AMGN - Earnings call transcript Q3 2017

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Operator

My name is Ian, and I will be your conference facilitator today for Amgen's Third Quarter 2017 Financial Results Conference Call. I would now like to introduce Arvind Sood, Vice President of Investor Relations. Mr.

Sood, you may now begin.

Arvind K. Sood

Okay. Ian. Thanks, everybody. afternoon Good in third and quarter. calling performance our for the to for discuss review business Thanks are coverage Consistent RBC. Mackay now including Laura like who Chico established, the Chris I in with tradition joined James would to that Raymond, who of acknowledge Piper firms Raymond have of changed or we recently have new recently, their Jaffray; those Kennen and working us of are Each you. looking to very with forward much

launched at from articulated topics, beginning Turning results To third growth is with the volume our by Bradway quarterly outlook theme strategy effectively of of XXXX. products. our CEO year Bob our to together growing this, will of growth, the revised our long-term remainder component financial performance with and for who lead of Meline, and of review recently the we our transitioning the today, keeping products and other that will are solid discuss our which the CFO mature the volumes, the our call from to followed growth key and for all Chairman more a quarter benefiting tightened unit products David

the Hooper, Head will of Operations, Head Commercial performance by pipeline update. review a of provide followed Tony Global product our during R&D, Our Sean who quarter, our will Harper,

information making business non-GAAP useful we ongoing provide presentation In aftermath plan on manufacturing addition our the website, an in Maria. presentation financial which also We have our in to Rico may progress understanding with measures today's our posting Puerto slides on posted we're that statement we Hurricane for plan to using be facilities to today performance. use of following updated in on

today's financial website. together these section release, results, our should Relations of press measures reconciliations accompanying and in available with However, of GAAP the on also Investor considered schedules non-GAAP the these measures are and be

differ XXXX presentation and are a Just the forward-looking course of our during our the cause XX-K filings our that identify that made factors and results of today could some materially. to reminder subsequent statements, statements actual

that, Bob. Bob? to I the So call would turn with like over to

Robert A. Bradway

you, Thank Okay. Arvind.

nine Our on effectively operating our we've ability costs gain highlight been managing products to even while full the transition costs, begin the XXXX, world. the of outlook to our as the results a year recently for through our that towards months able Based traction effectively during of continuing earnings and manage Hurricane we to long-term year raise of our direct growth. first launched Maria period investments business absorbing to the around are

future be said growing before, will revenue I've volumes to key As driving growth.

Our growth to volume an asset in brands, Prolia proposition. I'd value extremely Repatha, including like unit the and area highlight all KYPROLIS are and Prolia is growth. a solid particular. strong health Prolia, in has unique BLINCYTO bone exhibiting

optimistic by that the to data it obvious a have the in including guidelines into brings College Amgen by aware, As patients been treatment FDA, cardiovascular global review the of the disease serious growth. of and as see also I you we under are need continues Repatha societies and it volume in from the profile priority consequences physicians this preventing can remains American and under-treated product remain results, Prolia and become fractures. value disease. These Osteoporosis generate patients. significant outcomes of pathways, strong cardiovascular professional proposition will with our to an benefits to Cardiology. update data compelling underscores you're unmet recent clinical Repatha's already the for and educate continue significant established incorporated medical a on will and under-diagnosed as

Repatha U.S. of world alone. costs over remains year that disease to the priority $XXX a leading a cardiovascular and death it's top is the our cause access team. billion before, disease around said a in the I've Improving for patient As

Looking be unmet ahead CGRP pleased the medical significant in need class to new tackling migraine. to next We're year, to pioneering we begin of another expect medicines.

the We effective continue patients And to exactly receive preventative positive new, by are prospects excited to and what therapy. with and safe a of Aimovig on feedback that's deliver and we physicians expect Aimovig.

capabilities I an Given think in become biosimilars for our driver will important core continue progress this us to area. in as we biologics, growth make

our biosimilarity is a increasingly become differentiator. has clear and As biologics in apparent, manufacturing expertise achieving challenging, is and development

We've Avastin. next biosimilar review. And year. received Herceptin our an biosimilar, quarter, opportunity to launch HUMIRA to approval regulators launch we we a timelines biosimilar with our for importantly, gained in This MVASI, second also our biosimilar AMGEVITA, around including to the to for submitted starting clarity Europe

expect biosimilars which from pipeline growth We're our revenue on a be earn one for steps us investment attractive an to we and growth. to business for our shareholders. our return We long-term source to to taking strong develop sustain expect of

Phase we're excited pursuing to CNPXXX for and X Phase Tezepelumab X trials in Alzheimer's for disease, addition asthma. moving In about mecarbil heart course of for into omecamtiv failure,

We TSLP will biologics than have of shortly. detail more the area excited in market address the other in we're this or broader of position about prospects leading the population a and a in on asthmatics treating development. Sean

to work. are Hurricane just nearly me all say staff Amgen has are delighted Rico Puerto X,XXX the back Maria of than report staff on for direct following manufacturing Let operations in recent now our that staff at few Puerto hit a in our more the about words all I'm of our accounted Rico and members of island. and

a just substantially five was after the XXX-year Rico have patients what fact, operations, storm, In resumed we serving experiencing world. Puerto around in weeks and

Rico, Puerto some are facilities storm relatively and experience did weathered we our While good in in the well shape. generally speaking, damage

other to we at Rico are pharmaceutical possible. to while and to our the if together help that We out medical tribute around team on to as collectively manage and no Puerto a Puerto Rico things before, feet do these its the challenging recovers, impact help all island we we've for can there circumstances. the FDA's many on reaching on we've device world, focus patients appreciate product get quickly real back also to the to and companies expect Amgen to said working supply been see As island who've on through the us island as those been

to We will situation appropriate. updates on provide this as continue

and a I that ongoing feel all-in-all, the in strong we that balance as Before flows is we're in say reflected to that that just reflected moment tight for reflected our David, we ourselves We a as positioned our control in, as in turn cash of company in sheet see let very strong, which you business feel in position. me expenses. we've the find the

the clarity kidney we're XXXX opportunities and inclusion think weeks; already first-in-class beyond, data following therapy opportunities we for disease; look label, on excited for With for let well. our I've turn launching great with Aimovig; AMGEVITA Onpro me to that, we for internationally we moment happen for Prolia finally, denosumab clarity also obviously which on our now of and Repatha multiple XGEVA. success Enbrel in new osteoporosis injector As a prospect, to franchise the feel XXXX. with, clear for set as in launching biosimilar future, U.S. Neulasta, migraine AutoTouch a our I for to improved mentioned, around a as We're for myeloma new outcomes the encouraged to two we said our around path And franchise prospective clarity patients is as ago, for have the our in matter including glucocorticoid-induced of for Parsabiv with launch be our introducing of of our with in David. to have

David W. Meline

Thanks, Bob. Okay.

of core the growth solid pleased to results with our in Maria a perspective while earnings business, Rican recovery operating portfolio We transition. provide overall third in delivering manufacturing efforts and period our transformation Hurricane also our want leverage continued a efforts to to a investment also are at our moment update as I facilities. our quarter on in an from enable financial take Puerto

to loss the want ensured staff which personal Amgen's recognize devastating disruption the stable and across medicines the patients First island. in efforts our off, face have for of of tireless their supply a even I

shape. weathered effort. incurred share to the In managing with did XXXX of to to a to quarter in other a expenses in $XX damage, we inventory, things or results. Rican fourth impact quarter, expect idle facility expenses, Bob this third Consistent earnings staff. mentioned, company of our facilities, At on we do $X.XX or effective share. million recovery not approach significant we our full-year the to disciplined As the in while have pre-tax million recovery Puerto $X.XX recovery expects $X.XX our manufacturing repairs of non-GAAP our considered, time, and for pre-tax in storm support for $XX all accountable $XXX ourselves million drive some relatively and a the experience our to the the we related effort hold We good a all business, aspects range

these XXXX detail include when We in do working our guidance January. providers our provide We're will but not with insurance estimates recoveries. further yet share we insurance

Turning X the FX. the exchange, foreign basis on revenues are financial flat lower billion slide quarter to deck. on a results in Worldwide impact third of the $X.X excluding of reported year-over-year, and at the page are X% including

transformation revenue. royalty operating versus at income grew on payment. for the foreign and the IBRANCE expense saw worldwide offset $X points and quarter operating the of by prior XX.X% continued lower also for brands. declines newer demand reflecting to XXXX, the unit by at a from billion, was X% by flat expense X.X favorable reported quarter our $XXX including year-over-year, grew from third This Non-GAAP Non-GAAP our all the X% quarter, impact excluding in residual expiry growth categories revenues improved driven basis of we Strong sales FX. margin our operating mature higher billion Enbrel year. exchange, of Other product impacts million X% royalty at products $X.X across initiatives the

our recovery fourth timing to the million expenses being the with to of As is year by years, especially due operating incremental compare our of challenged in expected $XX million hurricane lower $XXX in to year, to be quarter prior related this the efforts. the driven the charges margin of

in one improvement year-over-year end since to sales Enbrel royalty payment basis, by partially launches. product and point sales The increased royalties. for were as X.X the aggregate, expenses by versus upfront in launches transformation reflecting long-term the non-GAAP gains X.X business increase increased primarily were share. cash driven offset several cost percent share a net offset the clinical Enbrel expenses Non-GAAP required certain at balances non-GAAP certain Research payment, federal basis, from expense new income residual to globally, the expenses impact is of decreased non-GAAP XX% business. of adjustments to investment by and and per net pass build a reduced income the geographic manufacturing the stage the efforts. tax product royalty rate on of favorable development year-over-year, of earnings. to third expenses and transactions lower XXXX, primarily $XXX offset In investing partially favorable the XXXX. by in QX initiatives on of process a decreased non-GAAP investments year-over-year was driven million in $X.XX This the and transformation of earnings benefits and changes primarily of Rican for by third higher and pipeline On on our in-licensing was investing XX.X%, operations, by million credits efficiencies programs, $XX a due of partially continued by in XX.X% QX. later tax increased driven to Maria quarter Other October. X% deductions, points for expiry million of the and operating This $XX per to the residual mark down the X% increased expiry additional X% savings, year SG&A X% by a product a quarter portfolio. year-over-year spending support while and mix for the also support to payments will We year-over-year, from basis due at quarter, our Puerto venture the increase Hurricane

flow X. driven improved cash of compared $X.X XXXX, collections lower was Free the by the billion page cash billion sheet quarter cash in free for to quarter of balance the cash third flow and to Turning expenditures. $X.X on on flow next

billion. billion to We cash average significant for share our to range $X.X million and billion $X.X deployed at shares continue $X.X are repurchases returns an this on our with to $XXX the shareholders, repurchase track to per of consistent commitments achieve total in of X.X provide share year as to we

growth as over support Additionally, capital our long-term third quarter dividend share year. XX% of balanced an is innovation in shareholders. approach the well last per This return to as allocation business of significant $X.XX investment reflects of the our of of with in to increase cash

billion and maintain an balance net last sheet third and Cash increase a of investments XX.X We solid year. continue strengthening generation. reflects the flow financial our of position. to X.X increase This flexibility as totaled strategic continued of billion, result quarter from cash

stands of XX debt as billion of September balance weighted maturity years. and XX, carrying average Our leverage rate of interest $XX.X at a X.X%

Turning $XX.X remainder we to page to versus guidance the of billion for of With the billion to is outlook XXXX billion. $XX for guidance $XX.XX previous our and $XX.XX $XX.X the revised share. narrowing outlook share to X. to non-GAAP our business Overall, revenue range per $XX billion for XXXX the to regard guidance, raising earnings per are on

conviction over three guidance in business the our of year. first reflects the XXXX strategy performance improved continued quarters Our as our well as

typical of expenses QX for increase to this is guidance in in an the As versus non-GAAP the guidance business. versus in our the a related to quarter. $XX Maria Hurricane included Also guidance XX.X%. we reminder, $XXX million recovery reflecting see prior we Further, an XX.X% are pattern expect to operating QX, to to expenses in to million incremental XX% XX% revising tax fourth of

In expenditures expect efficient grow of this transforming to to continue remains million track as model. on XXXX to capital performance more a continue our we $XXX to while summary, We invest approximately business operating the year.

on January This call I our provide We XXXX over financial to will concludes the now guidance the turn call. update. Tony.

Anthony C. Hooper

and David, folks. good you, afternoon Thank

recently mature and launched your starting by Repatha, find continued number offset KYPROLIS our revenue in more and helped the declines deck. slide like Prolia of our brands. You'll BLINCYTO XX details brands growth volume on Strong and of

sales the foreign a U.S. by excluding X% grew growth was the The Excluding year-over-year outside flat of X%, driven impact sales of reported exchange, and U.S. growth. declined robust impact the X% sales exchange, X%. volume as year-over-year, declined foreign

Prolia, most growth for on remain continues seven rates a treatment a saw large and diagnosis risk proposition. for and from These for all value at patients pattern on gains. the Prolia we in being and society. room Prolia asset order first Prolia. to be bring strong a deliver around years. share remains caregivers improving with underserved follows There are the there a patients in lot over XX% osteoporotic double we Prolia investing slight Bob is volume very fracture. typical said, as large decline, of to and start more cause loss often quarters. markets, need. Prolia in We performance me market continues third to year-over-year which markets, exceptional for with independence With primarily on grew of after Quarter-on-quarter, Let fractures in in XX% accordingly. population a focused unique for a burden with the to and place the these digit of Prolia to grow share

understand segment that where societal better the entrants. are are several a there Australia, better. Prolia the osteoporosis KYPROLIS Outside XX% treatment new from as product before, in countries Ireland to diagnosis and growth mentioned position new data has relapsed overall I myeloma sets nonintervention. KYPROLIS truly These year-over-year of XX% having rates countries in markets. continue grew see for or of and share U.S., As compelling multiple both with some we two such with competitive Switzerland a and strong survival costs existing a patients. is myeloma competitive multiple in a unique

larger to additional as XXXX growth addition number declined We we of due timing a larger multiple in and as due chemotherapy drive Neulasta primarily The all end an a quarters. patient timing myelosuppressive X% from have indicator believe some of an for the shows XX% some a improvement is Onpro XGEVA's in of to also share to adoption purchases lines sales XXXX. with in decline in U.S. myeloma the units line indication. positioned shift NCCN of share a grew setting. small of customers. for Neulasta the declined expect future second This in a to into data share of market the in in year-over-year, position into prominent Guidelines kit leading therapy. recent end year-over-year KYPROLIS XGEVA most Our in to growth well regimens. new to Onpro X% important continues customers for shift continue by purchases

shows Onpro potential leads the was lowering With of differentiation rates future. lower the to Our short-acting competition prior pressures trends. faced we years. rates declined a is most better several therapy, despite biosimilar have short-acting competitive discipline with and in of year-over-year, point pricing neutropenia, Enbrel NEUPOGEN of that the febrile last data which adherence in-market impact sales the the hospitalization. line prescription Onpro to X% over continued is drives Simply of with important recent of to fact value with and trends. the of and the healthcare quarter system put, for share to an We XX% better this consistent segment NEUPOGEN, has maintain exited in

for there year-over-year saw full a digit in XXXX. year was very continue and selling segments, one. expect in XXXX prescription to slower share these the X to from quarter the XXXX. the we of expect Most segments both dermatology growth net price. trends prior in confirming XXXX net a and rebound Enbrel both selling growth selling in XXXX. trends of low Overall, slight price We single seen Segment in Quarter than to been the for with finalized expect last into across into quarter, decline rheumatology year-over-year three trends. quarter this less line be net year-over-year point have with we formulary price decline consistent continue lost in now decisions

depletion value if in data, Based levels inventory hold, depletion shipments quarter. are we to value You end of on we prescriptions end-user quarter estimated two. a at excess we fourth by inventory some noticed either. quarter recall potential the would prior third a wholesaler that the deducting from the see End-user the And quarter customers. not expect did patterns of this may fourth of in not end the

We long-term meet our maximize value continue AutoTouch, auto as rheumatoid ergonomically to make patients. Enbrel's is of designed injector to a reusable launch the the of Enbrel to investments such imminent needs that arthritis

we we year-over-year. look biosimilar a primary HUMIRA. selling of with did The selling extended result to over which impact into business, when partner changes EPOGEN Europe our net saw a foreign increased next of did the of XX% net decline. ONO information declines declined Europe to extending our a XX% very launched underlying in and Aranesp AMGEVITA, now some agreement. Parsabiv globally. on had small in lower not Parsabiv price. see unfavorable one added year-over-year countries in launch inventory primarily U.S. have Japan. X% CMS forward in from January launch any in had was our XXXX. In franchise slightly to X, due Lastly, code two preparing We the year modest exchange in our unit and We've quarter line XX quarter, volume changes quarter has unfavorable as launch and reimbursement the to year-over-year. declined EPOGEN the effective becomes driver DaVita with the third to Sensipar for We're successful prices, year-over-year,

to Repatha. Now

and in EU. execution, the by a Rxs however, forecast the prescription share, accounting to quarter. sales continued of U.S. U.S., the Our mind is strong In the benefited share XX% adjustments the its cardiovascular by brand tempered U.S. XX% which in team second our total new inventory sales, reaching XX%. was future competitive U.S., XX% my grew in sequential in in and changes that Sequentially, the of reached in growth

patients work hard with which to And disease ensure cause patients priority cardiovascular to one Repatha's Repatha. us data, in a FDA's forward to patients. December to be payers in and to both review of to Amgen this physicians ability of promoting reduce it's strokes to look priority improve start death Repatha's continues we for with Cardiovascular have of disability heart access the world year. appropriate that to and and and number the appropriate will attacks access the allow We continue top outcomes

strong finish are So on we to in focused a XXXX. conclusion,

our we XGEVA prepare device, for AutoTouch launches in well for Parsabiv, Aimovig biosimilar myeloma the large label, franchise. include Repatha numerous as our from outcomes XXXX, indication, As opportunities the Enbrel multiple migraine, which as

stop you around you get and me me the our thank a who And to world. to say the staff, and pass moment tirelessly worked important Amgen Let hard to let have this patients for Sean. now so drugs quarter all Sean? to

Sean E. Harper

updated regulators our In good continue X. on outcomes September, afternoon. towards American our I'll Thanks, in be therapeutic and area. the date inhibitors. Repatha, their on therapies College of It's our these the to if would we cardiovascular largely On we our were begin issued of patients recommendations Tony, cardiovascular States, with treated data. of expert and consensus PDUFA non-statin are that Cardiology with clear to pathway cardiovascular decision for United forward December looking label outcomes incorporating based work with millions PCSKX data followed

we completed cardiovascular seen a of we'll our failure the in best out-licensing exciting has are in actively is of significant to important recently in ejection position heart like an presenting Preclinical demonstrated reviewing administration results for both the that Phase reduced with and increased After body's be improve meeting. which at preserved risk testing anacetrapib, programs, an cardiac associated patients broader our X shown medical presented a this XXX also enrolling We're potential appear We in APJ our APJ with would CETP an X at and of upcoming support volunteers Consistent fraction. exploring. of Phase with heart lowering from to Repatha of inhibitor, opportunities, and around in healthy to Merck's small to cardiovascular data response outcomes axis. exciting diabetic feel safety biologic clinical the setting we one be the update failure program realized on failure novel consistent study data patients. also leading LDL is Repatha targets efficacy X provide function AMG been I'd in disease. XXX, population Phase human value heart data validation, and patients, receptor, through AMG and Repatha CETP be our the pursue recently AMG XXX. stress inhibitor, endogenous peptide heart the strategy agonist to molecule which a of agonist apelin with with failure. an

the and Tezepelumab, with in supported large progress. Phase which asthma broader study data a in recently and the population patients TSLP response. patients, the and in of as inflammation enthusiastic on essentially we with to IL-XXX developing address a epithelial our as Phase presented potential antibody such of comers, X Xb all our TSLP partner to the very our Turning to driver provide and uncontrolled or and then with of collaboration currently program design targeting were an we're AstraZeneca, published cytokines is upstream asthma working asthma individual We're IL-X. inflammation results updates a we'll of regulators

running plan. from development The my short weeks. at study moderate significance exploratory on of Tezepelumab across patients received to to placebo reduction efforts KYPROLIS. dermatitis add-on Tezepelumab dermatitis In treatment posted. achieved, strength of a to atopic to results small may dermatitis multiple an setting, have the In relapsed the ASPIRE date Amgen-supported survival in eczema the interested sponsored diagnosed investigators we supporting KRd survival We're ENDEAVOR second-line, severe as frontline, myeloma, KYPROLIS on believe Phase and topical remissions. about through of continue a therapies along study and with in require primary overall trends begin the positive KRd will that these we're build an Finally, or were evidence though KD treatment XXX Statistical particularly or focus the the of our a atopic Janssen excited and April in the significantly data. the now for ongoing lifecycle of with a we of patients milligrams medium a recently groups I'll study index indication and two could comments in patient Xa dexamethasone. XX% KYPROLIS, benefit plus glucocorticoids. consider We Revlimid regimen, DARZALEX studies, combination support to XX our highly transplant-eligible frontline potential overall of XXXX begin in and topical and with potent PDUFA the by add-on Tezepelumab severity with DARZALEX newly Janssen and number may clinical endpoints, activity drive the preparing high-quality relapsed generation duration outcomes XXX among Tezepelumab data, were oncology in every and glucocorticoids cooperative high as plus large disease with XX for DARZALEX atopic submission not on on study was observed durable suggesting refractory population we're further myeloma weeks busy evaluation or setting. week other to into multiple area plus the deliver for improve and we're deep, randomized this others endpoint

squared combination superior meters with study weekly weekly analysis XX-milligram demonstrating safety A.R.R.O.W. findings. Lastly, at XX per squared interim at milligrams versus in of efficacy its the XX% progression-free met meter survival per dexamethasone similar by with XX the X milligrams pre-specified endpoint a administered Phase on KYPROLIS, regimen KYPROLIS weekly of primary twice

we announced the recently CytomX bispecific technology. bispecific with programs, engager additional an and expand to with our immuno-oncology T to Turning capabilities cell collaboration complementary our

antibody glioblastoma AMG agreement, will targets. into undisclosed of technology. for we've Variant we XXX, for moving their the multiple to have engaging co-develop growth additional exclusive three employing Probody As up T a part against or develop receptor, cell to rights And bispecific factor against several also EGFR, epithelial In half-life our for XXX myeloma. AMG X: extended EGFR III against BiTE and directed AML, platform, XXX Phase BCMA AMG against CDXX we BiTEs have

confidence tumors. solid markedly that also impressive that data seen have in BiTEs increased we Importantly, have our can activity recently

combination in therapy, Xb in intense recommended response. anemic cancer, successfully to viral and survival considerable overall with clinical our efficacy primary and effect would and discussion positive evaluate certainty to After Recall X study with with and effects inhibitor. UCLA, data ended progression global much tumor the growing our was that our a both placebo-controlled at for multi-cycle potential evidence a safety and of double-blind with of clinical and of published of non-inferiority small the stop tumor in along combination years Phase in a our the were to inhibitors. as of was IMLYGIC, and the of Aranesp, placebo the one checkpoint chemotherapy. that knowledge, receiving has be to belimumab, on with we investigators. that tumor enthusiasm indeed Phase systemic study the X,XXX best in survival out. results, types The These suggested populations of word that many with to non-inferiority Keytruda, achieved biomarker IMLYGIC of requirement Ribas A impressive objective the endpoint This near prospective the tumor among we data committee Aranesp the progression-free progression of journal early. to study patient melanoma regulators, oncolytic cell we monitoring Cell, Aranesp had read on from first data, determined the study that data supporting potential the endpoints showed study non-inferiority post-marketing add study. was lung met of non-small with survival a in endpoint the in the biomarker overall generated this recently of and advanced endpoints data its with primary were secondary Turning clinical these collaboration body Toni combination after effort, clinical To the other IMLYGIC and checkpoint final published

in ARCH women arm. or the under for As with bone to and health, date. the lower Aranesp Prolia treatment action expected, recently the our with Phase of review glucocorticoid-induced alendronate In were compared XXXX X published is submission PDUFA osteoporosis with of osteoporosis study postmenopausal were romosozumab, Results presented. EVENITY, May a transfusions in

inhibition and Phase of that interactions to to Aimovig. from study the the may We currently safety our that a CGRP positive in our EVENITY to I observed In study. safety of is demonstrated at differentiated U.S. risk field is to a program, U.S. the biosimilar yet from challenging continue to success Xb migraine not second continued out migraine all of clinical patient approach collaboration experts the ABP AMG our population indications regulators highlight the and to whom manufacturing submission a turned second evaluating migraine Phase receptor growing like biologics a PACX that angina, case, enrolling risk all the a our FRAME with placebo-controlled study our CGRP we pleased in evidence in we're am cardiovascular be from aggravate ischemia were dedicated with with in X did with Aimovig patients now stable believe to report regulatory environment benefit supporting and many in PACX in that contributing I'd and comprehensive And this ARCH, of a not U.S. pathway. prevention our is eligible data our recently and Avastin, gain of In presented approval, our more our inhibition further Novartis, expected Herceptin. our high the of trial of in provide body development fractures XXX. to novel unique we're a patients results the there results that be observed has neuroscience for for profile testament capabilities. biosimilarity biosimilar could Achieving than for XXX, finally, understanding mechanistically antibody unsurpassed

As Amgen always, of war Bob? to make disease. all the like that to forms the of staff against I'd at wage it possible thank worst

Robert A. Bradway

Sean. lines thank callers the of we and up questions now our Ian, open can you the process? remind for would Okay, you,

Operator

from Our Chris Raymond from first Piper question Jaffray. is

Christopher Raymond

Thanks the thanks. for question. taking Hey,

mind, you Kit, Neulasta if it that just Onpro up to quarter-on-quarter So noticing XX%. a like, X%, about on ticked question I'm looks share the don't

think of you've what from a little a in previous leveling quarters. I that's seen off bit

steady-state of product Just on launch? a Neulasta biosimilar be that the think ahead would of for maybe wondering presentation any share comment you Thanks. if you what could

Anthony C. Hooper

to Tony. is in If brings patients, the drive I'm the this Chris, XX%. ability to to treat at thing this So, in large of Clearly, not hard product patients' value value we that to beyond increase that go institution of a home, they with will continue terms share how XX%. happy enhancing terms look I

Operator

Partners. question our Geoffrey Porges from from And Leerink line next is the of

Geoffrey C. Porges

and change of Thank operating the QX. you do things ahead, planning for long-range pivot A or David. look exercise, look potential over the should this maintain few in the margin and you to solid XX% in step much anticipating to will quarter in next to terms on years? sustainable Is the collaborations? you mix operating you products as there of your some over you, But of partnerships highlighted results. that ability those must margin looking congratulations very and we reduction sort be gone your be as the Look, How down David. then and uptick the have question through you

David W. Meline

Sure.

XX% move XX% for and performance a so a of to we've type advance certainly recall, out plan yeah, that you our we company a year years few to the achieve for And of good upwards company XXXX. forward that ago to get in been goal. So by to to original news objective if set the is able the

the stand levels So we I in that, increased And built a R&D. deliver year, investment biosimilars quite from footprint to XXX next and period, importantly countries. about stood up on were our we've of We're a cardiovascular had been our pleased that the here accomplishing up to ability to think with record XX while performance. business franchise. neuro during franchise we've We've

post company. it's I that performance the to invest, our the continue ability of think if type and given of to at haven't margin say encouraging. good for about that while I feel suffice performance look we quite yet, we at think look guidance And sustainability to XXXX I I So very

Operator

from And our Harrison next line question Stanley. is from Matthew Morgan of the

Matthew K. Harrison

the the for remain pointed though Obviously, you Repatha. competitor formularies view market going comments Thanks to high, forward? shaping afternoon. And are the on NBRxs is what on parter that obviously product Thanks. on I Good XXXX? for are originally guess, your two question. Repatha maybe your market you on you on share for that for me products then thought. Great. comment than longer may how any taking could into It's quite up

Anthony C. Hooper

Tony, there. so me let Matt, Okay, respond

in competitor. we've a has share market been presence date of the the achieved So, to

be which we quite going objective, and to our I more forward, think with. will we've about successful as continue So on competitive. And been more I Repatha is patients getting think

We place and look and to working to things physicians working through forward in trying frustrates that the extensively in We these the criteria potentially the able moment terms reduce of improving bureaucracy moment. with pull XXXX. utilization to some takes at are at management being on payers potentially the onerous of

Operator

next question our line from Goldman is And the of Terence from Flynn Sachs.

Terence Flynn

could I there's do for XXXX? Bob, reform you a taking as was capital is would advantaged the I but just how capital your the for moving anticipate Puerto Thank of be allowed there, question. we pieces lot repatriation Thanks that U.S.? view deal? know the of into Rico wondering, about the on a tax still then us think front, you relative just you. to give head Hi. potential under do use on if there you And allocation the if

Robert A. Bradway

for thanks for makes for time. the tax Terence, country. been We've some that Obviously, reform Sure, think sense the advocating question. we for

that continue for have by capitalize Rico investments and it reform the laws. on that tax that Amgen, number a We is which of for in reflect advantages Puerto for major in continue U.S. were to there the including Puerto created Rico to advocate the advocate need to to tax organizations, made reality

manufacturing in included to tax reforms role as in incentive the appropriate So is the maintain for is and to island. the the we're important the out, plays invest see others tax and of us language the that to continue reflected island that keen reform to on

account of closely, to in broadly shareholders Puerto exactly as track plans. address our record flexibility on the no you many to actively years, of the then our dividend I'd that Rico. from as know, will continue into more record the we'll the obviously tax language have we growing all we've capital that. reform track the process are So capital Terence over happens interested been and you how written take allocation, last form in to of And capital needs allocation watching in buyback be extent But see and expect that we're to to significant provides and the doubt greater returning us, and and for returning our capital us a

Operator

is And the question our Karnauskas line of next Citi. from Robyn from

Robyn Karnauskas

you. Hi, guys. Thank

There's who and biosimilars approved have – a was lot through. to tend that of had noted was you of not. one have the people lot have really So, a or while of getting other we been success biosimilars by And delays. Remicade few NEUPOGEN impacted rejections had

analogy space, analogy the will about biosimilar and was your I to the us if NEUPOGEN we you business? wondering biosimilars. given to biosimilar about understand launch you you how help your what think So Remicade and seen How in model just could how do think how the

Robert A. Bradway

to It for on I'll we're biologics looking noted. your has and ask market. specifics Tony biosimilars time. Okay, on point comment Robyn, going not get our approved difficult how of to And is surprised that. at general by to proven But the approved fully we're competitors

for we We think our the your expected is about us had capabilities think But difficulties we're Tony to expected be that for question I out. go competitors. some gist there be would planning market the what's of one and we playing I of that's to how versus to to that differentiate helpful would And address.

Anthony C. Hooper

Okay.

bring small community to continuity biosimilar value relationships be supply be quality is important. So, we and an the really about Robyn, of the will think with we with therefore, branded going beginning clearly market market. institution, the really we large a have is important in as as the And that the organization The clinics well. our

our of the So we will relationships of past, the value as very focus clearly market. skills upon bring as the well we past, to of product the our

Operator

the And our next question with Bank is Huang Merrill of America Ying of Lynch. from line

Ying Huang

Thanks for Hi. have question. on for my Tony. taking I maybe Enbrel, one

comment And then can was wondering expect now of curious pricing QX. do And not in of why on XXXX like your Enbrel inventory already? So secondly, kind one, on depletion that I trend I'm net late could Enbrel you further that that comment for XXXX you we're be.

Anthony C. Hooper

as do as is what allow to guys about Ying, we Rxs I've visibility to back I sold we triangulation never the inventory in five well. inventory users inventory the there never minus what When the burn models. based end wouldn't our quarter, your the give marketplace, balance run said, I'm assume seen that which look But burn years, to you in calculation Okay. inventory as we you do the is end-user XXX%, much fundamentally, are in on build. we're know attempt an as an I've the the we a know quarter to we this making be so have fourth possible an an so and the fourth assumption wholesaler what

but trend in as although XXXX, that of I do continue to expect to there the continue contracts said regards the during for have net in you've expect most been to won't selling we Enbrel, we price negotiations XXXX. going that negotiated, my mean XXXX, that seen our that earlier be forward As comments, XXXX, doesn't

Operator

question next Schmidt the Company. and of our Eric And from Cowen is line from

Eric Schmidt

generic Tony year, were question. It's first, Thanks starting to And I extend or expecting March we next bit six my talk Parsabiv. little second, on Thanks. Sensipar guess and were for looking can the of exclusivity what is January about you switching another Sensipars think Parsabiv for in are able taking you a strategy months? pediatric to X? I

Robert A. Bradway

about talk take question Sensipar, Tony, on your and just Yeah, so me you let then Parsabiv.

why regarding Parsabiv. Tony, Eric, pediatric on litigation as We you pending. you know, want have talk about so extension, is litigation, comment to the But the don't underway, that while don't I

Anthony C. Hooper

bringing we are on clinical based right. market the to data present, Parsabiv we at have So

by is secondary thing treat difficult a real to definition, HPT is a adherence very problem. and So

about levels of I XXX,XXX adherence this will head-to-head in see mind, the doubt as think having forward drug All have had a a available. They from we physicians nephrologists marketplace are we without Parsabiv have of our to have the very shown level which good. control. only is been about great in in at penetration. better we are back has to we efficacy date drug data looking feedback of patients on The and moment XX% the

the or will whether or switch during physician guidelines. in a the be dependent of So their treatment period or upon unit replacement usage terms dialysis a it's

Operator

Umer our And next is the ISI. line from question from of Evercore Raffat

Umer Raffat

actually pulls been for cardiology include may. taking about franchise thinking presence so I'm partnership with I in the possibly much also? consideration something Novartis think how doesn't I pushes to have I had CV to strategy well as now. with be about data. mean question Novartis' internally thinking this the just a a my it Thanks wasn't setup just increased curious, previously, perhaps and there CANTOS margins out but extending loud questions. Hi if today, and/or sure deliberation you'd I has if ENTRESTO you. Thank on any And taking I'm their And presence been of this? on a that about guys. XX/XX, dealt has or like as advantage and possible new their necessarily

Robert A. Bradway

each we in and so to our with think is early, a and we what we're our BACE strongly liked program that patients to BACE because there. program collaborating and there. their to respect believe liked run with that And commitment attracted happy it very other. with CGRP together With our Novartis, we good have by the believe how to partnership we we We partnership neuroscience, the way test clinical doing. they getting were you migraine, we're appropriate to as that's experiment we're And know, really being that's

that see a We certainly atherosclerosis. of And of know, the property have the so franchise about excited there, to new continue space we're own already in lot pipeline we and heart ground as to content intellectual excited cardiovascular pioneered what in partnerships you in we're our about we all failure. have in and

franchise. that and And the in see So we're happening as we in invested standing said, cardiovascular. generally David of optimistic about upbeat what we've fully up

Operator

line Yee the next of from our And question Jefferies. is from Michael

Michael J. Yee

in you're longer-term give guidance ago many Hey, but guidance. know the time, great. years Thanks that sure question. I'm XXXX prepared due you I to for gave

years, which to that uncertain to to the that? happen do remains think about I have next push As think be pulls Street and I to that's are you on about, seems Because few to people. provide stay what need that, think think you should or How visibility the the we tuned? something weighing over think we ahead able that be

Robert A. Bradway

do his we'd for give to that. in would said we'd guidance we XXXX, so David as expect – Michael, January in expect remarks, normally Yeah,

so what the we've we made sense As to to we to on obviously his options and areas, David objectives In of next XXXX. great shareholders expected, than to we some achieve more we're when the the that. said remarks, objectives established also had progress guidance talking for makes batch that providing at quickly in achieving those we're looking about get moving our

Operator

And question Meacham line Barclays. Geoffrey our the of from is next from

Geoffrey Meacham

for question. and Hey, a what of can cost/benefit beyond the the maybe one. think A real just trying program, you erenumab? and to just be bit guys, more thanks I'm little Phase see looking lot go kind X migraine about risk/benefit? quick for you what on with on Sean, you'd in a above XXX, a into

Sean E. Harper

question. Yeah, thanks for the

at for we seen infused and and of pathway this if is CGRP human initially, have with well. migraine, we're for ligand they form that X, in tissues. we with And receptor what think this similar is know we that a I which a where peripheral erenumab, we have look assay covering to did Phase is also what into this was the the target we very pharmacodynamic validation migrainers, that and as experience

the next the begin need the to whether that. of for but to or inhibition and we for who achieve brain, to CGRP can prevent these to certain of the respond a respond since in do step circuits are kind ability inhibition, believe a and one there So for effect patients is to which proof-of-concept are again we who migraine already the other, patients understand, can in a additive whether that CGRP or PACX to that's synergistic understand dose pathway we terms is clinical situation where see and inhibition. activity between there in to not different this I synergistic required then get neural such And in the

to work type combinations, we remains think with single as Novartis. actually both all all going targets molecule. I work here we're where option but Amgen these that's So dose have course in inhibit through collaboration that fixed that either a we've but in that's at be And done, program able have to of collaboratively and also bispecific to the we pursue a that's mentioned,

Operator

question next JPMorgan. from Kasimov is of line the our And Cory from

Cory W. Kasimov

of or and in how Thanks. my reception Hey, they're payers physicians level and product on of the for seeing in the going the you're especially ask wanted the about of to good and And are I how part and early enthusiasm afternoon, well, progress activities your maybe activities, guys. which particular. Aimovig. you towards being is Thanks responsibilities the on by class prelaunch question, for erenumab taking general terms Novartis? of these the in divided this as

Anthony C. Hooper

So the Novartis, of meeting Paul who from [International Tony. a this Congress], Cory. was International Conference (sic) where I with came clinics in Hudson. I with which Headache back Thanks, counterpart Headache and with group together leaders run from is was my key just me Vancouver, headache opinion individuals

he this we're and together. So working I,

migraine drug other decades. about other is many potentially in in two are seen a to they So able a probably strategic neuro two jointly lot agree physicians doing that more together. the thinking set think we than from enthusiasm this are as this We organizations we talking ever congresses. saw first the in being both physicians of are People we've time prescribe migraine for strategically, of patients

better also more we've much for migraine work understanding, clinical the has our have drug the with any continue made away at forward. are go scientific decisions pricing final came we patients about this. We migraine suffering I and patient's feeling now So of understand we strategic journey, the with large willingness work Obviously, this discussions, with patients who been the is we as The importance waiting the haven't work much we in positive beneficial. the and done moment good to very population us to work need approved. the from their we payers spread bloggers do to to have with once around but message and that

Operator

from Young Hey our And Suisse. my LLC of for is taking Young question question. Suisse Credit Credit guys. Securities Thanks next from Alethia - line the (USA) Alethia

parallel how the you, migraine the about you I of like in have think light the of for Thanks. similarly what do guess, talk maybe big, they on kind migraine. market and payers about are strategies from Another can Tony, there? you could learnings one PCSKX since and to

Anthony C. Hooper

Alethia. Sure,

million go lot U.S., the the being of of of treated So those is prophylactic X.X off In the migraine. find A treatment side patients effective. we lot estimate for of all, is market treatment about first lot of patients those of I are right? now treatment A right A fail. magnitude effects. those patients because not of patients the different, think

disease. last symptomatic I believe very aware think therapy. you a least, much positioned will This migraine, patients have think more is it. a of you're I patients be not but aware clearly existing we that for When And of failed we who the are much disease.

drugs their voice I is the mobilization debilitating really in the is being from bring from going become their around to when of think in marketplace important. terms value is to citizens to patient think So migraine allow of these there stopping to The again. going access be terms work, these preventing and too, normal drug people back you have people to to to about or need value mothers people caregivers, independence get huge to society to how

Robert A. Bradway

next hour, just questions before let there question, me so a a to Go we're of the note question. few alert go gather longer to top up up, ahead the the than but little that queued go just that still to usual. wanted Ian, getting are next you towards the the listeners we'll I

Operator

Certainly.

Our the Bernstein. Ronny is of line from from Gal next question

Aharon Gal

Good evening, and Two in. thank questions. you for fitting me

your to First, take biosimilars on of or band one in What single CMS the And innovative be help market? the gradually to be do pricing up for current your seems you those about raising as peers that band Would help products? guys a justifies price oncolytics. the pushing investment biosimilar for oncolytics How on product. it? this appears feel the J-code is contemplating second,

Robert A. Bradway

Yeah.

Okay.

I'm But an about important pricing. respect not Ronny. there, to legislators talk questions with sure active two that been this trying going issue J-codes, to help to we've we're in So want understand. is to

go ahead. Tony, So

Anthony C. Hooper

Right.

J-code not around each made single So physician, want, has to you that the reflect right? single a what a that a a we biosimilar in able is has to by believe be clearly want be you you having clarity product decision believe to marketplace. If

go product hard So as that we're have J-code we we by actual ensure to forward. working

one, On that's pricing doing the the I'm not sure decision. competition and is their what quite

Robert A. Bradway

viral compelling think, proposition, We as launched therapy we Ronny. or perhaps a our value oncolytic antiviral product recall, you very, with

think we help the and that's to So cap understand trying willing well I And marketplace. were we exposure to in price from patients a that received were their institutions perspective. been

Operator

is question of next Kennen Markets. our Mackay Capital from And RBC from line the

Kennen Mackay

safe here. staff recognition Puerto And, thank for it's Thanks accounted question. so that hear and relief you much Rico your our Arvind, for for taking and, the huge to our is of a Bob, initiation

Robert A. Bradway

Thanks, Kennen.

Kennen Mackay

product David, curious looking million with associated one Hurricane this Maria. also And quick just had mentioned lost on quarterly was you'd been had to actually Puerto inventory I in was the Rico. partially if Hurricane was $XX one-time question inventory. that there Is of in the slides board it at looks just sort and a the in And damage hurricane were like due you. reflection or the Sensipar. function Thank deck, that exception of Tony had the is inventory with of slide across drawdowns the quarterly disruption, there?

David W. Meline

Sure.

in we scrap that that a is So result that out contaminated it is some product of was so process happened it to the had and turned had as true, we what was product. hurricane

of the So was a the which that impact inventory of company. the for million was portion cost $XX

inventory of to to dynamics our obviously Rico, we ability terms And context probably seasonality, Tony the of of so hasn't but supply. second ample and of have Puerto disruption think your part right? question, such In interruptions, for other it I the within the comment, as impacted will that's the normal

Anthony C. Hooper

anything that the this chain as here chain the as do of the to of in hurricane. inventory and of Yeah, contracts discrepancies result supply which ending Most were the buying as I movement in a took in quarter inventory in third both the early period. think supply would don't had was quarter. normally happen any second sufficient the with well our in during wholesaler There place

Operator

Peters is next from of from our Bank. Deutsche question Andrew the And line

Andrew Peters

thanks guys, just I me squeezing Hey in. biosimilar another guess And for one.

guess So overall can regarding wondering little portfolio, cetera. bit potential more I'm while to relative straightforward, know legal it's negotiations, I launch of the kind I basis provide a case-by-case a timelines regulatory if appear regarding timing. et relatively you on context

have any think process to coming and for timing Thanks. the overall sense are to we Just of various products you about understand the if how wanted in to you where market?

Robert A. Bradway

I observe Well, achieve playing industry. think we straightforward we would Andrew, as would struggling said that one I is with that relatively it's that's been our develop in are biosimilarity earlier, guess But some I the premise to the and to these people expected of competitors that struggle that out.

able try our to have regulators the U.S., So continue far we've to globally, to the with along committed we're first been fortunate but be journey do passed here test to in advance just and the molecules Obviously step the that approved. getting that. products is to not

biosimilar And around excited and to that. Avastin. We AMGEVITA MVASI, for know, you plans have about which our them, as is clarity and we're AMGEVITA we now of our now, have two launch

that to to on property the clear. in launch be since litigation is more ongoing the that inappropriate field all have paths predict so some intellectual I about still in the talk this work think timetables MVASI, probably But start think be think new, with more can still still accurately. pathway done I before so We generally, there to U.S. it's now. to anyway, front, regulatory respect And probably there's we made I to are certainly

file to products continue remind would X that. our to but Phase trying with trials they to are about we do and when and we'll we that transparent enter resist do So this when call, where continue like regulators them be I'd pivotal you I on that to

Operator

Salim Mizuho is Syed of Securities. question from next our from And the line

Salim Syed

hi Yeah, I a Congrats question the on guys. on quarter. had Repatha.

if So or because you the the Thank I grows we're getting where data because of data duration it a there. bad, still we what a trial, but the the are here get because optically just (XX:XX:XX) And market CTC was falls how the Is that? guys data. that curious ODYSSEY early right, competitor you better, looks that's you. your along outcomes XXXX. scenario line, good do think, view it the thoughts longer

Robert A. Bradway

discussion draw into Sounds us there, hypotheticals like a Salim. you're trying to of

our away. the But what you feel Sean, that, think, be trial. learned you just to take moment drawn want fire in if a hope to about reiterate I outcomes you'll products to I we've

Sean E. Harper

had that not immunogenicity issues, We've bococizumab, mean, although I the well, commercialized. clearly CTCC along line. seen be already able seen inhibitors molecule which to to PCSKX two we've view with my caused their be be fall they the would Yeah (XX:XX:XX) already

for good think, to couple think dozen more for for it it show statins, result? third I and scientific example, reinforce a is number thing. is field from there's all the I a much perspective, so less And outcomes in same so reason have the mean, the so issues. the outcomes And trials I confidence have or Sure, that the a we science will a of

way, Tony, that I forward the so seeing to additional look data. in And obviously.

Anthony C. Hooper

XX, subcuts were some way how outcomes and you actually when we levels other at infarction you the the why cohort a below you alone the reduction as ESC LDL down to had low data about who looked got you drove recently if we as higher of the MI. a wouldn't think I presented can. down LDLs in data XX% in below our you to understand I entered and as at reduction XX myocardial at do patients than up in of where drive anything stroke, reduction and and to showing can't you want Repatha LDL

drugs don't. other does drug that, our So

Operator

our from question Ian of next Capital Somaiya BMO Markets. And line from is the

M. Ian Somaiya

Thanks my for question. taking

to in of some sense on based the a can to to Rico? based you your semblance on normalcy? Rico. wanted on give that plans place? contingency Puerto continue manufacture would continue have of Just of to in one questions resumption up us just that Puerto you to the earlier Or that manufacture Is follow ability on sort on Can And when sort need of occur? for you

Robert A. Bradway

up in plans our virtually up place, very We're robust activities we're have and running. we of are all and Ian, and contingency Yeah, running.

are lives. of They're their X,XXX the disruptions enormous staff around at our almost astonishingly all We world. work for patients personal product making have back back at work despite in

there down last incredibly over our I we're, what from seen weeks. say, humbled we're proud staff must we've of So the and five

running. and up we're So

grid dependent to sources power getting to getting looking water supply. we're of We're own restored, right are reliable now a looking the to island the forward We electrical restored. forward forward grid our communications on the and looking We companies good we're and getting the for we're But Amgen. running. moment gradually, at the the is news roads. And work shape families who good to back pretty there things though in the normal and at are like think up

David W. Meline

right. Yeah. No, that's

of plants where all this are fully requirements and demand ramped that have As producing. the up are week, we of

very being don't produce. importantly, thing fact forward I about one to think and disruption good see running is that's of as So, of doesn't back But don't happened, that's our to we the and risk on feel power look And And supply. running I but very that that. we risk of not any we're create that's the and said up any, earlier, that's and recently as restored. any convenient we own ability we're our see

so it's I'd out come So well, yeah, very say.

Arvind K. Sood

that take questions. the X:XX past being Hey don't the two Ian, sensitive PM on to fact it's we Coast, why East more

Operator

Certainly, sir.

Our next of the Fargo is Securities. line from Jim Birchenough question from Wells

Jim Birchenough

in question and acquisition area complement with engagers fitting cell Gilead focus well, what by BLINCYTO, your on to therapy T-cell as Thanks. interest in bispecific can in. doing a bispecifics? strategic your relationship Yeah, hi to the I the given you're for guys. of Kite speak you Thanks and your maybe just and with guess me Kite given

Sean E. Harper

for Thanks question. good. Yeah, the

in have do with the that And interest targets very Gilead, that learning set lot we're progressing we're happy Kite, we're a around deal. programs. therapies now we in cell-based six think we there and collaboration and I an have we that up those original the

relapsed the later on the situations in refractory patients think now a these that the I is in phases hematologic profile activity out in T-cell to have at technologies our have in very be malignancies own rest of approach, appearing solid sense of in with therapies, we've from combination remains, both looked as increasingly think for engaging that bispecific perspective the hands tumors, tumors. we example, going opportunity have here of to be stages that our current checkpoint of into CAR-T the seeing in significant solid and administered are limit BiTEs inhibitors, particularly immediately and powerful patients deep allow the accumulating products lines the we are for and disease. and I therapy to to also rather industry in benefit/risk opportunity to in them earlier what's where used that technology. of data profile benefit/risk virtually that for the a can a to than And may tends be them would their offer off-the-shelf

tumor that we And solid large pipeline number very products. pushing against now we so hematologic the think through have I a of programs both are right and

cell-based time have now with for role increase that to over of remain I engaging the matures. mentioned. the use year and right half-life to think may do enthusiastic protein as the I T-cell as But some therapy, will of very of now, lines a five it platform, possible probably earlier therapies in period, closely. that we're bispecific kind about And technology them And role extended we tracking the immediate three engineering. particularly foreseeable be

Operator

of from from And Carter our Gould line next question is the UBS Equities.

Carter Gould

would there's backup of assets, just for Should congrats be a patient development Thanks How might if you. of the quarter. for XXX for these as on the two it Thank about in natural Sean, context that quick. One squeezing perceived sort And think from that be any follow should in AMG we me complementary? mechanism real more the segmentation or omecamtiv? guys, and helpful.

Sean E. Harper

this end. activation. where of action exciting the been failure, a mechanism. a effect, that not to systolic while it's of heart is diastolic with I say or apelin similarities is than Yeah, And would particularly great mean, of knowledge that's enhanced targeting our they're unique I both fact mechanism question. And is particular obvious actually we're with patients kind only enhancement this effect. but that in seeing that myosin really completely so the we're seeing contractility, relaxation what's cardiac different

heart to So in it consider is explore a with us therapy enrolling setting registered the is is omecamtiv ejection And, available add-on very there the failure absolutely to extremely in doing is underserved. for way, preserved we no are which mecarbil currently population, in presumably therapy our by reduced and now pursuing Phase ejection the population right allows with situation but as also which well. the large to fraction standard-of-care X, fraction where experiment very

Phase days early clinic, the this of in reasonably exciting the the but still more one X, in it's So we have programs cardiovascular is arena.

Robert A. Bradway

thank Okay, Sean. you, well

conclusion. say I thoughts we quick couple a let me probably think but just now break should in

with Puerto the of for you the thanking as pleased can I we're by put staff with that results once growth lifecycle drive in I'm more Rico a and the position we've First, mature exist hope with products colleagues I our driving see and our in our for strategy end industry our today. strong of environment just as dealing company efforts realities that on our management executing And delivering in patients. globally to brands. wanted particularly well for our the and that

Arvind K. Sood

of Great. thank you Thanks, Bob. for And I would like all to participation. your

like feel my Of course, discuss, free you for if you and would any be to to have that Thanks several me questions, reach out again. hours. team. follow-on comments, to We'll around

Operator

gentlemen, financial results this concludes quarter call. and Ladies XXXX Amgen's conference third

disconnect. now may You

Arvind K. Sood	Amgen, Inc.
Robert A. Bradway	Amgen, Inc.
David W. Meline	Amgen, Inc.
Anthony C. Hooper	Amgen, Inc.
Sean E. Harper	Amgen, Inc.
Christopher Raymond	Piper Jaffray
Geoffrey C. Porges	Leerink Partners LLC
Matthew K. Harrison	Morgan Stanley & Co. LLC
Terence Flynn	Goldman Sachs & Co. LLC
Robyn Karnauskas	Citigroup Global Markets, Inc.
Ying Huang	Bank of America Merrill Lynch
Eric Schmidt	Cowen and Co. LLC
Umer Raffat	Evercore Group LLC
Michael J. Yee	Jefferies LLC
Geoffrey Meacham	Barclays Capital, Inc.
Cory W. Kasimov	JPMorgan Securities LLC
Alethia Young	Credit Suisse Securities (NYSE:USA) LLC
Aharon Gal	Sanford C. Bernstein & Co. LLC
Kennen Mackay	RBC Capital Markets LLC
Andrew Peters	Deutsche Bank Securities, Inc.
Salim Syed	Mizuho Securities USA, Inc.
M. Ian Somaiya	BMO Capital Markets (United States)
Jim Birchenough	Wells Fargo Securities LLC
Carter Gould	UBS Securities LLC

Amgen (AMGN) 25 Oct 172017 Q3 Earnings call transcript