Amgen Inc. (AMGN) Oppenheimer 34th Annual Healthcare Life Sciences Conference (Transcript)

Amgen Inc. Conference Call Summary Company Overview - Company: Amgen Inc. (NASDAQ: AMGN) - Event: Oppenheimer 34th Annual Healthcare Life Sciences Conference - Date: February 14, 2024 Key Industry and Company Insights Growth Potential and Therapeutic Areas - Amgen is optimistic about growth across four therapeutic areas: General Medicine, Oncology, Inflammation, and Rare Disease [3][4] - The company emphasizes a balanced portfolio, reducing dependency on any single area for growth [4] Obesity Program - MariTide - MariTide is highlighted as a lead program with a differentiated profile in obesity treatment [3] - Phase I data shows promising results, with a 14.5% weight loss after three monthly doses in a high-dose cohort [13] - Durability of weight loss is notable, with approximately 11% maintained after 150 days post-treatment [14] - A Phase II study with 592 patients is underway, focusing on various dosing regimens, with interim analysis expected mid-2024 [14][15] Product Performance and Sales Growth - In 2023, Amgen reported a 15% year-over-year volume growth and 9% product sales growth, driven by 18 products achieving record sales [5] - Specific products like Repatha and EVENITY showed significant growth, with Repatha at 37% and EVENITY at 44% year-over-year [6] Oncology Developments - BLINCYTO is expected to see growth due to positive Phase III data and updated NCCN guidelines [7] - Tarlatamab, a first-in-class medicine for small cell lung cancer, is set for a June PDUFA date, indicating strong potential for market entry [7][49] Inflammation Portfolio - Otezla continues to show growth potential, with a 6% increase in new patient starts in Q4 2023 [8][40] - TEZSPIRE recorded sales of $177 million in Q4 2023, with a total of$567 million for the year [8] Rare Disease Pipeline - Amgen is expanding its Rare Disease growth pillar, with more details to be shared in an upcoming investor event [9][51] Market Positioning and Commercial Strategy - The company plans to position MariTide with a focus on monthly or less frequent dosing, enhancing patient experience [31][36] - The potential market opportunity for MariTide is significant, targeting hundreds of millions of individuals with obesity [37] Competitive Landscape - Amgen is leveraging human genetic insights to inform drug design, particularly for obesity treatments [17][18] - The company is confident in MariTide's differentiated approach compared to existing therapies, focusing on efficacy, tolerability, and patient adherence [36][37] Future Outlook - Amgen's pipeline includes multiple first-in-class or best-in-class medicines across all therapeutic areas, with key data readouts anticipated in 2024 [9][10] - The company is committed to enhancing patient experience through innovative delivery methods and dosing strategies [31][32] Additional Important Points - The company is actively engaging with the medical community, leading to rapid enrollment in ongoing studies [22] - Amgen's manufacturing capabilities are positioned to support the commercial formulation of MariTide [31][32] - The upcoming rare disease event aims to provide insights into Amgen's newest therapeutic area [51]