investments in U.S. manufacturing and innovation. The company is advancing multiple late-stage programs, managing biosimilar competition, and maintaining disciplined capital allocation while engaging on policy reforms and global pricing.
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Strong Q2 results were driven by double-digit growth across key products and therapeutic areas, with significant pipeline progress in obesity, cardiovascular, oncology, and rare diseases. Strategic expansion, disciplined capital allocation, and innovation position the business for sustained growth.
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Q2 2025 saw 9% revenue growth and 13% volume increase, with 15 products achieving double-digit sales growth. Strong performance across general medicine, rare disease, inflammation, oncology, and biosimilars, alongside robust pipeline progress and continued investment in innovation.
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MariTide showed up to 20% weight loss at 52 weeks with strong cardiometabolic benefits and improved tolerability through stepwise dose escalation. Phase III trials are underway with monthly dosing, and the program is expanding to address broader obesity-related conditions and maintenance strategies.
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Strong Q1 growth driven by double-digit gains across key products and robust pipeline progress. Major investments in manufacturing and innovation support expansion, while upcoming data readouts for MariTide, Repatha, and Olpasiran are expected. Focus remains on execution, policy engagement, and capital allocation to innovation.
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Strong commercial momentum continues with double-digit growth across key products and biosimilars, while the pipeline advances with MariTide and olpasiran in late-stage trials. Financial discipline and innovation remain priorities, with new data and device updates for MariTide expected at ADA.
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Q1 2025 saw strong revenue and EPS growth, driven by broad-based product performance and biosimilars expansion. Key pipeline advances include Maritide in obesity and Eplizna in rare disease, with major data updates expected at ADA and year-end. Strategic focus remains on innovation, market access, and disciplined capital allocation.
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Strong Q1 growth was driven by broad product momentum and increased R&D investment, with a focus on late-stage pipeline assets in obesity, cardiovascular, and oncology. The company is expanding U.S. manufacturing, actively pursuing differentiated innovation, and remains resilient to policy shifts.
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Q1 2025 saw 9% revenue growth and strong double-digit sales across key products, with robust performance in general medicine, rare disease, inflammation, oncology, and biosimilars. Guidance for 2025 was reaffirmed, and significant R&D and regulatory milestones were achieved.
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Strong 2024 momentum was driven by double-digit product growth, robust biosimilar sales, and pipeline advances, including phase III initiation for MariTide in obesity and major investments in manufacturing. Key regulatory filings and multiple late-stage readouts are expected in 2024 and 2025.
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The oncology pipeline features nine Phase III trials across five assets, with major advances in T-cell engagers and precision oncology. Key programs include BLINCYTO, Imdelltra, xaluritamig, bemarituzumab, and AMG 193, all targeting earlier lines and new indications. Cross-functional collaboration and data-driven business development drive innovation.
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Strong 2024 performance was driven by broad portfolio growth, with key products like Repatha, Evenity, and TEZSPIRE showing robust gains. Olpasiran and MariTide advance in late-stage trials, with multiple catalysts expected in 2024, including major oncology and cardiovascular readouts.
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Strong growth is expected through 2030, driven by blockbuster inline products, a robust pipeline (notably MariTide for obesity), and global biosimilars leadership. Key priorities include international expansion, new indications, and disciplined investment in innovation.
Fiscal Year 2024
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Delivered 19% revenue growth in 2024, driven by double-digit gains across key products and strong global execution. 2025 guidance projects continued growth, with investments in innovation, pipeline expansion, and international launches expected to offset price pressures and patent expiries.
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Strong Q3 growth was driven by oncology, rare disease, and inflammation portfolios, with MariTide showing promising phase II obesity results and unique extended dosing options. Manufacturing expansion and device innovation support commercial readiness, while the pipeline advances in cardiovascular and oncology indications.
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Strong Q3 growth was driven by double-digit product gains and robust performance across oncology, rare disease, inflammation, and general medicine. MariTide showed promising phase II results in obesity, with improved tolerability and flexible dosing under study. R&D and commercial strategies emphasize innovation, global reach, and operational discipline.
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MariTide's phase II results show up to 20% weight loss at 52 weeks without plateau, robust cardiometabolic improvements, and strong tolerability with dose escalation. Monthly or less frequent dosing is effective, and over 90% of patients continued into year two.
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Strong growth across rare disease, general medicine, and oncology portfolios, with significant R&D investment and volume-driven revenue gains. Confidence in MariTide's potential for obesity and diabetes remains high, with phase II data expected by year-end. Pipeline expansion in immunology and oncology continues, supported by robust trial designs and capital allocation focused on innovation.
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Q3 revenues rose 23% to $8.5B, driven by double-digit growth in key products and strong performance across all therapeutic areas. Pipeline progress, Horizon integration, and biosimilar launches support a positive outlook, with 2024 revenue guidance of $33.0–$33.8B.
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Rocatinlimab met all primary and key secondary endpoints in Phase 3 atopic dermatitis, showing significant efficacy and a favorable safety profile. Uplizna demonstrated strong results in both generalized myasthenia gravis and IgG4-related disease, with rapid, durable efficacy and no new safety signals.
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Leaders highlighted robust growth, a maturing and de-risked pipeline, and strategic investments in R&D and manufacturing. Key milestones include approvals and data readouts across oncology, rare disease, and cardiometabolic programs, with major launches and global expansion planned.
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Strong growth in core franchises and international markets is supported by innovation in general medicine, oncology, inflammation, and rare disease. The pipeline features next-gen assets like MariTide and Olpasiran, while policy changes and AI investments shape strategy.
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Q2 2024 saw record revenue of $8.4B, up 20% year-over-year, with strong double-digit growth across key products and therapeutic areas. The company raised its 2024 revenue and EPS guidance, increased R&D and CapEx investments, and advanced its pipeline with major regulatory approvals and promising clinical data.
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A transformative period is underway, with robust growth across four therapeutic pillars and a strong late-stage pipeline. Key assets like MariTide, IMDELLTRA, and TEZSPIRE are advancing, supported by expanded manufacturing and disciplined capital allocation.
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Management highlighted strong confidence in MariTide's differentiated profile and manufacturing readiness, with a broad phase 3 program planned for obesity and related conditions. The pipeline is advancing across oncology, rare disease, and immunology, with multiple product launches and readouts expected in 2024.