Good afternoon, everybody. I'm Chris Schott from JPMorgan , and it's my pleasure to be introducing Amgen today. From the company, we have Chairman and CEO , Bob Bradway. Bob, Happy New Year, and thanks for joining us today. Looking forward to the presentation. We're going to do a presentation on stage, and we'll do a breakout to a Q&A session after that. Over to you, Bob.
OK, very good. Thank you, Chris. And good afternoon, everyone. It's wonderful to see you here, and a pleasure to kick off 2026 with all of you. And we're excited about 2026 at Amgen. We see this as a springboard year for us, with quite a lot of exciting, in particular clinical data being generated at Amgen in 2026. So let me jump straight in. You're familiar with the elements of our safe harbor. But just briefly, for those of you who perhaps don't know Amgen as well as some others, let me just point out that we're active in the four general therapeutic areas that you see represented here, and in particular focused on addressing the diseases where the unmet medical need remains high, such as those that you see on this slide.
We address these diseases with first in-class, best in-class innovative medicines like those shown on this slide, as well as our branded biosimilars. Off the back of these products, over the course of the last decade, we've delivered very consistent revenue and earnings growth, as you see reflected on this slide. We've done that with a number of high-potential products delivering growth throughout this period, as well as products that are in areas that remain under-penetrated, creating significant ongoing opportunity for growth. While growing the top line, we've also, I think, established our reputation for rigorous operating and financial discipline, enabling us to deliver earnings growth, as you can see here, well in excess of revenue growth. Now, before turning to 2026, I just thought I might spend a moment to summarize for you where we were or how we performed in 2025.
I thought I might start by reminding you of what we said at this time last year and then pointing out what we did during the course of the year. A year ago, we told you you should expect us to deliver attractive financial performance. Over the course of the year, through the nine months that we've reported already, in 2025, we grew revenues by 10%, paced by the 14 blockbuster products that we feature at Amgen today. We delivered 14% earnings per share growth. We said we would deliver financial growth, and that's exactly what we did. We also said that we would expect to generate regulatory approvals across a number of different programs. Again, that's exactly what we did in 2025, with five successful FDA approvals.
We said that we were enthusiastic about the prospects for MariTide and would rapidly enter into phase III clinical development with that program. And we have indeed initiated six phase III programs for MariTide over the course of the past year. REPATHA is a core growth driver for us, addressing, as it does, the largest contributor to public health problems on the planet, in particular cardiovascular disease. And we said we were excited to demonstrate the benefit of REPATHA in primary prevention, which is precisely what we did with the VESALIUS data in 2025, demonstrating, for example, a 36% reduction in the risk of a heart attack for those who had never had a previous heart attack. So really impressive ongoing performance clinically for REPATHA. Biosimilars has been a feature of Amgen's business since 2018, and we said that you should expect growth of that franchise in 2025.
And we reported 42% year-over-year sales growth for that part of our business through the first nine months. And then finally, we said that we would expect, off the back of our very strong cash flow generation, to strengthen the balance sheet. And once more, that's just what we did in 2025, paying down more than $6 billion in debt. Our outlook for 2026 is colored by our excitement and belief in the six growth drivers that you see on this slide, in particular the three products REPATHA, EVENITY, and TEZSPIRE, each of which, again, still under-penetrated medicines that are innovative therapies that provide a very large clinical benefit for patients that are suffering from the challenging diseases reflected there, with heart disease for REPATHA, osteoporosis and bone health disorders for EVENITY, and of course, severe asthma for TEZSPIRE.
In addition to those three products, we have three portfolios that offer attractive growth in 2026 and through the end of the decade: our rare disease business, our innovative oncology business, and our biosimilars business. And I'll talk a little bit about each of those in just a moment. But before I do, I wanted to just spend a few more moments with or on REPATHA, EVENITY, and TEZSPIRE. Again, REPATHA is a product that's performing very well. It was annualizing at about $3 billion at the end of the third quarter. It was growing, as you see on the slide, 33% over the course of the year and is a product which now, especially after the sharing of the data from the VESALIUS trial, is well positioned to grow through the end of the decade.
There are more than 100 million people around the world who are at risk of a heart attack or another major adverse cardiac event because of the fact that their LDL levels are too high. And the penetration thus far of that body of patients has been in single percentage digits. So there's considerable opportunity for us to improve public health by reaching more and more patients who are at risk of heart attack or stroke with REPATHA. EVENITY, again, continued its track record of strong growth, up by more than 30%. And of course, this is a therapy which has proven to be very effective in women who are at high risk of an osteoporotic fracture. And there are two million such women in the United States. And again, the penetration of this population of patients also remains relatively limited.
Considerable opportunity for us to grow EVENITY by reaching more and more of those women who are at risk of a life-changing fracture that could be prevented with a therapy like EVENITY. And then TEZSPIRE, another attractive product, innovative, first in-class, only in-class medicine that addresses the needs of patients that have severe and uncontrolled asthma. In addition to what we've seen in asthma, we demonstrated in a phase three clinical trial very, very compelling results for patients that suffer from chronic rhinosinusitis with nasal polyps. And so that adds another important opportunity and gives us further encouragement about the prospects that we might see from the study that's underway in COPD and another study as well that's underway in eosinophilic esophagitis.
TEZSPIRE is performing very well and has all the hallmarks of a medicine that will go on and make a big difference for many, many patients in a number of different important diseases where the unmet medical needs remain very high. Now, alongside these brands, we have a very important franchise in rare disease. Our rare disease portfolio approached $5 billion last year and is a business that was, again, growing very attractively during the course of the year. These products are still at an early stage of their life cycle. I think that is most clearly illustrated by UPLIZNA, which was the leading brand for the treatment of neuromyelitis optica spectrum disorder at the start of the year.
And then during the course of the year, we gained approvals for two other autoimmune conditions, one known as IgG4-related disease and the other, of course, is myasthenia gravis. And we're very encouraged by the early uptake from prescribers and patients for UPLIZNA in IgG4 and also very optimistic about what this medicine can represent for patients that are suffering from generalized myasthenia gravis. So that's a good example of how we expect to be able to grow our rare disease franchise by expanding into new indications with efficacious biologics like UPLIZNA. Innovation, of course, is a hallmark of our rare disease business, but it's also a hallmark of our oncology business. And in oncology in particular, the innovation associated with Amgen, which is our bispecific T-cell engaging franchise, had a very strong year in 2025 and encourages us about the outlook for 2026 and the decade beyond.
I would, of course, highlight in that regard Imdeltra, which is a medicine for small cell lung cancer, a bispecific T-cell engager medicine for small cell lung cancer. And in small cell lung cancer, IMDELLTRA very quickly established itself as a standard of care in second-line or later therapies. And we are in clinical development now, seeking to move IMDELLTRA into earlier lines of therapy and very encouraged about the phase I data that we've seen in those settings and very encouraged about what this medicine might represent for small cell lung cancer patients who went decades without any real meaningful innovation on their behalf. Of course, BLINCYTO is the medicine that inspired us to have such confidence in IMDELLTRA. And BLINCYTO is, of course, the standard of care in first-line B-cell acute lymphoblastic leukemia, where we've demonstrated spectacular benefit for patients, including those whose disease was refractory and recurrent.
That's the standard on which we have based our other T-cell engaging therapies. And we, for example, are very encouraged about the early data that we see in prostate cancer with a medicine that we call Amgen, Xaluridomig, which is the first and only of its kind addressing a target that is prevalent on prostate cancer patients known as STEAP1. That's a program that's in phase III, two phase III trials now. And again, we're excited to see what we might be able to do on behalf of patients with that new approach. I want to shift gears to our biosimilar portfolio.
And again, here I would point out that in addition to noting that our business grew 42% last year in this area, it may be lost on some of you that this franchise now, which we first entered in 2018, has contributed about $13 billion of revenues for us overall. So $3 billion annualized through the first nine months of 2025 and an aggregate $13 billion contribution to Amgen since we entered that area. And I think, again, it nicely illustrates our skill at providing complex biologics across a large number of patients globally. On the next slide, I just simply included on one page the summary of the products that give us reason to believe that 2026 and the rest of the decade will be years of exciting growth for Amgen.
Again, I think the characteristic of that growth for us will be medicines that have a large effect size where the unmet medical need remains very, very significant. Now, shifting away from our inline brands to our pipeline, I would point out here as well that we're very excited about the deep and broad pipeline that we have. We believe that the pipeline of phase III programs, which are shown here, will pace the next wave of growth for Amgen. You can see, of course, that we're very active in general medicine with two medicines that are attracting a great deal of interest in 2026. One is olpasiran, which is directed against Lp(a) which, again, we all believe to be a residual risk factor in cardiovascular disease.
And we're excited to be able to see data there in the future on that franchise and from that phase III trial. And then, of course, MariTide, which is our differentiated approach to obesity, diabetes, and obesity-related conditions. In inflammation and rare disease, we would expect to continue building on our established platforms in the way I described a moment ago with TEZSPIRE and UPLIZNA. We have enjoyed decades of leadership in inflammation and increasingly now in rare disease. And so we're excited about the prospects there. And of course, as I've briefly already discussed, we expect some exciting results from our clinical data in oncology as well in 2026. With respect to MariTide, let me just point out that our confidence continues to build in MariTide. And our belief that MariTide can represent a new paradigm in the treatment of obesity, type 2 diabetes, and obesity-related conditions is high.
And that confidence is underscored by our belief that we can pair strong efficacy with the potential for monthly or even less frequent dosing and that that approach offers a clear path to long-term maintenance. And we think that that will offer a very compelling combination for patients, prescribers, and payers. And so again, we believe that we have a differentiated approach. And that conviction is the catalyst behind our rapidly enrolling six phase III studies. I should point out that in addition to those six phase III studies, we expect as well that we will soon begin a phase III program in type 2 diabetes. Now, I think as we're all increasingly aware, today's injectable incretin therapies have set a high efficacy bar. But the real-world experience, I think, reinforces challenges. In particular, we continue to see meaningful treatment discontinuation.
I think what that discontinuation highlights is some of the disadvantages of the dosing frequency and treatment burden that exists with existing medicines. In an area like this where persistence is everything because, of course, it's sustained treatment that drives sustained outcomes, we think MariTide is really well suited to the challenge. I would also point out that our newest phase II data strengthens our belief in the story in two particular ways. First, in chronic weight management, we've seen that lower monthly dosing or even quarterly dosing can maintain weight loss and do that while sustaining the cardiometabolic benefits that we saw in the part one of the phase II data.
And I would also point out that in the second year of treatment, we observed that nausea and vomiting rates were very low indeed, supporting our conviction that this is a medicine that will have a favorable maintenance profile. In type 2 diabetes, we're particularly excited. And again, our data here support our conviction that this medicine, MariTide, has the potential to be an efficacious monthly treatment, which has been a long-standing goal for the field in type 2 diabetes. So again, stepping back, we think MariTide has the potential to expand what's possible, particularly as it relates to durability and treatment convenience over the long term. I'll include some data here. I won't go through these slides.
But again, I would simply reiterate that we believe that this medicine has the potential to be the first of its kind, which is a monthly treatment for patients with type 2 diabetes. And that's based on the data that we've seen that leads us to believe we can achieve robust and meaningful reduction in both HbA1c and weight with monthly MariTide based on, again, the first 24 weeks of that phase II study. The safety and tolerability in this setting of patients, again, is very consistent with what we've observed in general for the GLP-1 class. And we were really encouraged by the favorable improvement in cardiometabolic parameters for these patients.
And then in chronic weight management, again, I would simply underscore that we have reason to believe there are many ways to win when it comes to maintenance therapy with MariTide through either lower dosing or less frequent dosing and in particular quarterly dosing, which we studied in that phase II trial. Moving off the pipeline to other areas of focus for us at Amgen, I would point out that we continue to be very excited about where we see opportunity to innovate and in particular where we see opportunity to incorporate technology and artificial intelligence in ways that are enabling us to do our business better day in and day out. And we're finding that across all of the platforms of our company. When it comes to capital allocation, capital allocation at Amgen is something we think about proactively, not reactively.
Our focus is on investing in innovation, internal and external innovation, also investing in manufacturing, which we consider to be a source of competitive advantage at Amgen. We have throughout our history invested in manufacturing in order to be able to reliably, safely supply complex large molecules to patients all around the world, and we will continue to do that in line with our stated and announced capacity expansion plans, and then we have, again, the benefit of a strong balance sheet and strong cash flows to enable us to invest in both our most attractive internal and external innovation, and we will continue to do that. I thought I might just highlight two recent early stage deals that, excuse me, might have escaped your attention. I highlight these in the case of Dark Blue because it's an example of something that we expect to see more of.
This is a degrader technology, in this case applied to a cancer target, but you've heard us talk through the years about our conviction that the field of what we call inducible proximity platforms is opening a number of new opportunities for us, and this is an example of that from a business development transaction that we undertook a few weeks ago. Then I also wanted to highlight DISCO. It too is an early stage collaboration, but noteworthy because, again, we have made a commitment with our bispecific T-cell engager to identifying cell surface antigens of relevance to that approach to treating disease, and we're excited about the collaboration with DISCO for what it represents in that regard.
So to sum up, as we enter 2026, again, we're excited to find ourselves with multiple high potential products that we think are still at an attractive early stage of their life cycle. We enjoy a leadership position in a number of important disease areas where the unmet medical need remains very high. We've demonstrated our ability to grow consistently through time, including through patent expiration, which, as many of you know, is not something that's common. In fact, it's very rare in our industry. We've done it before and we expect to do it again. And again, we've achieved that on the back of the strong, innovative products that we have, the timely biosimilars, and of course, the rigorous operating financial discipline that we've developed at the company. So we're excited about 2026 and the outlook for the long term.
And I'd be happy to answer any questions you might have. Chris? Chris, you can bring that presentation down or do I need to click?
Yeah, they'll throw it down. So yeah, you can.
We'll leave it. Okay.
Give you a second to come over here.
Thank you.
Excellent. Well, maybe we'll let you get settled in there for a second. But we'll kick off the conversation with obesity. Probably no surprises there. Can you just help set the stage initially in terms of your latest thinking around the broader obesity market and how that's going to evolve over time as we think about things like price, cash pay versus reimbursed business? And just as you're thinking about where Amgen is going to end up fitting into that landscape as it evolves.
Well, I think, again, what we see is that the medicines are working.
They're working in ways that perhaps were not expected. They're working in ways that the patients, prescribers, and payers can see. And so the good news is what we're witnessing globally is that medicines that make a big difference for patients that are struggling with diseases like obesity have a very attractive, bright future. And we expect to be part of that bright future. So whether it's through cash pay or whether it's through reimbursed product offerings or a combination of both, we think that this is an area that makes sense for us as a company and importantly, makes sense for society.
I think that, again, the data here will become compellingly clear over time that preventing and treating disease like obesity and the related conditions and maintaining control over type 2 diabetes in the way that we think can be done with a medicine like MariTide is in society's interest. I think we can prevent and forestall a lot of the kind of chronic disease, which today is a cause of such difficulty for the healthcare systems in the United States and all around the world. So it's an exciting time, Chris, for us and I hope for the field.
Yeah, great. Touching base on the part two data that you highlighted today, maybe first, any additional color you can provide on tolerability, it sounds like.
As I said, the medicine, as we hoped and expected, would be very well tolerated in the second year. And that's what we observed.
So we have seen that when patients reach the target dose, the medicine performs very well. And patients don't seem to have the kind of disruptions that perhaps the weeklies are causing them. So we also know and we expect to continue to see that lower doses and stepping through lower doses to target dose improves tolerability. And so again, we'll seek to demonstrate that in phase III clinical development.
Great. And maybe a similar question on the weight maintenance data as you think about the different arms. So we think about monthly versus quarterly. Any just directional color with those similar levels of weight loss or?
Well, again, we'll get into the details when we have phase three data.
But what I would say is that the phase II chronic weight management data that we have, which were designed, the part two of the study was designed to be qualitative in nature, to be informative, to help us think through the phase III development program. I would say that the data, again, underscore our reason for having confidence, high confidence in this medicine, both in an induction setting, so getting patients to lose a meaningful amount of weight, but then also in maintaining that weight loss. And so the way I would characterize it, Chris, is we think there are many ways for patients to win with MariTide in many ways from lower dosing to less frequent dosing. And again, I think it was broadly understood that we would look at the question of quarterly. And we did look at the question of quarterly dosing.
And we think that's going to be one of the many ways that patients might be able to win with MariTide.
Based on this data, should we expect any changes or additions to that phase III program or is this largely consistent with?
No, it's largely consistent with what we had expected. I confirm for you that we are moving forward in type 2 diabetes with, again, what will be the first of its kind, a monthly or less frequent treatment for patients with type 2 diabetes. So we're very excited about that. And yeah, I think you should expect that we will continue to look for ways to differentiate and to identify patients that will benefit from a medicine with the kind of durability profile and long-term tolerability profile that we expect from MariTide.
Great. On that type 2 diabetes opportunity, the monthly is unique.
Just how do you think about approaching that market where maybe the GLP-1s are a little bit more entrenched and established versus obesity? Is that a more challenging market to go after just given the state of development or?
I think the good news with type 2 diabetes is that the clinical community is alert to the importance of treating these patients and preventing them from going on to develop the long-term complications of chronic type 2 diabetes. I think, again, the good news is the clinicians and the patients and the payers have for some time been hoping for a longer acting medicine than those which are available, and based on what we've seen, we think we have that longer acting alternative now for patients.
So I think those who want to manage their disease with something other than a weekly injection, those who want to manage it, for example, with a monthly or less frequent injection, will for the first time ever have that option available to them. So we're excited, again, to get those phase III data and then to let prescribers and patients and payers see the data and figure out for which patients and in what settings this represents an improvement over what's available today.
Great. Maybe one last one this. You kicked off a number of phase III programs. Just talk about how quickly these have enrolled and how we think about that implies for.
Well, again, I think that's a subjective question. But subjectively, we're excited by how rapidly they've enrolled. So we had expectations for what we might be able to do.
And what I would say is we're on track with what our ambitious expectations were for enrollment. And again, I think that gives us confidence that the physicians who are enrolling patients in this see the ongoing unmet medical need and see the potential attractions of MariTide.
Great. I know there's been a lot of focus on MariTide. You highlighted here. The rest of the pipeline, what are you most excited about? Because I know it's a growing number of assets that are in late stage development. But if you were to highlight a couple, what were the ones?
Well, again, I think the way to perhaps think about it is in the general categories that I referred to.
We have in general medicine, in addition to MariTide or olpasiran, that's a medicine that reduces by 95%-100% the thing that is considered the residual risk factor in cardiovascular disease. For those who perhaps aren't as familiar with it, the notion is that one in five people are at high risk of heart disease and in particular heart attack because they have high levels of what's called Lp(a). Lp(a) is not something you can modify with exercise or diet. Unfortunately, it's a genetic attribute. Other therapies don't meaningfully move that needle. We have one that lowers it 95%-100%. It's dosed quarterly. We think if it demonstrates that it can meaningfully reduce cardiac events, that's going to be a very, very important development for the field. We're excited about that.
Obviously, when you look at the other three areas in inflammation, as I mentioned a moment ago, we're building on the established presence that we have in that field. UPLIZNA represents an example of what we're looking to do. UPLIZNA is our medicine that deletes immune cells that are a cause of autoimmune disease. We now have approval in three different disease areas. We will continue to look for other disease areas where we think that by depleting these so-called B cells, we can help prevent patients from suffering the long-term consequences of their autoimmune disorders. A lot to be excited about there. TEZSPIRE has performed beautifully. Every clinical study of TEZSPIRE has reflected the potential of that anti-inflammatory medicine. Again, first in -class, unique medicine. Clinicians and patients are excited to see the COPD data.
They looked good in phase II, but we need to see in phase III whether we can achieve what we did in an earlier trial. And then, of course, eosinophilic esophagitis. So there's an awful lot to get your arms around. And again, just in phase three alone at Amgen, we have quite a bit going on. I think if you're a cancer specialist, you're probably watching with great interest to see what we can do with early stage patients with small cell lung cancer. I think, again, that'll be a great day for the industry and certainly a great day for Amgen and for patients if we're able to show that in early lines of therapy, we can prevent this, what has most often been a death sentence, from being that. So again, it was possible with BLINCYTO and acute lymphoblastic leukemia.
We'd love to see that repeated in small cell lung cancer and even in prostate cancer. But I think in terms of the next big chunk of data, small cell lung cancer is probably the area where we'll have data most quickly.
Great. Can I come back to Lp(a)? We looked at REPATHA. It took a few years. We obviously had a ton of momentum going. Should I think about Lp(a) being a market that will take also some time to develop, or is this one that just because of the characteristics and lack of alternatives could evolve a lot faster?
Well, I think it's one that certainly needs to develop a lot faster for the benefit of those patients that have this risk.
If you think about atherosclerotic cardiovascular disease, it really wasn't until a medicine like REPATHA, which was able to so profoundly lower the LDL that it became possible to talk about meaningfully preventing first events in the way that we did with REPATHA, where again, we showed a 36% reduction in first heart attack by taking patients that were otherwise considered to be on an optimized therapy of statins plus other agents. Even for those patients, we could reduce by 36% the risk of heart attack. And so that gave and gives, I think, people the hope that maybe we can take those diseases, which are the leading killers of people on the planet, and begin to relegate them to some other status. Like maybe this no longer needs to be the disease we all fear the way many of us grew up fearing it.
But the residual piece of that, we believe, is Lp(a). So if that residual piece falls in a clinical trial that's able to demonstrate we can prevent events by lowering this Lp(a), there clearly will be a bolus of patients who know that because of the family history and other events that they may have had prematurely, that they're at risk. And I would hope that they won't delay in going on treatment. So we'll have to see, Chris. Let's look at the data. Let's see how loudly the data speak the case for the medicine. But there's no question there will be a lot of attention paid when those data become available.
Excellent. Latest in terms of when we'll see that? Any updates there?
Well, this is an event-based trial. So we're tracking events. And we'll see. It's unlikely to be this year.
But sometime next year, we should know. And in the meanwhile, we'll continue to execute that trial and do our very best to make sure that we gather all the information needed so that when we have the prescribed number of events in hand, we can see what the answer is.
And maybe a final one on this, just differentiation for olpasiran versus competition. How are you thinking about that?
Well, again, we think we have the most efficacious agent, 95%-100% reduction of Lp(a). So if reducing Lp(a) in adulthood is sufficient to prevent cardiac events, we should see it. And we think we have a convenient dosing regimen with quarterly dosing. So I think it's a medicine that's really well suited to the patient population that's at risk of this disease.
We think, again, the medicine is really well suited to answer the clinical question, which is, can you reduce events by reducing Lp(a)?
Great. On the in-market portfolio, just a couple of quick questions there. First, EVENITY, what's allowed for this really rapid ramp and uptake of that drug? And I kind of think of this as like a slower growth category. This is obviously not the case here.
I think I would perhaps point out a few things. First, EVENITY is the most potent bone-building agent ever studied in the clinic. So this is a medicine that's used for women who are at a very high risk of osteoporotic fracture. Of course, the fastest growing segment of our population are women that are postmenopausal and therefore at high risk of osteoporotic fractures.
So we have a demographic wave, which is leading to there being more and more women that are at risk of these osteoporotic fractures. And again, we have a medicine that has demonstrated itself to be very, very effective in preventing those catastrophic fractures. I say catastrophic. I think it's sometimes lost on us in society that north of 25% of the women who fall and fracture a hip in the postmenopausal osteoporosis and their after menopause die within the 12 months after that event. And so especially for those women who could have avoided such a fracture by protecting their skeleton with a medicine like EVENITY, there's an urgency to treat. So the good news is the medicine has demonstrated its safety and efficacy profile. And I think the market is speaking. The market finds that to be an attractive safety and efficacy profile.
Excellent.
On UPLIZNA, can you talk a little bit about the new indications and how you're thinking about kind of those developing as we think about the next year or two?
Yeah. So again, UPLIZNA is a medicine that deletes a subset of immune cells that cause autoimmune diseases. That's the basis of its first approval, which is in NMOSD, which is, again, a very debilitating autoimmune disorder where UPLIZNA is the leading biologic prescribed for the treatment of that disease. It was approved last year for, again, IgG4-related disease, which is, again, a really devastating disorder in which the cells of the immune system attack organs in the body, creating flares and long-term chronic conditions that can be really devastating for patients. So it's a disease that didn't get its diagnostic code until 2023. So it's not all that well known in the physician and clinical community.
Fortunately, the patient groups are increasingly well organized and well informed, and we're working hard with them to try to educate prescribers and physicians what to look for, and I think one of the things we had observed is we're surprised by the range of physicians who are seeing these patients, and so on the one hand, that's a challenge for us because we need to educate perhaps a broader range of physicians than if it were the case that it was a simple specialty that's seeing these patients, but I think it, again, illustrates the opportunity, which is that there may be more patients that are suffering from this disorder than we thought.
So we want to do our level best to help educate the clinical community and, again, those patients so that if they have this condition, they can benefit from UPLIZNA, which profoundly reduces the risk of a flare. And then in December, the FDA approved UPLIZNA again for generalized myasthenia gravis. And I think there are a couple of things that are notable in that disease. First, the therapy works across both classes of GMG patients. So there are some medicines that only work for one of the two groups of patients that suffer from myasthenia gravis. We have the benefit of working across the full spectrum of those patients. We have a very convenient dosing regimen for those patients. And the clinical data suggest a deep and durable and even perhaps deepening response over time.
So this is an area, again, where we expect both to benefit from the churn that occurs in this community clinically, but also expect to be prescribed for a number of patients who are encountering therapy for the first time. So UPLIZNA is, again, proving to be a very attractive medicine in the way that we thought it would be when we acquired it now several years ago. And I think it's a medicine that plays really well to the strengths of Amgen, which are particularly in the area of large molecule biologics and unraveling novel biology like that, which we're doing with UPLIZNA.
Excellent. I think we're just about time. So, Bob, really appreciate the comments.
Thank you.
Thank you so much. Appreciate it.
Thank you.