Amgen at Goldman Sachs Healthcare: Strategic Growth and Innovation

On Tuesday, 10 June 2025, Amgen Inc. (NASDAQ:AMGN) presented at the Goldman Sachs 46th Annual Global Healthcare Conference 2025, highlighting its robust first-quarter performance and strategic initiatives. The company reported a 9% revenue increase and a 24% rise in non-GAAP EPS year-over-year, driven by strong product performance and innovation. While the company is investing heavily in pipeline expansion and manufacturing capacity, it remains focused on returning to pre-acquisition debt levels by year-end.

Key Takeaways

• Amgen’s Q1 2025 revenue grew by 9%, with non-GAAP EPS up 24% year-over-year.
• Key products like Repatha, Evenity, and TESPIRE showed significant growth.
• The company is focusing on expanding manufacturing capacity and pipeline advancements.
• Amgen aims to address the obesity market with its weight management drug, Meritide.
• The company is committed to strategic collaborations and returning to pre-acquisition debt levels.

Financial Results

Amgen reported a strong financial performance in the first quarter of 2025:

• Revenue increased by 9% year-over-year.
• Non-GAAP EPS rose by 24% compared to the previous year.
• Biosimilars product sales reached $735 million, marking a 35% increase.
• Operating margin is expected to be around 46% for the year, slightly down from 47% due to pipeline investments.

Operational Updates

The company is making significant strides in its operations:

• Meritide’s Phase III studies are underway, with data to be presented at the ADA meeting.
• Euplisna was launched as an FDA-approved therapy for IgG4-related disease.
• TESPIRE is advancing in additional indications, with important PDUFA dates approaching.
• New investments include over $1 billion in North Carolina and $900 million in Ohio for manufacturing facilities.

Future Outlook

Amgen’s strategic focus includes:

• Continuing to execute its end-market portfolio and pipeline strategies.
• Anticipating significant readouts from ongoing clinical trials, including bema rituximab and Repatha Vesalius.
• Preparing for potential impacts from tariffs, taxes, and pricing changes.
• Ensuring capital allocation supports innovation and market readiness.

Q&A Highlights

Key discussions from the Q&A session included:

• Detailed insights into Meritide’s potential and upcoming data presentations.
• Expectations for the Opasiran secondary prevention study readout next year.
• Recent APLIZMA approval and its implications for IgG4-mediated diseases.
• The promising outlook for Amgen’s T cell engager platform in improving cancer survival rates.

For a detailed understanding of Amgen’s strategic initiatives and financial performance, refer to the full transcript below.

Full transcript - Goldman Sachs 46th Annual Global Healthcare Conference 2025:

Salveen Richter, Analyst, Goldman Sachs: Great. Good morning, everyone. Thank you so much for joining us. I’m really pleased to have with us the Amgen team today. So next to me is Jay Bradner, Head of R and D Justin Clays, Head of IR and Peter Griffiths, CFO and Salveen Richter, who cover the biotechnology sector.

Thank you for joining us. So to start here Hey.

Justin Clays, Head of IR, Amgen: Salveen, maybe Peter could start with a

Jay Bradner, Head of R&D, Amgen: few opening comments, if that works.

Salveen Richter, Analyst, Goldman Sachs: Peter, turning it over to Thanks to myself.

Peter Griffiths, CFO, Amgen: Salveen, thank you. And it’s great to be here. It’s great to see you and and the Goldman team, and we always appreciate the invitation. And, look, good morning, and thank all of you for being with us today. With the first half of twenty twenty five nearly over, which I think is surprising to all of us, we’re encouraged by the momentum we’ve built across the business.

First quarter revenues grew 9% and non GAAP EPS increased 24% year over year supported by strong performance across the portfolio with 14 products delivering double digit growth in the first quarter. Let me highlight key drivers across the end market products and also across the rapidly advancing pipeline. So let’s start with general medicine. Repatha is now a multibillion dollar run rate with q one twenty twenty five revenue up 27% to $665,000,000 excuse me, $656,000,000. Cardiovascular disease remains the leading cause of mortality worldwide, and we see continued robust growth for Repatha supported by broad access and growing adoption in both primary care and cardiology.

Bone builder of Entity also delivered in the first quarter with revenue up 29% year over year despite its strong growth. More than ninety percent of very high risk postmenopausal women remain untreated for osteoporosis, highlighting substantial remaining opportunity for impact. And in terms of the pipeline in general medicine, our two phase three studies for Meritide and chronic weight management are initiated and rapidly enrolling. We’re looking forward to the phase three readout from Repatha’s Vesalius cardiovascular study in the half of the year evaluating primary prevention in high risk patients. Opasiran is progressing in a fully enrolled phase three outcomes trial for secondary prevention in patients with elevated LP little a.

So let’s turn over to rare disease. We recently launched Euplisna as the FDA approved therapy for IgG4 related disease and we’re preparing for December 14 PDUFA date in generalized myasthenia gravis. We had over a billion dollars in product sales in the first quarter in our rare disease portfolio and please keep in mind the four major products in our rare disease portfolio earlier in their life cycle. Now let’s look at inflammation. TESPIRE and severe uncontrolled asthma was up sixty five percent year over year in the first quarter.

We’re advancing test fire in additional indications, a PDUFA date in October in chronic rhinosinusitis with nasal polyps and a phase three studies now enrolling patients in both COPD and eosinophilic esophagitis. So now let’s go to oncology. Specific t cell engager platform continues to advance much to the benefits of patients. We began this journey with BLINCYTO, our approved t cell engager therapy, which has transformed the treatment landscape in b cell acute lymphoblastic leukemia and delivered fifty two percent year over year growth in the first quarter of twenty five. Building on that foundation, we recently presented compelling phase three data for IMDELTRA at ASCO, showing a forty percent reduction in the risk of death and extended median overall survival by more than five months compared to standard of care chemotherapy in relapsed small cell lung cancer.

These data support the potential for Emdeltra to redefine standard of care in second line small cell lung cancer. We’re also progressing Emdeltra into earlier lines of small cell lung cancer and continue to expand the t cell engager platform with zaluritamab in advanced prostate cancer. And finally in oncology, we look forward to two phase three readouts this year for bema rituximab in gastric cancer. And biosimilars portfolio continues to do well, a very important contributor to our business, generated $735,000,000 in product sales in the first quarter, up 35% year over year. Recent U.

S. Launches including PAVLUE, ESLANNA and BIKEMVY are performing well. We’re advancing the next wave of biosimilars, including against the innovators Keytruda, Opdivo and Ocrevus, now all in Phase III. And just finally, we know we’re all focused on the policy and macro environment. We’re closely tracking developments related to tariffs, taxes, and pricing.

We’re not gonna speculate on specific outcomes. We continue we continue to engage with policymakers and advocate for a policy environment that fosters innovation, access, and sustainable research and development investment, which we believe are critical to addressing the needs of patients globally. The world needs a lot more innovation, not less. We know there’s a lot of interest in the upcoming ADA meeting, so let me turn it over to Jay for a couple of brief comments on that. We’ll flip it back over to you for Q and A, Salvi.

Salveen Richter, Analyst, Goldman Sachs: Thank you.

Jay Bradner, Head of R&D, Amgen: Sure. Thank you, Peter. In terms of the Meritide data at the American Diabetes Association meeting a little bit later this month, you’ll be hearing about the underlying details to Part one of the Phase two study, along with some additional data from the Phase one pharmacokinetic low dose initiation study. As a reminder, this study characterized dose escalation at even lower starting doses where we observe substantial improvements in tolerability to Meritide. The ADA discussion of these data will be split into two parts.

there will be a session for an hour and a half on Monday afternoon, June twenty third, with key opinion leaders, experts in the field of metabolism and obesity. This will be followed by a company sponsored virtual call with the investment community where we’ll have a chance to recap the important findings as well as take questions thereafter. And Salveen, we’ll turn it over to you.

Salveen Richter, Analyst, Goldman Sachs: Great. Well, thanks so much for the overview here. Peter, to start, you touched on the businesses, but help us understand what your key priorities are for the company today and what the forward strategy is.

Peter Griffiths, CFO, Amgen: Sure. Thank you, Salveen. I’d say, number one, the key strategy for Amgen, we feel like our strategy is going very well. So our strategy right now is execution, and we are focused on execution both in the end market portfolio and in our rapidly advancing pipeline, a laser focus right now. So let’s just think about what we have going on.

You asked the question on the fourth quarter call about what are the growth drivers. So growth drivers in the market, Repatha, we talked about that, Evenity, TESPIRE, Then the innovative oncology portfolio, up 10% in the first quarter year over year, includes BLINCYTO, as I mentioned, up 52% year over year, and then into rare. So rare was up over a billion dollars in the first quarter, Euplisna, Tavneet Tavneos, and KRYSTEXXA continue to be strong. We’re optimistic about TEPEZZA too. We think our expansion in the sales force and working hard with general ophthalmologists and and with endocrinologists to penetrate that highly unpenetrated market.

I mean, twenty thousand patients or so in The United States, we think that are acute, twenty thousand that are chronic according to their clinical activity score, the CAS, we’re we’re we’re becoming optimistic about our belief that we can penetrate that in a thoughtful way. So rare, we really like that rare business. And of course, have PLISMA. It’s great to be in I four with a PDUFA date also in generalized myasthenia gravis. And then we we turn over into on excuse me, into inflammation.

TEDSPIRE again up sixty five percent in the quarter. We really see that as a as a great opportunity to explore and continue in those indications in COPD and and continuing into the chronic rhinosinusitis with eosinophilic esophagitis. And we we think TESPIRE as well as Euplisna represent opportunities far beyond just the one product and the one indication, you know, so to speak, pipelines and a product, so to speak, with both of those. We think those are very strong. And so and biosimilars, we continue that continues to execute.

So we had the six we talked about, Repatha, Venity, Test, Spire, Innovative Oncology, RARE, and strength in the biosimilars, and more coming there. So we’re focused on that from an execution standpoint. You’ll certainly explore the pipeline with Jay. And of course, that all goes in addition to Meritide in general medicine, which we continue to allocate capital to. We continue to expand capacity.

You know, we have state of the art manufacturing. We continue to work on and expand, you know, throughout our network system. We announced another billion dollars this year into North Carolina for a drug substance plant. We announced another 900,000,000 into Ohio for a finished drug product plant. We’ve sitting on a CapEx guide of $2,300,000,000 this year.

So we’re allocating capital behind our volume increase, which increase which includes Meritide. So a lot of activity going on. I’ve had an opportunity to visit our facilities recently throughout The United States. The capacity increases are going very, very well. We continue to be very focused on yield yield management too and the science of manufacturing.

And how do we do that? Because if we can improve the yields, then that means it’s less bricks, mortar, and dirt that we have to use. We can utilize that in terms of our volume growth. And we continue to be very focused on what we’re doing around the world too. So all in all, strategy is set.

We’re focused on execution. We’re very excited about the innovation we have coming. And and so that always is capital allocation priority number one at Amgen, and it will always stay that way.

Salveen Richter, Analyst, Goldman Sachs: Maybe two follow ups here. One is you’ll be at pre horizon debt levels in the half of the year. How important is BD to you as a lever, be it sizable deals or just doing maybe collaborations and in licenses as you’ve always done? But secondly, you also touched on some of the discussions that are playing out around tariffs and drug pricing policy here. How are you as a company communicating with the administration, but also kind of positioning yourself around, you know, various of the these various scenarios should they play out?

Peter Griffiths, CFO, Amgen: Sure. on business development. We always expect ourselves to have that aperture open, looking at all opportunities. Number one capital allocation, best innovation, internal and external. So aperture is always open.

We look at all sizes. We look at all shapes. We look for structurally agnostic, as you mentioned, collaborations, licensing, partnerships, mergers and acquisitions. We expect to have an opinion on all of that. But as you so importantly note, we’ve been focused on returning to the pre acquisition capital structure by the end of this year.

We’ve now paid down about $10,800,000,000 of debt since we announced that transaction, which is about what we said we would pay down. So we expect to be right where we wanted to be and what we indicated to our investors to where we indicated to our investors we would be by the end of this year. So we feel good about that. And if opportunities come around, we’ll certainly engage in them. And Jay is very active with our business development group, with our commercial group, making sure that we continue to secure the best innovation, whether external, internal.

Now flipping over kind of to the other side of the world, you know, how are we engaging with policymakers? I would share with you, I think most of you who know us know we’re always engaged with policymakers, and we always have been. We wanna be able to shape that story for innovation. We wanna be able to shape it for patients, for access, for value for patients. So there’s really no change in in how we approach that.

We certainly are making sure, you know, we’re swinging by and seeing the policymakers and speaking directly to them. I was in Washington last week expressing our advocacy for patients and how we want them to have that access and value, how we want more innovation. We wanna make sure that from a research and development standpoint, not just Amgen but the industry continues to be the leader in the world. That’s very, very important to us. You asked about are we running scenarios?

Are we thinking about that? You know, we’re Amgen. We expect a lot out of ourselves. So we wanna be prepared. We wanna be on the balls of our feet, and we are there all the time.

We wanna make sure we have the capital to allocate to innovation so that Jay and the team, you know, continue to come up with innovative in class and best in class medicines for patients in in The United States and all around the world. So that’s how we’re approaching that right now. We shared with you that we’ve baked in to our thinking this year, enacted and implemented tariffs. We’re not gonna speculate beyond that. We are looking at what’s happening on a tax standpoint.

We’re reasonably optimistic that it’ll be neutral to maybe just slightly negative, but we’ll see. We always think through that very carefully. And, you know, going forward, we’ll keep our eyes and ears open, and make sure we’re doing everything we need to do to consider what’s happening out there in the environment and do a great job of making sure we keep our margins healthy, as healthy as we can. And if we need to flex them a little bit to provide a little bit more capital and innovation, we’ll share with you and all of our investors where we are there. We guided to about a 46% operating margin this year, down from 47% last year, but that’s due to great opportunities in the pipeline of research and development.

So it’s a longer answer maybe than you wanted, but we’re excited about the business. We’re okay taking anything on out there in the environment, and we think we can take it on as well as anyone. And, you know, it’s always patients at Amgen.

Salveen Richter, Analyst, Goldman Sachs: Thank you. Jay, maybe jumping into meratide here with the presentation at the American Diabetes Association. It’s going to be the time that we see full data after your top line phase two presentation. So maybe help us understand in a ninety minute presentation what we should hope to better understand about the profile of this drug.

Jay Bradner, Head of R&D, Amgen: Thanks, Salveen. Well, for sure, we’ve already had a chance to share last fall the most salient and directional insights from the Part I of the Phase II Meritide chronic weight management study. You’ll recall this is a large five ninety two patient Phase II study that sought to characterize the effect of Meritide with a monthly or less frequent dosing, we have an every eight week regimen in there as well, over fifty two weeks. That study continues with Part two that we’ll share data we intend to share data later this year. At the ADA meeting, we’ll have a chance to go beyond the most directional observations which we’ve already shared, that the medicine confers quite clinically meaningful and competitive weight loss of approximately 20%, that performs very well even in the very difficult diabetic population, that delivers very strong efficacy against the cardiometabolic parameters that read through hopefully to the other serious diseases that track with obesity.

And the Meritide with dose escalation and low starting doses is very well tolerated. In fact, over the period of these fifty two weeks that patients were on drug in part one of the study after the initial dose escalation phase, tolerability was outstanding. We’ve shared all of these insights. These are the insights and the dose ranging data that helped us craft, define, draft, and now enroll and open our Phase III studies in chronic weight management. So at the AADA meeting, we’ll have a chance to unpack additional data from the other arms, the arms that don’t feature dose escalation, a discussion in more detail on some of these cardiometabolic parameters, as well as a mechanistic consideration that’s emerging around why inhibition of the GIP receptor proves to be so important.

So we look forward to sharing part one insights at the ADA.

Justin Clays, Head of IR, Amgen: And Jay, if I could just reiterate the comments you made in your prepared remarks. That ninety minute session will be actually led by key opinion leaders as part of a continuing medical education session, and then there’ll be a company sponsored event after that. So we think it’ll be informative for investors to hear directly from KOLs on how they view the data also.

Salveen Richter, Analyst, Goldman Sachs: Will there be additional information on the Amgen sponsored call post the KOL?

Justin Clays, Head of IR, Amgen: Just to reiterate what Jay said earlier, it’s really more just our summarization of what’s to be shared in the ninety minute session and a chance to take Q and A and for folks to hear from us directly.

Salveen Richter, Analyst, Goldman Sachs: It seems when we speak with physicians that there’s clearly an interest in further understanding the profile, one from the tolerability standpoint and recognizing that it is a dose dynamic and seeing how you’re able to manage through with titration on the front end. But then secondly, fully understanding the maintenance aspect here, when do you think between this data read and then the presentations in the half of the year or beyond, we’ll be able to fully see that profile emerge to kind of, I guess, reflect that or kind of understand the phase III dynamic in the context of that?

Jay Bradner, Head of R&D, Amgen: Well, we’re in phase III clinical investigation now, and so we’ll have a chance to really see the optimized dose escalation and target doses at work when we read out that trial. There will be additional insights for sure at the ADA that help to shape and frame and really underscore these observations that we have made, which can come as no surprise that lower initial dosing and stepwise dose escalation improve the tolerability, honestly, of all GLP-one receptor agonist containing medicines. We will read out additional data from our Phase II study in type II diabetes. There will be some insights there. But the rubber meets the road in Phase III, and the study is underway.

There’s intense demand for participation on this trial, And we’re seeing excellent enrollment, which I think belies the residual and significant unmet need even with incumbent medicines.

Salveen Richter, Analyst, Goldman Sachs: In discussing the outlook for the obesity market, you’ve often pointed to patient heterogeneity and market segmentation. So in this context, where do you think you could position Meritide and see the most commercial success? I could start on the properties of

Jay Bradner, Head of R&D, Amgen: the medicine, then Justin perhaps you could fill in on the commercial positioning. We intend Meritide to be a medicine for both the initiation of chronic weight management therapy as well as for maintenance, and it really has a chance to shine in both. We see progressive and actually very steady weight loss throughout the calendar year without a weight loss plateau. This is what clinicians really want, is to treat a patient, have them come back to clinic, and their weight is improving without radical excursions of their weight. the flexibility with monthly dosing, the convenience.

This will read through to persistence on the medicine we perceive. The recent real world study was just published this week looking at two incumbent medicines and adherence and persistence and compliance all integrated together in the real world, maybe fifty percent to sixty percent of patients remain on those excellent therapies at the end of a calendar year. Are they hard to access? Are they not well tolerated through the maintenance phase? There could be many reasons why.

We think this is a particular attribute of a monthly or even less frequently dosed medicine. As I shared, we have Q8 week data to share with the community in part one. And in part two, which is really more of our maintenance year of therapy, we’re even exploring Q twelve week or quarterly dosing. Combined with a very competitive profile in cardiometabolic parameters. Here, we’re talking about reductions of LDL C, double digit reductions in systolic blood pressure, improvements in hemoglobin A1c and absolute percentage points of 2.2 in the diabetic population, as well as significant reductions in HSCRP.

These are validated biomarkers in all of the serious and chronic diseases that to benefit, you need to be on therapy a long time. And so building a medicine for long term, well tolerated use that can deliver outstanding efficacy is really coming through with the Meritide program. Justin?

Justin Clays, Head of IR, Amgen: Yeah. I would just make three points on the commercial positioning and opportunity there. I think the one is that this is, as you pointed out, Salveen, a really unique situation with how large and underpenetrated the overall market is. By some estimates, you’re talking about a billion people or more in the world who suffer from obesity or related conditions. And so it’s really a unique situation in terms of the global public health crisis that comes with this and the fact that the penetration is just barely scratching the surface right now.

I think the point is, given the large population, given the heterogeneity, as you pointed out, there will definitely be room for multiple therapies and multiple modalities. We see room for injectables. We see room for orals in different mechanisms as well. So we certainly feel like physicians are looking for more tools in the tool belt. We’re definitely getting positive feedback from the opinion leaders that we engage with.

And I think the point is that we definitely see Meritide as being competitive and having a differentiated profile that can work in a number of different settings. Jay and the team are generating data, and not just in one indication but across a number of areas that will allow us to be competitive. And as Jay pointed out, this is a different molecule. The unique formulation and you know, the durable effect and the data that we continue to generate. We feel like it’s gonna allow Meritide to compete in a number of areas.

Salveen Richter, Analyst, Goldman Sachs: Just with regard biomarkers for Meritide here, should we expect to see some of these at ADA, including CRP? And I do have a question, Peter, about how you’re thinking about I mean, I know it’s early days, but how you’re thinking about the pricing model for obesity here or how that evolves over time.

Jay Bradner, Head of R&D, Amgen: Well, on the biomarkers, as I shared, we’ve already provided insights to the most salient efficacy and biomarker data that have shaped the Phase III program. But additional underlying data, including biomarker data, will be presented at the ADA.

Peter Griffiths, CFO, Amgen: I think it’s a little early, Salveen, for us to kind of think about pricing. We’ll stay tuned on that. And we’ve got a fantastic commercial group, as you know, and Susan Sweeney is heading our entire obesity effort. So we’ve got our finger on the pulse there. We’ll watch it and see how that develops.

I think to Justin’s point, the heterogeneous approach to a lot of things involved in obesity, and we’ll keep watching it

Salveen Richter, Analyst, Goldman Sachs: and do what’s best for patients and do what’s best for shareholders too. Just wanted to jump into the cardiovascular vertical in bigger way. So you clearly have Repatha that’s inflecting, and you’re going to layer on top Meritide on top of this infrastructure. But you do have elpasiran that’s in trials now and fully enrolled in the Phase III. When might we see initial data from this program?

How will you position this drug in your broader CV portfolio? Also, just speak to the read through that could play out from the Novartis study.

Jay Bradner, Head of R&D, Amgen: No, thank you. These are very top of mind considerations for us right now. Cardiovascular disease is an area of leadership for Amgen. Repatha is proving to be a really important medicine for patients worldwide who suffer from cardiovascular disease and can’t achieve adequate LDL C control. This experience of bringing cardiovascular outcomes secondary prevention medicine to the marketplace worldwide is a great platform for us to expand our impact and create more value.

We’ll read out the Visalia CV primary prevention study. That will be a very exciting moment. And I do hope and expect that hypothesis to read through. Regarding opasiran, which is this next batter up, this is a very exciting medicine. Opasiran has truly best in class characteristics.

In our line of work, people throw that term around a lot. Here, it’s unambiguously true that this subcutaneously injectable siRNA that traffic to the liver and shuts down the expression of one of the known and validated remaining cardiovascular risk factors, lipoprotein A, Lp and inflammatory lipoprotein, atherogenic lipoprotein, to greater than 95%. And our nearest competitor, Novartis, as you mentioned, about 80% reduction. Our medicine is given every twelve weeks or quarterly versus a frequent route of schedule administration with Novartis. Still, we’re very interested to see directionally what Novartis will show from their secondary prevention study that I believe the readout was pushed back into the next calendar year.

We as well will readout expect to readout our secondary prevention, LP study next year as well. These data will I think we’ll be particularly interested to observe the overall risk reduction. I think that’s what everybody is excited about seeing, myself as well. It is a validated hypothesis at the genetic level where a fifth of people, one out of five of us in this room here today, have elevated Lp. You can’t eat better.

You can’t exercise more. You can’t take a statin and make that go down adequately. And so these gene targeted therapies, these truly targeted therapies, think can usher in a new dimension of targeted treatment for cardiovascular disease. And following on behind Repatha and then opasiran, you know, we have an opportunity with Miratide, not just in chronic weight management, but in atherosclerotic cardiovascular disease, heart failure, kidney disease that comes with so many of the comorbid conditions, and and and. So I believe that at Amgen, we are a leader in the field of cardiovascular medicine and intend to be for many years to come.

Justin Clays, Head of IR, Amgen: If I could just add one point on the timing of the phase three readout. We know there’s quite a lot of interest there. If you look on clinicaltrials.gov, you’ll see a date of December 2026. That was the initial estimate that when the study started. As Jay mentioned, it’s an event driven trial.

And as we accrue events over time, you know, we’ll get a better sense of that. So I would say probably stay tuned on the date. That’s obviously an initial estimate that we could update in the future.

Salveen Richter, Analyst, Goldman Sachs: Great. You also have the APLINSA approval recently that’s in IgG4 mediated diseases as well as an upcoming approval for myasthenia gravis potentially. Help us understand how big these commercial opportunities are for your drugs and where you will position the MG drug in that competitive landscape.

Justin Clays, Head of IR, Amgen: Yeah, think I’d take that one, Salveen. So on IgG4, just to remind the data were phenomenal, hazard ratio of 0.13, so eighty seven percent reduction in the risk there. So we’re very excited to bring that to market and to patients. That recently launched. One thing to note is we’ve estimated the patient size of twenty thousand.

But to be honest, that diagnosis and even the diagnosis code has only been around for just a few years. So probably more to learn as we better engage with the community and those patients. But so far, so good on the launch. In terms of myasthenia gravis, again, we thought the data were fantastic. Key points to note, you have two doses up front, and then every six months after that, that’s a very different durable profile versus other offerings on the market today.

You also have the benefit of the steroid tapering that was built into the trial design. So in a real world setting, when you think about very strong efficacy that grows over time, every six month dosing, steroid tapering, we think that’s a really strong offering for patients. So we’re excited to get that one to market.

Salveen Richter, Analyst, Goldman Sachs: Great. Last question for you, Jay. You have a very broad pipeline here. Is there anything else that you want to highlight that we didn’t discuss?

Jay Bradner, Head of R&D, Amgen: Oh, boy. Well, we have incredible strength in line as well as in the pipeline across all four of our pillars. But as we didn’t have a chance to speak significantly about the cancer pipeline, and I’m a cancer guy, cancer doctor, I would just remind that this T cell engager platform, through all of the hype cycles associated with alternative approaches, cell therapies and the like, this T cell engager platform is reading through to real profound improvements in overall survival in common cancers. And we should not lose sight of the potential of these three medicines, blinatumomab, which marched right to frontline therapy in acute lymphoblastic leukemia and becomes, in my opinion, as a blood cancer’s doctor, an appropriate standard medicine now in the core treatment of acute lymphoblastic leukemia. At ASCO, just a couple of weeks ago, a week ago, we had a chance to share data from the line small cell lung carcinoma study with Imdeltra, the DLL3 targeting CD3 bispecific antibody.

And, you know, directionally, when you see a medicine work in line and then it marches forward to line and defeats head to head standard of care chemotherapy and wins not only with five months of median overall survival, but also wins on grade three treatment emergent adverse events, wins on efficacy and tolerability. Hopefully, this becomes an expected standard for these patients who many of them don’t live long enough to get to line to see a medicine like this. It is indeed already improved after platinum containing frontline therapy. And time can’t move fast enough now as we’re studying INVELTRA in frontline treatment of extensive stage and limited stage small cell lung cancer. And then lastly, our SEEP-one bispecific, CB3 bispecific for prostate cancer, this story is shaping up very, very nicely.

We’ve already shared very meaningful responses

Peter Griffiths, CFO, Amgen: with a

Jay Bradner, Head of R&D, Amgen: high proportion response rate in metastatic castrate resistant prostate cancer. And just following the same mantra of working in relapse disease, moving to line, moving to front line. Indeed, we’ve already opened neoadjuvant studies of this medicine anticipating and expecting that its value can be much greater to patients the earlier it’s used and used in combination. So more to watch and look out for in the CD3 bispecific platform, which remains a very important and active platform within Amgen research.

Salveen Richter, Analyst, Goldman Sachs: Great. Well, with that, thank you so much.

Peter Griffiths, CFO, Amgen: Thank you,

Jay Bradner, Head of R&D, Amgen: Thank you, Selmy.

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