Amgen at Wells Fargo Conference: Strategic Growth and Innovation

On Wednesday, 03 September 2025, Amgen Inc. (NASDAQ:AMGN) presented a strategic overview at the Wells Fargo 20th Annual Healthcare Conference 2025. The company highlighted robust financial performance, driven by strong product sales and a promising pipeline. While Amgen emphasized its growth trajectory, challenges in capital allocation and ongoing research investments were also discussed.

Key Takeaways

• Amgen reported a 9% year-over-year revenue growth in the second quarter.
• Non-GAAP earnings per share increased by 21% year-over-year.
• Significant advancements in Amgen’s pipeline include investigational therapy Meratide and ongoing studies in various therapeutic areas.
• The company is focused on disciplined capital allocation, including innovation investments and shareholder returns.
• Amgen’s rare disease portfolio is annualizing at over $5 billion.

Financial Results

Amgen’s financial performance in the second quarter demonstrated strong momentum:

• Revenue grew by 9% compared to the previous year.
• Volume growth was recorded at 13%.
• Non-GAAP earnings per share saw a 21% increase year-over-year.
• Repatha sales reached $689 million, marking a 31% growth from the previous year.
• Evenity sales were $518 million, with a 32% year-over-year increase, annualizing over $2 billion.
• The rare disease portfolio is annualizing at over $5 billion.

Operational Updates

Amgen’s operational focus spans multiple therapeutic areas:

• Repatha and Evenity continue to address substantial unmet needs, driving growth.
• Oplisna launched for IgG4 related disease, with a positive reception and upcoming PDUFA date for myasthenia gravis.
• TEPEZZA is expanding its market presence, supported by exclusivity and field force expansion.
• BLINCYTO achieved a 45% year-over-year growth.
• TESSPIRE grew 46% in severe uncontrolled asthma, with further indications in development.
• The biosimilars platform continues to generate meaningful value.
• Capital allocation efforts include completing deleveraging from the Horizon transaction, with plans to return to an efficient capital structure by year-end.

Future Outlook

Amgen’s future strategy includes:

• Continued investment in innovation and capital expenditures.
• Returning capital to shareholders through dividends, share repurchases, or debt paydown.
• Meratide’s Phase II and III studies, with data expected in Q4 2025.
• Imdeltra’s PDUFA date for small cell lung cancer is set for December 18.
• TESSPIRE’s PDUFA date for chronic rhinosinusitis with nasal polyps is in October.
• A regulatory decision on Bmarituzumab will follow data from FORTITUDE-one studies.

Q&A Highlights

Key discussions during the Q&A session included:

• Meratide’s dosing strategies, with ongoing studies exploring different regimens.
• Olpasiran’s potential in cardiovascular disease, showing significant Lp(a) reduction.
• TESSPIRE’s Phase III studies in COPD, targeting patients with specific eosinophil levels.
• Bioplisin’s positioning in myasthenia gravis, focusing on durable efficacy and convenient dosing.

Readers are encouraged to refer to the full transcript for a detailed understanding of Amgen’s strategic initiatives and financial performance.

Full transcript - Wells Fargo 20th Annual Healthcare Conference 2025:

Mohit, Analyst: Today, so we have Paul Burton. He’s the Chief Medical Officer of the company. And debbing for the first time, Adam Arnav, the new IR at Amgen. And then we also have Casey to help him out here. Thank you very much for joining us today.

Adam Arnav, IR, Amgen: So thank you for having us. If you don’t mind, I’ll kick off with some opening remarks, and then we’ll go to Q and A from there.

Mohit, Analyst: Sure.

Adam Arnav, IR, Amgen: So the business is delivering strong results, and we’re very pleased about that. We’re also well positioned to deliver growth today and then well into the future. And that’s driven by four things. The first is our breadth and depth, and that’s across our four therapeutic areas, and that’s both in line and pipeline. And I would just highlight in the second quarter, if you recall, 12 of our products delivered double digit or better sales growth.

So that’s important. The second piece is our commitment to innovation, and that’s both that runs through the molecules and medicines we make for patients, how we enable and leverage tech and AI and then how we drive continuous improvement through the business. And then the third thing is our excuse me, our focus on execution excellence. And then lastly, as you know, our disciplined capital allocation. In the second quarter, we’re pleased to report at the time that we delivered 9% year over year revenue growth, 13% volume growth, and then we’re very excited about the 21% non GAAP earnings per share growth year over year.

So with that, I’ll move into talk a little bit more about the breadth, and then I’ll pass on the marketed product side, and then I’ll pass it to Paul, and he’ll talk a little bit more about the pipeline. Sure. So in general medicine, I’ll talk about Repatha and Evenity. Repatha delivered $689,000,000 in sales, grew at 31% year over year. Evenity delivered $518,000,000 in sales and grew at 32% year over year, and it’s now annualizing at over $2,000,000,000 So we’re pleased about that.

But more importantly, these medicines serve large patient populations with substantial unmet need. And what that translates into, of course, is a substantial opportunity to serve more patients and more growth for those products. Next, I’ll move into rare disease. So rare disease is now annualizing at over $5,000,000,000 based on the second quarter. I’ll highlight just two of the medicines.

So Oplisna, this is turning into a true pipeline and a product. So number one FDA approved biologic in NMOSD. And then we recently launched an IgG4 related disease. And that launch is going very, very well, and we’re very excited about it. It delivered substantial growth in the second quarter.

And then Paul will talk about an upcoming PDUFA date for myasthenia gravis. I want to talk about TEPEZZA. So we continue to be confident in TEPEZZA and optimistic about TEPEZZA. And that’s driven by three excuse me, four things. The first is that there’s still a substantial unmet need in thyroid eye disease.

Second, we’re the only therapeutic approved for patients in thyroid eye disease. The third is that we recently extended our field force to enable us to reach patients where they’re at, and that’s either via ophthalmologists, oculoplastic surgeons or endocrinologists. And then lastly, I just wanted to mention our launch in Japan is going very well, and so that is an exciting opportunity. Next, I’ll move to oncology. Our oncology portfolio, as you know, is broad.

I’m going to focus on the BiTE platform here. So BLINCYTO, our original BiTE, delivered 45% year over year growth. IMDELTRA, which is an important medicine for patients and it’s now in second line small cell lung cancer, grew at 65% year over year excuse me, quarter over quarter and delivered $134,000,000 in sales. But what’s also important about those sales is where they came from. So they weren’t just in the academic setting, it was also in the community setting.

What that means is that there’s a broad adoption and there’s a demand for it from both clinicians and patients. So very excited about that medicine. It serves patients facing a very grievous illness. Lastly, I want to just talk about inflammation in TestFire, another portfolio in a excuse me, pipeline in a product, grew at forty six percent year over year in severe uncontrolled asthma. And then we have several indications to come, as Paul will talk about shortly, including a PDUFA date in chronic rhinosinusitis with nasal polyps later this year.

I’d be remiss though if I didn’t talk about our biosimilars platform or programs which run through those therapeutic areas which I just mentioned, and they generate meaningful value because we’re able to efficiently leverage the infrastructure we have in place. And then on capital allocation, we have a history and a culture of disciplined capital allocation and that’s founded in our prioritization of our capital allocation priorities. The first is investing in the best innovation, either internally or externally derived. As you know, we increased our guidance on R and D spend to over 20% this year. Second is to fund the CapEx required to support the business.

And then the third is to return capital to shareholders, and that’s in the form of a growing dividend, share repurchases or debt paydown. And so as the treasurer of the company, I’m very pleased to say here today that we’ve largely completed the deleveraging from the Horizon transaction, and we’re on track to return to the efficient capital structure, which we had prior to the transaction by the end of the year. So with that, I’ll turn it over to Paul, who will give us an update on the other half of the breadth, and that’s the pipeline. Great.

Paul Burton, Chief Medical Officer, Amgen: Thank you, Adam. Thank you, Mohit, for having us. Good morning, everybody. Look, I’ll start with meratide. As you all know, our investigational therapy for obesity and obesity related conditions.

We now have four Phase III studies ongoing, two of them in chronic weight management, one in cardiovascular disease and one in heart failure. And we expect to initiate a study in obstructive sleep apnea later this year. Enrollment across all of these studies is going extremely well. That really represents broad investigator interest in the molecule and in the program, participant interest in these trials, and obviously significant remaining unmet medical need. In Q4 of this year, we should have data from Part two of our Phase two study in chronic weight management data coming out there.

And we’ll also have data from a Phase II study in Type II diabetes. Now beyond Meritide, but staying in general medicine, as Adam mentioned, we have opasiran, our Lp targeting medicine for the reduction of cardiovascular risk. And that is progressing in Phase III as well. In rare disease, Adam touched on this as well, but the growth we’re seeing with aplisna in NMOSD and IgG4 related disease continues to go very well. We have a PDUFA date coming up in December for the indication of generalized myasthenia gravis for a PLISNER.

We think it really has the potential to address a very significant unmet medical need. This molecule has durable efficacy, the ability for steroid tapering, and following a loading dose, very convenient twice yearly dosing regimen. Let me switch to oncology now, perhaps with Imdelta to begin with. This is our DLL3 targeting bispecific T cell engaging molecule. We’re very pleased to announce that the FDA has accepted the submission of Imdeltra in the DELFI three zero four study, our confirmatory Phase III study for the second line use of hemdelta in small cell lung cancer.

And that was awarded priority review with a PDUFA date of December 18. So we’re excited about Imdeltra and we’re obviously rapidly advancing this medicine into earlier lines of therapy. Similarly now, zaluritamab, our STEAP1 targeting bispecific T cell engaging molecule, enrolling in Phase III study of advanced metastatic prostate cancer and again, trying to move that molecule as quickly as possible into earlier lines of therapy. I’ll turn now to Bimarituzumab, our FGFR2b receptor antibody. In June, we announced the results of our Phase III FORTITUDE-one 101 study that tested Bmarituzumab plus chemotherapy, modified FOLFOX6 chemotherapy.

In the first line setting in gastric cancer. And we announced that the study had met its primary endpoint of overall survival at a pre specified interim analysis. However, at the recently completed final analysis for this study, the magnitude of survival benefit has decreased. The full results from both the interim analysis and that final analysis will be presented at an upcoming major medical meeting. And in addition, we anticipate that results either in the second half of this year or the 2026 will become available from the ongoing FORTITUDE-one 102 study, our Phase III study there testing Bmarituvacizumab in the combination with nivolumab or chemotherapy, so the triplet setting.

That combination with a standard of care option will help us further characterize the marituzumab’s profile in gastric cancer And then a decision on our regulatory filing will follow as the availability of data from both of those two studies comes to the fore. Finally, our fourth therapeutic area, inflammation, TESSPIRE continues to advance with multiple indications beyond severe asthma. We have a PDUFA date for chronic rhinosinusitis with nasal polyps in October. We’re enrolling in our Phase III studies in COPD. We’ve recently completed enrollment in our Phase III study in eosinophilic esophagitis.

So in closing, as Adam reiterated, we have breadth and depth across our four therapeutic areas. We have a commitment to innovation, a focus on execution or excellence, a culture of disciplined capital allocation. And taken together, this positions us to be able to deliver innovation and growth, not only in 2025, but over the long term as well. So thank you, Mohit. With that, I hand back to you for questions.

Mohit, Analyst: Thank you. I don’t know where to start. There’s so many questions to ask now. So maybe let’s just start with meratide. And I mean, there’s a lot of focus on this for right reasons.

So we saw the profile, we saw the data, and it does seem like you, so it does seem like it is hitting the mark with the efficacy side of it. On safety side you can do some work on dose escalation. You can talk a little bit about those efforts and what is your understanding in terms of how you can manage with the milder doses in the beginning? And any of that, could we learn some of that from the part two this year?

Paul Burton, Chief Medical Officer, Amgen: Yeah. So the phase two part two study, which enrolled people after they had been in the study for forty eight weeks and 15% weight loss, will really address three big buckets. One is what happens when you stop meratide? What happens when you go to lower doses and less frequent every three monthly dosing? And then what happens if you just continue monthly dosing?

So that will be very important. Maritide is different from the weekly injectables. It obviously has an antibody backbone and that allows us to have very steady pharmacokinetic characteristics versus the weekly injectables which tend to have high peaks and low troughs. And we think that that pharmacokinetic characteristics of Maritide allows us to have smooth titration to a target dose over, for example, eight weeks. And so we’re pursuing that obviously as our escalation pathway to the target doses.

And that’s with a two step dose escalation regimen where we have on par tolerability around vomiting, certainly compared to the other agents. And in the chronic weight management studies, again, because of our smooth pharmacokinetic characteristics, we’re now also able to implement a three step titration regimen. So we think that we can even further improve on our tolerability profile there. So we’re very pleased with that.

Mohit, Analyst: So let me just talk about the Part two first. So basically it will tell you when you stop the drug, how long the benefit lasts, probably. That’s number one. Number two, is every three months similar to every month? Probably that will be interesting learning there, right?

So it still doesn’t like, the tolerability is probably, like with the milder dosing, probably we won’t see a

Paul Burton, Chief Medical Officer, Amgen: lot here, but that would be something subsequent. Is that fair? Yes. We think that we can manage the tolerability with the dose escalation, with the titration to a target dose. We’ve learned so much about meratide within this Phase II study and other ongoing Phase II studies.

What the Part II of that study would do is really now address some of those key questions that patients and physicians and payers want to know about assuming that the medicine is ultimately approved and then they begin to use it. So what happens if you stop it? How can you go to maintenance therapy either on low doses but monthly dosing, or with extended treatment duration.

Mohit, Analyst: Got it. So do you envision a scenario where it could become an induction maintenance kind of approach, where patient actually go on more frequent dosing, followed by a milder dosing or less frequent dosing over time? Yes.

Paul Burton, Chief Medical Officer, Amgen: I mean, we certainly think that the characteristics of meratide support it certainly for induction. But also, again, going back to that Phase II, Part II of the data, will support its use in maintenance as well. And clearly, as I said in the opening comments, we then have the broad maritime program of other Phase III studies in cardiovascular disease, heart failure, chronic weight management, obstructive sleep apnea starting later this year. So really broadening its use across those indications as well.

Mohit, Analyst: Got it. Very helpful. And then, so we have seen some data from the cardiometabolic and other cardiometabolic endpoints as well, which is the hallmark of GLP-one. So I mean, you look at the front runners, Lilly and Novo, they are running trials in multiple indications. And you are also talking about some of these indications.

How are you thinking about broadening the program? And which other indications you think might make sense?

Paul Burton, Chief Medical Officer, Amgen: So for other indications, as I mentioned, we have the broad maritime program, cardiovascular disease, weight management, obstructive sleep apnea. I think what is so encouraging about the data that we have seen from the Phase II studies to date is in the diabetic population, a two point two percent reduction in HbA1c with fifty percent of patients being able to achieve an HbA1c of under 5.7, so essentially normalizing their glucose metabolism. We have a 28% reduction in triglycerides, 72% reduction in high sensitivity CRP levels and then an 11 millimeter mercury reduction in blood pressure. So when you take all of that together, significant reduction, improving biomarkers of cardiovascular risk, we think that the profile, not only within the management of weight, but in this broader population of cardiovascular metabolic risk reduction, really is very encouraging indeed.

Mohit, Analyst: Got it. Very helpful. And then, I mean, you have some pipeline candidates in this portfolio as well. I mean, five thirteen comes up a lot. But again, anything else that you would highlight to investors where you are going beyond Meritage?

Yes.

Paul Burton, Chief Medical Officer, Amgen: I mean, just to say we have an early pipeline. It consists of incretins, non incretins, oral agents and injectables. We’ll obviously update with data as those programs continue and generate data. And then AMG five thirteen in Phase I now. And again, data mature and data become available, we’ll obviously update you on that as it comes out.

Mohit, Analyst: Is that the area where you are looking at BD as well since Adam’s group has managed the balance sheet properly now? Or the balance sheet is much more stable now?

Casey, Amgen: Yes. No. So it’s a

Adam Arnav, IR, Amgen: great question. And as we said, is we’re our number one capital allocation priority is innovation, and that’s either internally or externally derived. So the answer to your question is yes. We’re exploring all avenues of BD, and that may mean an acquisition, that may mean licensing, that may mean partnership as we’re looking to expand the portfolio. So we have the internal development.

But if there’s something better or more interesting out there, we would certainly pursue it.

Mohit, Analyst: Got it. So basically, you are in the obesity market for a long run, basically.

Adam Arnav, IR, Amgen: Yes. We’re very excited about it.

Mohit, Analyst: Got it. Very helpful. Thank you for this. So maybe moving on to the other interesting asset in cardiovascular disease. I mean, you have had success with Repatha, I mean, again, comparatively, but at the same time, now you have an interesting readout coming up with, I can never pronounce it, but Vesalius CV trial.

So how do you think about the opportunity it opens up? Does it open up a big opportunity? I mean, payers have been the challenge. I mean, drug works, but how do you think about this? Yes.

So

Paul Burton, Chief Medical Officer, Amgen: Vesalius is our study examining Repatha in primary prevention in essence. I think, look, one, it will add to the growing body of evidence around the value of reducing substantially LDL levels, Repatha does. Clearly, guidelines now call for sooner, lower is better. We’ve made great strides with payers, but I think it will give them reassurance around the use of the molecule in that setting. And there are still prior authorizations, so I think it will be valuable data for that.

I would say Murdo actually commented on this in the last earnings call that about 40% of the new to brand prescriptions written for Repatha are in the primary care setting already. So I think taken together will be an important data set. It will build on the already very strong evidence base that we have around these Repatha and should shore up that use in the primary care setting.

Mohit, Analyst: Got it. Very helpful. Obviously, the big one is olpasiran. Sorry, I’m just like a little bit late. Probably the easy way to get that.

So alpazirone, of course, there’s a lot of excitement there. You have an siRNA based approach versus the ASO, which is going on, which is reading out fast. It is an independent indicator or biomarker, right? So I mean, like when we talk to experts, they say that, you know, there is so much going on in cardiovascular, which drug fits where is the challenge, but I mean, a GLP-one is not going to solve for that, or exercise diet is not going to solve for this. So in that, in this backdrop, I mean, are you looking at the opportunity?

Where does the drug fit in? And when we see the Novartis data, I mean, like how much informative would it be for your program?

Casey, Amgen: Yeah.

Paul Burton, Chief Medical Officer, Amgen: So we have Repatha, Maritide, and Orpasaram. I think we’re uniquely positioned to be able to address really all of the key drivers of cardiometabolic risk and cardiovascular disease. You mentioned it, Repatha, profound reduction in LDL. Olpasiran, we think, potentially best in class reduction of 95% to 100% in the level of LP, a very convenient every twelve week dosing. I think that differentiates it in the space as well.

If you said LP little a is a genetically determined, really non modifiable risk factor. So as we now get we’ll get the results of the OCEAN study that is exploring opasiran in cardiovascular disease, that clearly would be an opportunity to reduce the risk of cardiovascular disease driven by that risk factor, Lp. And then of course, we have maritime, all of the cardiometabolic risk reduction features that we just went through. So when you bring those three things together, we really think it underpins Amgen’s broad and long lasting commitment to manage cardiometabolic risk. And we would now have three different approaches to be able to do that, taking out independent, clearly established risk factors for cardiovascular disease.

Got it.

Mohit, Analyst: Very helpful. And then in terms of, are there any key differences or similarities with the Novartis program that we should, as investors know?

Paul Burton, Chief Medical Officer, Amgen: Look, I think the molecule is differentiated. As I say, really profound reduction in Lp, 95% to 100%, and the dosing regimen of every twelve weeks is also very, very appealing. Our OCEAN A study is fully enrolled. The data will mature and we’ll obviously report that out. I think a negative result from the Novartis study, given that we have different trial designs, we have a different molecule, certainly would not invalidate the hypothesis and validity of reducing Lp for the management of cardiovascular disease.

Clearly, a positive result from them would just reinforce that. But again, we think a differentiated molecule with a unique Phase III trial design.

Mohit, Analyst: Very helpful. And then one question we get a lot about LpLa, is there a threshold effect here or more reduction is better? Because with LDL, you have proven that more is better probably, but with LpLa, we don’t know that yet. So how do you think about it? Well, I

Paul Burton, Chief Medical Officer, Amgen: think the epidemiological data and the Mendelian randomization data suggests that there is a continuous relationship. That as Lp goes up and up and up on a population basis, the risk of cardiovascular disease goes up similarly. So our hypothesis is that the further you can reduce Lp, so the greater the reduction in cardiovascular risk would be. And that’s why we think that a molecule like opac iran, which really does have, we believe, best in class Lp reducing capability could be highly beneficial in that setting. So lower, we think, is better.

Mohit, Analyst: Got it. Very, very helpful. Maybe let’s just switch gears to TESPIRE at this point. I want to talk a little bit about COPD here. I mean, you saw interesting phase two data.

I mean, we saw some spectacular failures lately. Again, I mean, I mean, this so like with both the ST two and IL 33, they are similar mechanisms, though. How are you thinking about this space now after the data? And does this, like how strong is your belief stronger in this asset or weaker now, especially in COPD? Yes.

And then COPD is a variable disease as well, we’d love to know.

Paul Burton, Chief Medical Officer, Amgen: Yeah. So COPD, third leading cause of death in the world today. Fourteen million patients here in The United States with COPD, and probably somewhere around one point four million of them are bioeligible. When we think about Taspire, it’s a medicine that clearly has very strong effectiveness in severe asthma. And it’s also shown that again in the setting of chronic rhinosinusitis with nasal polyps.

So I think from proof of principle and using those other indications, I think it’s very supportive that this molecule could work very well in COPD. When you think about the biology as well, Taspire targets T slip, TSLP, which is high upstream in the disease cascade. It really does convert insult to injury, right? So pathogens, pollutants, so on and so forth, into airway inflammation. So if you can control T slip, I think you have a very good chance.

And we’ve shown that in severe asthma of controlling airway inflammation and damage. I think the biology supports it. And then as you said, we did do the phase two study. And we’ve learned from that. We’ve tailored and designed the phase three studies to include patients with eosinophils over 150.

So we think when you take that together, the biology, the proven effectiveness in severe asthma and CRS with nasal polyps and then the foundation of phase two data where we’ve been able to adapt the design of phase three, we really do feel very confident in the design of the study and the potential therapy that TESPIRE will have here in the sea.

Mohit, Analyst: Got it. So do you think, I mean, like Dupixent is actually, like, even though label is like broader, but again, it is used in higher eosinophils than 150. So do you think Dupixent like because it is sitting higher up versus IL-thirteen-four, it can probably have better effect than Dupixent? I mean, like, how would you think about that?

Paul Burton, Chief Medical Officer, Amgen: No, I think we’ll have to wait now and But really see the it’s an intriguing possibility.

Mohit, Analyst: That’s fair. So maybe talk a little bit about the gastric trial. And then you said that the benefit in final analysis was even better than the previous one, right? So how are you thinking about the opportunity there for FGFR twenty, FGFR drug, and, I mean, with these cancers, I mean, these trials are just the beginning, and the opportunity could be bigger than that. So can you talk a little bit more about that?

Adam Arnav, IR, Amgen: Casey, why don’t you take that one?

Casey, Amgen: Yeah. I would say with respect to bimertuzumab, as Paul said, we have data from FORTITUDE-one 101, and you heard the comments with respect to that. We have our other Phase III study of FORTITUDE-one 102 ongoing and underway. And I think we’ll have to look at the totality of data from when we have data from both of those studies available. And then we’ll make a decision on the regulatory filing approach

Mohit, Analyst: Got it. From there. Got it. So what is I mean, like, is there a specific thing you want to look at before you want

Casey, Amgen: to decide? Just with any program, Mohit, you really look at the totality of evidence that you generated, the remaining unmet need in the marketplace for patients. And then you understand the best way to address that need with your therapy. And we’ll take that same approach with VEMA in this case.

Mohit, Analyst: Got it, very helpful. So let’s just talk label Bioplisin. I mean, the drug has shown really good results in MG, so where do you think the drug fits in? Because I mean, in first line you have FcRn, then you have C5s, but you have an advantage of every six month dosing. And after Okrevus’ experience, I would never discount this every six month dosing, because neurologists love that.

So how are you thinking about the positioning of the drug versus what is out there?

Adam Arnav, IR, Amgen: So why don’t I start, and then I’ll So pass it I think the first piece is just I want to start with IgG4 related disease and just think about the size of that market.

Paul Burton, Chief Medical Officer, Amgen: So

Adam Arnav, IR, Amgen: it’s about twenty thousand patients. And IgG4 really just got an ICD-ten code about two years ago. So that can continue to grow. But if you go over to gMG, that’s more like eighty thousand to 100,000 patients, so a bigger opportunity there. And then there’s three things, and then Paul mentioned them, that really differentiate Apliz and why we think we have a strong position in the market and a strong value proposition to patients and clinicians.

And it’s that stable durable efficacy, the steroid tapering, and then after a loading dose, the ability to dose every six months. So we’re very excited about the opportunity in gMG for Aplisna. Paul?

Paul Burton, Chief Medical Officer, Amgen: No, just to add, we obviously it’s approved in NMOSD, number one biologic there. And with IgG4 related disease, it’s also a very safe medicine. I think that’s important. These are difficult to treat patients. It’s safe.

As Adam said, it’s a very attractive dosing schedule. The study results show broad and enduring efficacy, broad across ACH, acetylcholine, a muscarinic receptor positive patient. And then that ability to steroid taper as well differentiates. Many of these patients will try just one or two therapies really before they land or they exit into some of the kind of treatment patterns. So having something that physicians and patients clearly see the clinical value of, that is easy for them to use, we think is going to potentially be practice changing and that would be a plus.

So maybe

Mohit, Analyst: one last question or maybe two last questions. Sorry, one last question. So in rare diseases, like when you did the Horizon deal, you talked about both geographical expansion, because Amgen traditionally has less revenues coming from Exvius compared to their peers. Part of it was like how the initial design deals were designed for Ambrel and all those early products. But I think the horizon of acquisition, the goal was one, geographical expansion, two, rare disease indication expansion.

So you have launched in Japan as well now, TEPEZZA. So how are you progressing in that area at this point? And what more to come?

Adam Arnav, IR, Amgen: Yes. So if you recall, deal, just like you said, was about getting access to a rare disease capability and being able to leverage our manufacturing capability and help expand those both in The U. S. As well as internationally. So a couple of points.

One, you see that we’re selling TEPEZZA in Japan as well as several other markets, and those are going very well. We have approval in Europe, and we’re having conversations with payers ongoing, so more to come there. And then as you know, Plisna is in several markets in Europe as well. So far, so good. We’re excited about it.

And the thesis the deal thesis is holding, and I would say it’s better than when we did the deal. The Plasma is really showing, I would call it, a grand plan. So really excited

Mohit, Analyst: yes, I’ll hand the floor back to you. Sure. And then if you want to add, like, one more one question I ask everyone every time. Like one year down the line, I hope you are here, I hope I am here, and I’m asking you this question, what will make you look back at the year and say it was a great year?

Adam Arnav, IR, Amgen: That’s a great question. And I think it just continues for me when I think about it, and I think if you ask anybody at Amgen, it’s about continuing to serve more patients. And we talked about the unmet need there, and those are people with families and children and things like that. Want to make sure that we’re continuing to deliver for them, and that’s both in line to making sure people are getting their LDL lowered, making sure, you know, women at risk high risk of fracture are are getting their bones taking Ebenity bone building medicine, And then people with, know, unfortunately suffering from cancer are still here today. So for us, it’s that the in line products and then it’s bringing the hope of the next wave of molecules to patients.

So I hope, we have a bunch more pipeline success, a bunch in the early pipeline. So I’m really optimistic, really excited about where we’re at. We have a great platform. And that’s where I would conclude this is we have a great platform. We’re well positioned to continue to deliver growth And the breadth and depth across both the in line and pipeline are going to be exciting for the company for several years to come.

So with that, Casey, anything you’d to add? We kind of kept you quiet up here.

Casey, Amgen: No. I think you and Paul covered it well, Adam. Mohit, I would just say thank you for having us, and thank you all for your interest interest in the company.

Paul Burton, Chief Medical Officer, Amgen: Thank you.

Mohit, Analyst: Thank you very much.

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