AMGN - Earnings call transcript Q4 2018

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Operator

My name is Ian and I will be your conference facilitator today for Amgen's Fourth Quarter 2018 Financial Results Conference Call. [Operator Instructions] I would now like to introduce Arvind Sood, Vice President of Investor Relations. Mr.

Sood, you may now begin.

Arvind Sood

Okay, thank you Ian. everybody. afternoon, Good us joining Thanks today. for

Lets go have in we jump lot and of right a ground as ahead to cover.

I of how greater detail full over a shareholders. our today year To good quarter we for joined in long-term is years developed much CFO David our this drive by strategic five the think have past Bob's overview, our help growth fourth I'm describe guidance the XXXX capabilities provide Chairman will our and the will XXXX and financial review for After and for CEO the Bob Bradway. results Meline XXXX. illustration

update. of Global Head Reese then which Gordon, will David review pipeline our our Head Our will Operations, performance, R&D following Commercial product of Murdo a provide

our We and link to today a received use you have slides separately. guide discussion should will

reminder today's in be Just financial will statements presentation statements. and we a non-GAAP will of the forward-looking use measures that some

materially. results and could differ that subsequent filings to factors Our XX-K identify our cause actual

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

Bob Bradway

call each of Larger too, the and dramatically was ability to compete. performance. these years. journey Okay, enhance for transformation, earnings by financial let the was to improved fourth share, great this of in forth, I'm outlook here me that targets. our and of David financial will to Five or however, more for One we announce provide years a our the a you made so Well in transformation And one and few to call. significantly ambitious ago margin progress. pleased expansion our moments. financial quarter of we call like of to And past aspect on exceeded per at made we've XXXX, number I'd to on begin commitments, you goal performance met discussing transformation specifics five been XXXX the today we've Amgen our will be this of Arvind. that discussing welcome dedicated all thank our bulk

new average past of leading expanded manufacturing Reduced countries, genetics months. years. our global new pipeline. to XX capabilities, nine two molecules presence capability. a innovative an therapeutic areas, We stood number by – in largest hundred human first-in-class and the cycle Over our our in ever our biosimilars a business deployed industry about up five Expanded launched generated our products including of next first efficient kind, its time biologics generation a development and highly of about

and our we're position much long-term deliver not growth. transformation ever to complete, a in better serve to than is patients While before

a volume cardiovascular is capabilities. migraine. good in strategy which of example generated from a including disease, osteoporosis, needs, XXXX Aimovig in Kyprolis in medicines Prolia Repatha in focus in We unmet cancer, performance a address double-digit our was our that Our key innovative serious driven of growth,

Our is ability therapies and the in illustrated Aimovig. early particularly to commercialize develop of success innovative

Our of established we position. first-in-class differentiated biologic migraine quickly leadership where maintained since and for a the prevention have

moment Neulasta provide source more will calcimimetics success. we more many has strong mature in the also believe including about generate expect years. our believe cash our growth in an over and several commercial to including flows two important last come. brands Murdo represent year, opportunity. will several with years also important franchises. our of last achieved continue that Lifecycle milestones important We the to first and Enbrel, from milestones our launches, evolving We performance details biosimilars and been management a our We an biosimilars portfolio we ESA

medicines the innovative differentiated of molecules progress best-in-class or advancing in large potential quality quantity in pipeline. strategy sizes our serious R&D first-in-class is that aimed against new effect both deliver tremendous of illnesses. We've Our at made terms and

great are advancing programs, detail with data strides in Dave human which identify, important with which this certain prioritize we've for will We our Reese several to year. made of cycle-time speed and momentarily. pipeline, respect out have leading R&D deCODE at validation. work the position readouts continue greater in molecules, industry of will R&D years genetics the to cutting leverage accelerate we to And with cover our our genetic

working well you're with We to aware, Senate acute medicines. and have to is new the As House of about stakeholders There flow as the flourishing the remain of congressional and committed innovation. with industry system over innovation and ensuring are throughout cost patients our access without the sacrificing of the in well prescription address leaders in as price therapies to concerns the concerns and them. administration drugs healthcare innovative

to recall by as our Repatha XX%. list well decision for as to recent our year, increases July the scheduled price price of forego decision will You of last lower

In fact, in further declined and in decline selling XXXX will our prices XXXX. net

Amgen planned many are price medicines, For there increases. no

been our by be not driven for for has the As case past volume, few the years, will growth strategy price.

in to Repatha, are returns I'm the future about shareholders. growth Our the strategy product Aimovig. long-term we With growth this new thoughtful investments free and fourth for environment. ability excited flow succeed a long-term growth Amgen potential strong evidence of ability driven by sheet, medicines balance a Prolia, the our X% cash generation, quarter robust our our drive deployment volume for in sales confident capital Kyprolis solid across driven and to consistent and of of like portfolio, is attractive and and provide

Our potential and emerging biosimilars innovations many new pipeline. advancing rapidly through the of portfolio our

devotion I'd to our to And profoundly me we has With Officer over Amgen’s call over that, last changed. globe patients years, my David mission the not patients. the note, our supporting Chief transformed Amgen serve Financial that the their colleagues turn let to While around have serve to Meline, thank Company on mission several like the continued to for

David Meline

thanks Bob. and Okay,

initiative I anticipated several speed, results years. to an organizational an performance efficiency. our competitive landscape. to guidance, increasingly moment prepare we agility, embarked industry achieve and and take last by our a the maximum for of to on Before XXXX, and also coming long-term like reviewing would success business over realities transforming we the Accordingly, In on dynamic the to reflect

also returns investing sustainable long-term We to and to XXXX business. serve that ensure the goals while the the for better us period aggressive deliver health would shareholders set solid operational through patients of enable to

As our we transformation. the summarize results five to efforts. the of now wanted I completed have our years of first

pleased in achieved that we EPS with double-digit $X.XX non-GAAP I'm XX% to to for period. EPS confirm from growth with XX% rising First, annual period $XX.XX growth or the the

the we recognize cost these deliver like-for-like nine reduced is It sales our by percentage multiple we while on launching Transformation billion of basis by gross X.X percent new delivering efforts target results Second, exceeded and versus XXXX building base. of savings operating annual points. financial a X.X expense a billion as XXXX products that important capabilities. to savings

speed. an we significant achieve had goal agility efficiency, Third, operational operating our in to improvement and

a outcome non-GAAP point margin improvement. XX% operating margin goal resulting the XX% midpoint XXXX, and a between by that at With of XX a represented the

years this reduction. capital know, of optimize exceeding objective efforts our our XXXX two ahead infrastructure. We’ve Biomanufacturing facility well in generation as next starting of you footprint Fourth our other we commitment. As target XX% footprint our achieved by grew XX% fixed reduced to our capability as about

returns Amgen on of the all very which phase at XXXX delivered net earnings next total well during of XX% on of our Finally, for in $XX average report, least our we've returning today's XXXX income of XXXX In on above period. positions to well goal provided billion commitments development. its to of summary, the shareholders based XX% or non-GAAP we

build Looking to to research our including innovation manufacturing transformation continuing on maintaining ahead, global our and development build our capabilities, and and our we on process are in presence. excited and recent improving development successes leading driving market

a business. we're Additionally, permanent embedding productivity into capability our

to will operating growth in model. of cost contribute investment and capability investments as productivity funding to We continued expect our management, support the our our continue programs disciplined oncology such XXXX optimization early strategic

turn fourth X Page $X.X deck. quarter on increased year-over-year. let's slide the Now to billion the X% of Revenues results at financial

X sales billion launch we growth product quarter from offset unit declines. more as our saw products worldwide and This mature demand product the to than growth

We are total particularly by year-over-year in volume encouraged business. XX% worldwide our growth

a million year-over-year Other sales had versus to impact on down at X% XXXX. negative worldwide quarter X% exchange $XXX were fourth a basis. revenues Foreign

billion at margin from XX.X% increased prior operating Non-GAAP income non-GAAP year. the QX for Our X% was quarter. $X.X operating

typical As quarter previously the expenses reflected operating underlying indicated, fourth our pattern.

well its growth. products as in driven greater in support of investment of volume other We growth support also in in-market increased Aimovig rapid as

in rate Non-GAAP $XXX tax income partially offset were non-GAAP The portfolio. of reflecting QX X.X quarter quarter expenses $XXX favorable ventures all our in income XX.X% held were non-GAAP XXXX an operating securities share versus XX% full net from improvement and X% million $XX on opportunities publicly-traded QX. XXXX is point this expense invested net we the of primarily increases corporate genetics impacts versus our U.S. fluctuations presentation. for cash earnings XX% tax across supported was results continued Please reform. year-over-year basis. as expense lower and interest share of incremental was impacts Page fourth year-over-year innovation including external increased of favorable increased expansion million for X year-over-year market by of Additionally, due quarter, value count unfavorable of by QX our year-over-year the by in a These unfavorability reduction the of year find well expense a Other summary per XXXX. capability. initiatives a transformation as balances on a on categories. This our in income lower to This million a

share. earnings increased revenues grew while per XXXX non-GAAP to XX% X% per year billion, full Our $XX.X to $XX.XX share our

year, the $X.X $XXX For X% to payments. the impact sales Other saw at million growth due increased we a largely product year-over-year billion favorable full billion. worldwide in milestone of increase revenues $XX.X to

products launch oncology the increased to less tax increased tax And the year. our from impacts XXXX net X% year, non-GAAP as on for initiatives. CAGR and portfolio therapeutic put the due non-GAAP cash on due products were year, to operating R&D versus generate corporate down unfavorable balances points expenses operating has a of the the income from margin capabilities, molecules we total, transformation rebalancing. expenses operating to lower on year-over-year $XX.X in the than in to perspective lower this year-over-year areas and X% end X.X total ongoing benefits basis for For increased U.S. non-GAAP at investment programs. full income our was year. reform. transformation XX.X% emerging in $XX.X To Other five-year reinvested grew through expenses non-GAAP including multiple $XXX innovative prior a billion our first-in-class broaden and of both our In new billion our X% operating rate income million interest and The by XXXX, the savings launch exceeded our was our XX.X% overall

to sheet on cash flow next Turning the X. Page and balance

billion versus of $XXX returned cash of interest average $XX products of XX.X $XX.X coupled carries biologic strong differentiated industry XXXX, to years. a $XX.X dominated XXXX full billion XXXX, per including flow average the at cost by a year-end maturity billion at generation reflecting of Amgen Debt shares to billion of shareholders free average XXXX. with million year an over and was For billion structure. repurchase total totaled demonstrate outstanding in and deployment continued to cash a flow $XX.X an $XX.X weighted rate portfolio X% stable share. XX.X we an and In competitive

XXXX, the a our Additionally quarter a commitment dividend with balanced our enterprise to for share we in increase XX% strategy, totaling future allocation quarter XXXX. to per announced outlook also first $X.XX we Based dividend to per continued the confidence on billion. our increased of dividend share for $X.XX the the for $X.X per by payments capital to and XX%

opportunity, to leading the business the fully This over the for several growth. product outlook building continue will to important on recently Amgen a enables another pipeline, permanent us XX. financial supporting be as our long-term the while we out new in to us capability for model invest XXXX past productivity we from global industry anticipation and position the success. enable of business continuing performance and business business to invest In years investing for a XXXX for year Page this embedded more to strength. transformed Turning of and growth our deliver

guidance share billion per Our guidance and is to $XX.XX is non-GAAP earnings our revenue $XX.X $XX.X $XX.XX billion XXXX share. per to

I and expenditures capital expect a $XXX Our will XX% non-GAAP guidance year. take this to approximately share. are several tax key that XX% million to embedded There assumptions we outlook moment in rate is of our

momentum as as to revenue newer mature our our positive our competitive reflects related evolving growth First, solid both range products. products guidance well dynamics continued from

international incremental We driven as products Aimovig, biosimilars by Repatha expansion launched and programs. recently oncology our opportunities have growth important including well as and emerging

net net selling competitive Neulasta. selling single-digits we We also to as overall Enbrel prices, decline by competition Sensipar, in mid challenges XXXX. in net to the XXXX, generic including competition referenced, price prices recognize potential further to against dynamics continued regard for X% With Aranesp decreased and and by selling expect

transformation capabilities property. to the flexibility regard to the from cash by Finally, Sensipar, strong of intellectual in use and our added the our invest company. sheet and With enabled we we're growth in confident benefit the strength our balance to flow productivity of continued

to remain will as litigation the uncertainty until timing However, intensity the becomes clear. of competition outcome and of

XXXX due lower Our result guidance reflects Part to as higher Sensipar D adoption this that Part and continued scenarios sales in short-lived purchases recent uncertainty. from the than of reimbursement change QX in will Note the generic the be non-recurrence B. of the of XXXX, substantially all of Parsabiv entry, to

year. the historically – first as revenue sales quarter in recall, the model you XXXX note As the XXXX, lowest product of you that quarter represents in revenue

should billion XXXX, reflecting expect this product we to details related will an sales With to to payments full in the the As to received highly to an expenses quarter on other establish $X.X to as of productivity efficient as remarks. full his operating of operating continue look From launch quarter milestone very to expenses about advance and marketed expect sales our first From the be to while in a disciplined XXXX revenue, to a the resource XXXX further flat SG&A rise anticipate decline we percent slightly expense saw Cost costs similar profile. of the generate flat XXXX. rapidly expense enabled from for we to perspective, QX to and first our sales nature improvement to We absolute through pipeline savings baseline, transformation us XXXX. Murdo cost depending Overall, our up R&D for basis. percentage the volume expect year pipeline lean the we products. incremental provide of respect in required investments nonrecurring down allocation and capability continue maximize discipline. in making value of manner, year, advances. normalize with be our on a to manage we a our and

will capital Finally, the principles. XXXX our to from on incorporates to our XX% This reflect rate and program. XX% we deployment, forecasted XX.X% tax non-GAAP tax a benefit rate continue actions to With ex-U.S. between expect earnings all to U.S. our guidance, productivity is rate our on earnings. regard XX%. regard categories a and following tax With

to expand pipeline markets. through will we to volume large long-term First, and revenue invest growth, in seek our both business specialty in our globally drive and care

stock. unused year-end billion XXXX, dividend continue as including remaining XXXX first the XX% common a order in Second, we as flows well position, to Reflecting will minimize capital repurchase board of future excess average authorization share in continued accumulated our as and capital. growing to remaining remain to deploying increase cash of committed beyond. to time, quarter confidence in and At cash fully achieving as an excess optimal our the capital over by deploying our structure our $X.X the of up we support to purchase in cost will have XXXX, weighted well

are another range summary, Murdo. and ranges Finally, have each call financial coupled in turn does year in earlier. our confident with in the success business uncertainties historically usual for EPS activities. today the update. I and we uncertainties outlook of results we XXXX remain revenue potential concludes non-GAAP primarily XXXX of practice, with financial This now development of over outlined that delivered ongoing Consistent the not a and In guidance wider to Amgen year. we again our include today's is at I the beyond. impact strong Sensipar other to reflection This related than of start provided our sales, wide guidance the

Murdo Gordon

a XXXX few specific In the first, minutes review products; of the growth. take patients QX a Aimovig and our then innovative I'll therapy launched XXX,XXX XXXX accomplished reflect reached In volume and to driven X% Aimovig, performance products sales for XXXX, during we first-in-class David. X% growing over performance. of on represents a two our trajectory. we prevention deal by Thanks, U.S. launch migraine. strong great an

portfolio. given as Repatha of benefit address of of in disease affordability. of across volume launched SHPT brings and make fractures shares, and our will growing case have with diseases in and Repatha with they while growth as characteristics or an first area undertreated that can Nplate, nephrologists of where as and Prolia patients. in of IMLYGIC identifiable well as eight-plus stroke of populations. generated XGEVA, of $X.X control over heart Parsabiv, underserved numbers Prolia outcomes. fundamental leverage representative patients leading such competitiveness society, growth whether oncology delivered high capabilities and risk sales pipeline patient exceeded with asymptomatic The the consistency example. U.S. Take patients launch, case attacks the improving We Parsabiv BLINCYTO portfolio Repatha, highest market again, of such $XXX the XX% and a last strong large. as hematology costs Sales emotional Prolia prevent we of both Kyprolis, Prolia, similar are or is much the as global in durability nephrology. strength In therapeutic physical, to demonstrated therapies large year This matures. year. our and an it at the are also be billion our with administration. we exceedingly that motive in Amgen to are financial events million The Vectibix, better strides of our This double-digit in We years, of we've volume their over patients patient that launch, great the growth since The in access in which for provides Repatha, we've quarter. With opportunities illustrates every driving

brands to intensifying demonstrate Neulasta, future. the Aranesp With we Amgen’s the EPOGEN, brands of continue biosimilar and these products; years and supply, we these to NEUPOGEN, the quality Humira. face provide. decades promote of continue biosimilar value a our and of teams to While U.S. launched and our that experience clinical Enbrel, many competition, mature Outside expect KANJINTI, assurance value high brands for Herceptin; biosimilar into first to AMGEVITA, two a to generate our of

contribute to opportunity U.S., in through embarked We continue additional a expect XXXX across outside growth many ago confident to biosimilar Amgen’s to additional demonstrating These geographies launch serve in growth significantly the the newer competition remain biosimilar Amgen’s growth. on nearly expect multiple Also business We decade for these strong portfolio. assets we profile. XX% of we markets assets XXXX, of advance we to the biosimilars that for and in growth had volume biosimilar years, and where development. future model faced as potential a our

In ex-U.S. of addition, due represents efforts. business our base our revenue portion international a our overall expansion growing to

taken Finally, healthcare brands the well as formulations with form and evidence protection, investments Those our we invest Enbrel, particularly portfolio, to those longer of consumer continue and of as provider patient devices efforts. friendly have awareness generation, periods in Prolia patent including Aimovig. and

We to returns. and growth opportunities continue responsiveness of by generate volume can shareholder and are these investment seek promotional drive brands that the both encouraged additional

growth. fourth to at you'll quarter results, grew volume XX. quarter reported driven Fourth product moving and slides by Now XX% on sales X% find XX year-over-year, reference on information our sales

year-over-year of by approximately QX PCSKX class on Let effectively compete XX. with sales me a continue to start XX% leading with globally. as in of the Repatha share we XX% Repatha Slide grew

payer to grew XX% secure doubling improved by nearly management year, more full In volume HCPs utilization criteria treat XXXX. Repatha we and help patients. were versus XXXX, the with able For

strong only as see all new of We've price lives. Additionally, in effect uptick XX% move can look significant formally We U.S. exited pocket provide Repatha, and costs. only with Medicare rapidly. not blended administration get decline the low that patients can encouraging covering you went reduced how over the representing of Medicare fourth we lower this to to price also Repatha lower the the lower represent we contracts more rapidly U.S. the price fixed Repatha At benefit for in price the our plans the with Repatha, we macro a product this we treatment plans January. plans out coverage We're to XX% working important the to where by to new reduce more of level, this seen units but list To-date, I'll into potential given patients remind provide list net in XXXX their U.S. price cover forward and co-pay quarter. XX%. list will launched to list of in to as

Repatha a reported there's While reported expect we lower on and longer net impact over impact positive to growth sales timeframe. net volume sales the price may near-term, see

ex-U.S. our Repatha. patients Overall, strong to country with of authorities the Slide growth. year-over-year benefit high another to XX% population by remains our volume increasing Regarding XX% Prolia work delivered optimize to quarter priority cardiovascular can Prolia from continue risk we to business, that help with access. sales large driven on XX, On

see, As fourth we we also sequential the quarter. had typically in growth

full For Prolia grew year, the XX%.

Let for me the markets, potential in remind you, significant the mid overall penetration indicating many is across range improved XX% still treatment.

Prolia expect a We growth very strong remain driver. will

Kyprolis, our XGEVA, $X.X billion XX% portfolio of Hem/Onc totaled quarter, the to business, Nplate, growing the year-over-year. in BLINCYTO and IMLYGIC collectively Vectibix, Moving

While to to to be and as oncology biosimilar growth fluctuations both patterns, engine for this additions provide a our purchasing portfolio. continue portfolio quarterly may and the periodic expect foundation there we due innovative

some details year-over-year, from for QX XGEVA we as brands, XX% XGEVA the primarily hold with larger start as grew in we U.S. in additional the Looking Slide volume, share at close to of XX, XX% on

with relapsed suite Kyprolis growth the a Since survival its On Our in in year-on-year, year of myeloma. refractory delivered has ability full share Kyprolis markets On or XGEVA label to multiple in primarily launch, XXXX. extend multiple XX%. of which demonstrating myeloma clinical QX in XX% evidence by our patients a in with driven outside grow grew overall expansion continues its steadily basis, patients meaningfully to to grew U.S.

year with survival incremental and Kd. for patient overall usage are in gradually Kyprolis basis, signs full to promising line new On weekly continues XX%. administration Also, we've increase. emphasize there second team growth seen a of share grew benefit newly Our once our Kyprolis introduced

included brands $XX also In XX. Let sales year-over-year, Neulasta on a BARDA. from starting Slide QX, which X% purchase cover increased our million me filgrastim

full declined For the XXXX, sales Neulasta by X%. year

we anticipated, during the XX%. over facing we one have long a market, acting U.S. majority competitor with two at the now As we share XX% QX, Onpro, retained biosimilar in share of competitors

XXXX competitor U.S. and it launched month. approved early was Second in this late

during to Our months competitors Europe, which we the XXXX. long biosimilar the expect now In related U.S. face over enter short to with guidance expect range quality, last we the anticipates uncertainty to have three of number additional decline sales with time Neulasta our global possibility for European dependable supply, year-over-year. is Consistent during as in We with held Onpro experience, and and of competitors XXXX. a timing of well. in More record possible long a there Europe innovative for will our serve other as over acting such launch remain expectations that outcomes confident XX% the competitors, four entrance broadly, launched and established numerous competitors over a launching XXXX. solutions eventual their basis on window,

a with share Turning in to Slide XX. fourth the quarter exited of NEUPOGEN segment U.S. the roughly third acting short the

sales reverifications to resetting Moving the continue. for In fluctuations. of year, expect channel declined to the by represents to year recent trends declines. and that X% the price sales and in first volume the and general, of driven both deductibles insurance Recall inventory net lowest selling Enbrel we primarily quarter full due the QX

declined net competitive. due a Switching XXXX. percent in lower Slide nephrology, on the EPOGEN similar to a the selling price sales QX to that's quarter XX, As category of full starting becoming look X% first increasingly to should year,

the declined For XXXX X%. year sales by full

Aranesp our in QX is decline a year-over-year launch will a commitments increase With competitor competition dialysis driven primarily of DaVita, midsize late last effect. year in XXXX for contractual the already EPOGEN from and significantly pricing the product net in with and independent X% acting price and increased biosimilar organizations. in declined by the long

market Recall Aranesp short-acting compete the all to the in year U.S. biosimilar approved is full segments declined the For X%. in that

referenced by shows segment As breakout ESA XX Slide of the business. our

both than incorporated long-acting at a who competition U.S. providers short-acting decline XXXX XXXX it the rate and in and mid-sized to their sales independent of utilization to regards expect see Parsabiv in We have into dialysis continue with calcimimetics, protocols. to faster we With strong at

with of slowed QX those as already in However, customers the rate their calcimimetic patients. for a majority represented adoption utilization of Parsabiv

adoption continue future DaVita, of these and growth to come We from and FMC see expect with to gradual of Parsabiv most the customers.

range characterize the of outlook you David remains possible our heard outcomes. Sensipar, ongoing to litigation a guidance to related given And uncertain to Sensipar. Turning leading

points Part he volume Let continued Recall B. forward, substantially than impact short-lived finally, change of to run rates generic the to Also me entry from that due be that reiterate will XXXX looking uptake. made. there will higher QX reimbursement XXXX due Part normal D had purchases the to Parsabiv erosion And the sales.

from on our offset sales KANJINTI AMGEVITA and launches our to Regarding are basis. changes XXXX estimates volume driven to products grew our biosimilars QX lower gears primarily performance, European adoption full year accounting by for increased X% in Shifting by a innovative X% due the continued portfolio, underway. of Sales Parsabiv.

products in levels, as uptake strong still balanced Netherlands experiencing the uptake important we recent performance price anticipated such biosimilar While are is sustainable we're launches of markets early as and we while in more in markets playing cycle, there to a the in erosion, markets in discounted launch opportunity. dynamic at out, market and and between Norway U.S. terms differences including of date. the another France, Germany Outside our and the pricing it's see more larger is with pleased

we biosimilar in expect focus Our next revenues drive years. which these markets, on to strategy our is the more several will sustainable primarily

reliable expect driven biosimilars. selectively high also competing tender contribution in We quality markets. incremental significant from certain Across for Europe, demand there's

be launches XXXX, successfully close U.S. to business strength the demonstrating an as an the of in see expect the biosimilars come. Aimovig. my comments to market. we a like can speculated to to compete and market I'd driver representing where some U.S., growth future. planning in years example, section While the they that biosimilars for the for as market Using additional share, of biosimilar We're have this gain NEUPOGEN review continue in with to product for the important

strong me excited in first-mover at market the the a paid patient ability there's be are advantage, share, see physician CGRP following therapy. know over demonstrating of Aimovig to number strong this promising recently and that. early by launch the our and Overall, profile results. XXXX interest XXX% majority great to quarter-over-quarter continue product being of DTC with our in for, let innovative the compete. a response We so with of grew prescriptions launched We and exiting that been from community I QX, deal share campaign

quarter the from percentage QX at XX% During XX%. paid was prior was which up

contracted QX. expect to in QX We double coverage also versus

closing quarters million it comments, the two estimates should than three $XX accounting prices And benefited I higher in will average ones. quarter of our subsequent period prior Enbrel, Aimovig sales estimates. experience resetting quarter reverifications selling of Aimovig also our realized prior out the we of that Before changes call $XX from as for insurance net quarter deductibles, million and to a versus leading like and first from lower fourth be

have We expect with Amgen. foundation future. by medicines portfolio XXXX, Aimovig for treat the to summary, execution and a we we pleased to In strong of continue exemplified performance driver growth in continue the diseases. that market a important demonstrating established serious that a to for be I’m consistency

products during and we're portfolio to evolve maximize number patients. Our XXXX to will the prepared Amgen’s bring greater opportunities on to to a continue of

to turn like Dave over to Reese. I'd Now the call

David Reese

Thanks, Murdo.

productivity effort, XXXX, progress enter felt in and never we better about As R&D. I've our

XX% network. on increase by genetics X leading the in an decode patients our ago. compared up and the more population make certain from additional us to Icelandic from conviction just genetic to in pipeline with gives have integrated a of aggressive human million and outside more the significantly. five following years has U.S. agreement our times development is Iceland work investment Today we confidence can This human Our million strategic future the XX% of to in through their discovery programs cycle over half some continues improve then and delivery participants powered clinical degree validation investments that

available. have programs partnered our with analyze we of our ever and insights and timelines biology. to record use the our genetics data may advanced all sequencing on cylinders individuals an the genetics To our we X,XXX is proteomics SomaLogic enhance years. our knowledge, we number estimate of have that for is work, up three disease through as to fact, In this of reduced a firing some largest To in development and compliment are programs. XX,XXX human R&D transformation we by average of conducted proteins into have efforts, experiment our whom

In commit multiple MRD half-life directed One directed prior potentially to take of years our AMG forward over AMG pleased which medical formed that BCMA number look the the years, XX% demonstrated reading in XXX In molecules the I’m AMG of year. a BCMA XXX of from oncology. than AML. our on XXX to data present the the the in report pretreated begin first-in-class XX XXX, The begin clinical negative forward any complete We XX% productivity initial AMG response at initial this update XXX the will very an period BiTE, against product our at against this by BiTE, so-called to were also BiTE more being AMG we those of key and our Several to XX history. rate patients. studies. metrics two along we and these data target filed CDXX XX% formation well most a programs last in heavily year data human notably we with we from additional community, product INDs, dose extended in response and out received the CDXX. is data myeloma, from data first-in-human clinical teams. rate programs, two also teams the ASH have and December, these into same we with approximately molecules Amgen’s testing of began I'll opportunity our

that of where significantly. clinic is we the interesting XXX expect wide seeing first and other early our and We solid small We of about XX% data the were cancer. present X% inhibitor, molecule we tumors accelerated lung GXXC a AMG including KRAS and the of from also colorectal dose through moving year. half of program of in This XX% identifiable This easily pancreatic a of now particular to escalation mutation are to range clinical is an are into initial X% hints adenocarcinomas the cancer first and activity. the example in

and our formulations, program multiple expect oral and in both data IV also inhibitor AMG AMG from and our AML We myeloma from MCL-X respectively. XXX XXX,

molecules be synergistic as with studies BCL-X Our additive inhibitor, preclinical we suggests we the these or could will and advancing be data forward. that combination move

is target AMG antigen. first This a this We the XX% year investigation molecule true short due within data under expect XXX, present in patients from also a of in CNS. the to where preferable generation about mutation EGFRvIII is BiTE and represents toxicity glioblastomas potential a with glioblastoma, on setting tumor-specific half-life

trial are Kd met We pleased Phase myeloma. to primary refractory at rate response in in point patients multiple dexamethasone. and end and Kyprolis with its relapsed single-arm report China also of X a

to PCSKX coronary atherosclerotic Inhibitor established the analysis Kd infarction, in conduct impressed risk stroke or which clinical this early you refractory XXX postmenopausal X initial data atherosclerosis in for and the Kd indication of treatment genetically dexamethasone siRNA at associated In with expanded AMG in with high at Finally increased are adults favor in approved an Japan of the the with was in United year seeing treatment in later relapsed fracture we women with Kyprolis to combination that disease. and clinical we in Darzalex, the cardiovascular other cardiovascular we of recently data of Lp(a), in reduce with disease. Phase pipeline advisory of myocardial In States. levels for Dara year, voted China our primary high we approved determined sharing with recently risk first myeloma. for of this for making later EVENITY there those it the was of the oncology high the to cardiovascular targets committee osteoporosis program, were and bone, forward look alone and or approval pleased osteoporosis risk with study Repatha risk expect the In in and revascularization the were of versus our fracture patients XXXX. We FDA that are

look registration osteoporosis continue with to fracture around the to towards this working FDA We patients will forward risk world. effective and along and at the bringing for UCB in U.S. with high medicine our partner

a regulatory our Remicade. BLA On U.S. December our biosimilar programs biosimilar in begun Phase expect end we in year. Finally, later lymphoma trial XXX ABP biosimilar biosimilar our X the trial patients ABP in XXth We've its of second the rheumatoid ABP a and completed biosimilar arthritis. EU the secondary with our submissions primary XXX six to review. Herceptin with with our month this XXX we refiled continue patients and the study advance FDA Phase Phase all of we in anticipate non-Hodgkin's points And screening KANJINTI Bob? our for also X and the completion X for Rituxan, in of met Soliris.

Bob Bradway

We've covered Ian open a ground line lot now. we thank the don't to you. why Okay, questions. up of

mind wouldn't you remind what asking process callers for questions. please If the the is

Operator

is our [Operator from question of Instructions] of Bank first Lynch. getting America-Merrill Huang And line Ying

Ying Huang

Hi. Good afternoon. taking my for questions. Thanks

ASR question the year is, to big assuming would First you question similar be your XXXX And assuming Neulasta there guidance. XXXX. I in biosimilar? in then the similar terms consider for the you a if Thank net this or in of And Neulasta another also regarding price, assumption you. transaction, decline third don't entry then have a M&A is, not? you you consummate next for Are will are

Bob Bradway

a there. Okay. I guess, couple of questions

both First it. think addressed David on Murdo Neulasta, and I

reiterate So on what want Murdo do you said the call? you to

Murdo Gordon

as two additional also market the as Yes, in additional end as We're sure. outside U.S. XXXX On assuming the potential U.S. Neulasta some we’re assuming competitors the in competition that the the we will competitors of well before expected, have

Bob Bradway

to want this describe you do broadly. more David, just

David Meline

Yes, sure.

to had as $XX are last pace I terms we our is reasonable capital very quite course, from of our also of say returns return looking of And able I And plenty both made at year, flexibility we And whether and XXXX more a excess development. cash In operating into that. significant, the business is, invest look committed to as shareholders at would pursue Amgen guide, as through a priorities we in But we've the to the priority which as business sort. we same, portfolio repurchase to to the that. We're shareholders at something perspective, decided a the determination then billion. well I over as be first been if financial haven't to and to deployment, through to to the which we'd of have we internally obviously observe would time. that, to accomplish actively us that cash at would additions communicating be ASR specifically potential question, for obviously

Operator

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

Matthew Harrison

afternoon. good Great,

us, and questions tell to it's for year-over-year inventory us you for of Aaron guidance declines two I those Can just year-over-year well, clear launched asked magnitude related double on Thanks. So, Sensipar much as talked this significant for digit or with you of to year. then us help not how And the just much how Sensipar. well. just in me to kind be still us Can these a headwind price EPOGEN you as expected Teva single of help are for products? Can price guess that's declines. about you order channel

Bob Bradway

to of in expect decline start Parsabiv I said, the that market And What's I on comparable generic year, be total Sensipar say fair generic that not year-over-year in a question. you year, QX. was first by percent we've what competitor. agreement B guess was quarter, as allow the is we XXXX from first I'd And the last product do amount market. on part what got look the of driven XXXX. there the the our market fact the to I'd Sensipar as we did a and to impacting switch comment sales think of that on certainly assume they'll maybe scenarios so would to the all, in in for of Sensipar a the the temporary share into Yes, if I does at us all to the impact the say think overall sales be that I entrant it's true our likely D we put indicate more is taking and of But

Murdo Gordon

we Matthew, business forward. trends in to fairly Aranesp going our were our be stable EPOGEN Yes. expecting and

Operator

Chris is next our from And the of Piper Raymond line Instructions] Jaffray. [Operator from question

Chris Raymond

what just talking I make to want question. respect sure with Repatha to I a about Thanks. price. Murdo Maybe just net you're understand

going the new I that the say think lower to a guys pricing announced slide to not looks that the SKU, it net forward. net I in at to new you and guiding a you're But took change when pains blended look price. expect price like you structure XX,

is a else of a maybe or two something there And going there? data is to part point So, just question. then that sort long-term, that on

XX kind mentioned to months XX the goes kind who SKU. get continue lower I for to priced Thanks. curious curious, to of just Just folks SKU. that how you've payers to to opt priced conversation of migrate higher that with

Murdo Gordon

to year. with we're question. Yes, experience good the has the very we'll Overall, thanks fourth optimistic quarter. make that continue And through been good the Repatha for inroads this

we If were for the criteria middle utilization to you management Repatha recall, contracting we've competitively doing and that. improve last through of year been

will What introduction new down to expenses of some XXXX. list with signaling were for directly Part step into address is have the effect with in patients. net the we're that addition, some pocket in ASP we able of we In new going price, the D low contracts Medicare out

of with be the throughout year. do that growth offset However, will expect that volume course we the

Part I would D other we – on the would launch I go, Medicare at low end list the for is for plans your year. just question how those payers that the price last bid did for thing the late The Repatha conversations point, to in cycle

weren't part their the formularies So, of this and in listed expecting to used first we be year. broadly on

that say we D can some see but to I access plan, for and Medicare able it's this payers been medicine. patients the with we've to And to that. reduced would we to going to Repatha for who counter do about off-cycle are working to movement to list the able being we're climb. continues to So our of low drive Part been doing of out-of-pocket additions we've at need price able and been we've everything that. XX% as And out according costs accelerate work

Operator

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

Terence Flynn

of on monthly any launch? many of the for in any longer us there? respect on decisions to dynamics update key in question. formulary outlook love you Thanks. Thanks the give was differences expect are can then And pricing the just term versus stand, Repatha an as update when if to how about terms we outstanding, formulation taking Aimovig, the Hi. think with where that we there you wondering terms might I would

Murdo Gordon

part change Yes, been for then first access, product by formulation. Overall, priced well and pleased the the turnover I'll for down payers most is alone. that the physician received into Dave to basis been of on the first good happened What on in What's part. attestation for handle received we're with it's reimbursed an allowing we've really even has increase product with to maybe this on-contracted Reese quarter We most to-date coverage pretty Aimovig. an business we But the we the that step basis selling then our are through have to payers be stabilize seeing now of contracted the have versus will the free of we to smaller paid smaller is is a percentage see QX price. program in year goods our prescriptions because we the What though see net progresses, total and that that QX in should is a we'll fourth as for. short-term and number will so contracted XX% of jumped in from half from business about quarter. in our an paid prescription, increase will

Bob Bradway

we we're question going expect when hear Another from when – to to Terence of FDA.

David Reese

the guidance review. FDA under Yes, I with further Reese. as agency. Dave mean, along it's moved submitted We've we've is – discussions are those this that provide We'll

Operator

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

Geoffrey Meacham

digest Thanks of don't a taking you've your the question. oncology I-O programs includes recent on this Question I lot got and And think collaboration. everyone. to for Hey lot XX. Slide pipeline, a Dave there's the for on

out So that look gap prioritize? from fill Phase more a importantly are the closer starting that you question trying And then programs when you there to at is how call biosimilars, the to X? oncology do Thanks. revenue you are

David Reese

Sure.

about question important based on that's emerging we really an prioritize, raise you data. think I how So

a invest of we efficacy, for. these we're year based there went that takes be that behind of intend to We develop the we transformative the and are kind puts we that those through aiming the evidence will broad and based efficacy showing would on expect emerging plan fully course exercise of to over As And advance programs data. resources the prioritization detailed agents.

Bob Bradway

In BCMA potential programs X I BiTEs on that data. terms to MCL-X of be speculate X, of by trials. the a I all those portfolio the BiTEs registration to in early driven – to and some will KRAS little the Again, harder Phase the the nomenclature emerging necessarily wouldn't quality that's programs can here. program, use transition the that closer may in be think of Phase

Murdo Gordon

portfolio, I assets of the if think alone, we're think results at you course of on oncology the segment seven just report during Geoff, expecting these I XXXX. that look

of year for will with share this all So an be you. to us data active

Operator

question is next Ronny line Gal our And from of from the Bernstein.

Ronny Gal

results just and peers, thanks through I trying squeezing ups guess, like nice me my the evening. guidance. Good to work kind in. on I'm for of and the downs Congratulations of

– first, the mentioned market even X.XK about and midyear us roughly it earlier wind than that? at price that than the is something there, that kind think up if give the when going second, questions can a the trial? in guys two mentioned when is case of look would as feel the you down. if or on range wondering settles around really what that you think for I is that higher the like to Is Aimovig, And was and it additional David between pricing is kind So we we of have be that prescriptions. where I timing simply prevailing think of comment it, might could contract, paid you low higher just you you Sensipar earliest competition, based when the or your on XK

Bob Bradway

you don't we David, address Sensipar? in parts? don’t Okay. Why why two do it

David Meline

Yes.

guidance the at terms question the which midyear. that's of is one presently Sensipar. And that's what by litigation driver reflect your to of the is we're that as course that of scenario. range conclude around specifically, in to underway on So now range how we're a is anticipating reflecting that you as scenarios in would of And we the said increase uncertainty provided, have, would we in than the wider I traditionally primary if look guidance that

Murdo Gordon

think a we've for most Yes. than on contracted before. I And On the specific that price Aimovig, rather of give product, how I think with would this pleased access guidance answered I say we're it percentage is a the paid prescriptions to category. we variable of far, versus our is free as goods. And competitive have to other about then get so the filled prescription that

Operator

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

Michael Yee

Bob. about In aware we've Amgen’s A degrees is industry. past chatter the view and Thanks. sure Maybe the talked of mega-mergers. about Good you've where various industry talked various M&A, afternoon. you're more overcapacity question of importantly, degree about I'm you appetite thoughts and for mega-mergers revisit just on for could around of the appetite your

So and people? that you to degree maybe for knock about comment Thanks. that what can just

Bob Bradway

can opportunities add value likely for Michael, look which we those invest create Sure. at been this for in we're I value closely focus business, consistent has and looking view now while, is on the think where our our a innovation. feel is most to to in areas we our on We're shareholders.

we in were down expect looking year We're the and the So Obviously those those. a imply for where ones said opportunities. flexibility now spend than therapeutic at that ways we transactions waterfront we're on. look shareholders. the with those, you we to if and industry invest we're more there from be resources, while. think management the time that for just large to deals. can areas do the We we balance ones, of I at not our shareholders, think ways to look consistent think with a will value more at smaller across in we there would larger We target stocks find add the and the across considerably continue tend of smaller our waterfront that to we and are ago. they But that to looking so focused the look sheet would look what have will

Operator

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

Geoffrey Porges

sure some like about quite Thank you you years. for us some outlook to the many call in have a been Sensipar, And give the cetera. you years. just this highlighted spent very talking guidance bit already, five et detailed time, coming you much. on have the plan time I of Neulasta, five for your of operating but and trends sense next would last that have I'm very of place a your David, been

of opportunity of how portfolio before might years likely us these be give successful current a to providing legacy you sense you products? see enough several could of long offset be R&D erosion So what's of the it to very

David Meline

Sure.

the So, of yes, how trying Geoff. frame to answer to to think question, I'm the

to quarter see if So certainly look I quite for we increasing to fourth see we continue X% products, see pleased volume full the the XXXX, in was example, have and or legacy XX%, was XXXX competition the in our our quarter what against an and growth. we we had as performance growth year where volume that global last company were even and the in now,

the already giving you’re coming frankly, and other area, what legacy in these also early, it's right biologics we then support of little stage as late the therapeutic us help which especially the our products they're earlier trials speed of portfolio. stable are the which for company. X me bit now, very will that the positive to in quickly in emerging we declines. portfolio of our us compared you're as the of of provide are right to that at But What's growth, about these going detail, also about So credit this to increasing are have of chance which the a notwithstanding on quite is our of a going lot strong that gives more products biosimilars portfolio products. existing areas. forward, finally, look some little impact portfolio, asking as that and the own stage we emerging a certainly Quite imprecise offset now, market a growth impact – to in are encouraged at the to it's an true oncology some they products for year market, are in have confidence and the by both And oncology Phase

So can that's best the I you. offer

Bob Bradway

reiterate, of ways, Yes, which well growth variety Geoff, to deliver in what we now our I a different positioned we've we're aspirations. I'd think in long-term is think said

to So just that. look forward doing

Operator

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

Umer Raffat

questions. David David. Hi, so for taking a and question much had thanks I my actually for

whichever and So, was one on, one. they pick first can

David Meline

Okay.

Umer Raffat

OpEx the a was we second – a you And expect would grow to few looking have investor first. revenues hoping grow is, The understand to lot – as question operating that. on is and in margin. think my as I slower first enter one dollar generated of weeks And conferences of than That so some the was last was one but at really is comments your – in the few the interest. there KRAS something, not guidance, for I'm future, much

are So you these early from as on this the in my of this potentially scans seeing think much. new GXXC, question is very and a what would drug relatively trial, you Thank best-in-class? you

David Meline

Yes.

invest be an different us this to I think that is had, true flexibility and to my we also important allow we performance that'll continue our a business in the years going the really lean financial year. always based of in that forward. over more the say terms couple quite there's in that see One mentioned to opportunities, we several we expect is, operating trends talked XXXX is and what would is, Umer, in put with as And is work know, a things. about source in position done I in we of we more company trends I and there, of, financial categories terms So the last to comments, there's nice these the of structure. period What's a productivity the cost a be enter we've the on news good changes, expenses

some the longer that. be your we'd I thinking growing future, the that of expect to for to say we is expenses. company in as how I committed you that through to context more base we're would think certainly a into term leverage about we do move going as we'll revenue vis-à-vis type our revenue give would to of of able I that that the be performance that’s And question, which time. we're off specifics get say

David Reese

or regards years XX KRAS And Holy Grail now. you Yes. know, to for as a years the question, been this XX target has

to first happy in We are very be the clinic.

We escalation. are moving Phase briskly dose through X the

We really first-in-human terms only that initial to from don't able mid-year I in terms much expect clinical of trial to results it's Ultimately, beyond be to are best-in-class. think in helpful in hopefully will by We're of everything really dose share escalation. on that. depend right now date. where we speculate

Operator

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

Robyn Karnauskas

question. my Hi, guys. Thanks for taking

I Neulasta to So things a on the just guidance. of want couple just clarify

do know saying said really generics much have for XX% at the I Thanks. are all? injectable guidance? you than how their you're little And XXXX? you your on of Sensipar share all, think now to that that like, Onpro less have with bit in two that do you the that – protecting first described that, on So is is Meaning how is market with you a into what right impact and the insight, they the going comfort Meline range market. you much XX%

Murdo Gordon

Yes. the to try some with we that seeing me Robyn, go let Neulasta. things over of are

of the biosimilar acting had in additional we end expected. consistent so market their last we and seeing with the expected saw as an actions have we far As what approved long we year, at

we drive over having that business. anticipate XX% our we that of with are would very And be institutions, and differentiated with we of are now providers. Onpro Onpro good We both clinics uptake some Onpro, other seeing our and offering to formulation across able penetrated will differentiation

the for have the that erosion forward; additional we're acting share of before And differentiated the potential long assuming a so that we going going in XXXX. there's to strategy is two expect end some would however, and biosimilars now that indeed year, we that to we'll are that given pursue see

Bob Bradway

Let me add.

it look, you If comes back bit. a

And said it's of question the factors I of your is, is. additional think it say broad I But there to the think driver primary range I guidance and how there. that other embedded to are guidance Robyn, that course Sensipar. as earlier, fair

the perhaps for for been the be little important uncertainties obviously Sensipar, than us. which path would bit for guidance if is product would broader the case, So an traditionally path not for including around have a our Neulasta

Operator

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

Cory Kasimov

– walk A the potential can you for might taking ask initial afternoon guess you from Thanks that us you around scenarios IP? to verdict And through Enbrel's see litigation good the I wanted expect an you I the have question. when there? guys. about

David Meline

or out property question, as Court, render I defending the later intellectual the around then, but intellectual We infringed. needs this you were obviously be to decision feel and we happen district later obviously some Enbrel. even Cory, that'll think at could your quarter. remind than the But And you and whatever Well, court agreed point judgment the that, will District surrounding good then a in the we Sandoz that has in point about – is property Cory. Enbrel, they

So question and the whether that appeals. is the is expect and be IP valid, will decision on the trees whatever there

on now a I little will this So run for process suspect. while, just

Operator

from is And question Cantor our of line next Fitzgerald. Alethia from Young

Alethia Young

for taking question. my thanks Hey guys,

stable. fairly guess quick if perspectives Just couple Enbrel, think Should I'm I see one the stable be as approved, just just about views market your have quarter-over-quarter potential we changed I And on kind that quarters to one on trends then one the have Thanks. over well? wondering EVENITY, XXXX. it or what they been the happens opportunity. the be of should trends if in next on

Murdo Gordon

say focus to with to as overall high consistent of however, is But in least And product the both positioned Maybe foreseeable decision what as be on that our risk EVENITY, a compliment would have work I'll Japan those we we've continue with then would we think the The will Enbrel. EVENITY FDA I be good with FDA. the performance – of – for as still seen market. start ad-com, patients. the really And to with health of stable bone that most had those to year still over with going in and discussions that and in on quarters. the planned there's few lot and for it the how into see I the approval new at in a well a have both we price stability evolution. Enbrel share continue

Operator

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

Kennen Mackay

study Can on moving David, done franchise, the that study? any thanks to was formularies. on And gating trial? for so that you've into waiting with X the you've prior factors taking ahead the Hi, biosimilar enrolled you if team Phase the question. patients that mentioned on biosimilars you confirm

David Meline

Yes. I launch patients, on around regulatory agree The discussions have that we of we now. the approvability. and to we're really expect can on trial predicated screening appropriate endpoints was enrollment confirm to anytime the the begin that world design,

Bob Bradway

Kennan add we're think on we to other recent and we're and patients. to maybe and efficacy with Europe shape the and think we our run pretty in beginning favor. those, here patent the trial seeking to having good thing, think the looking registration I forward in biosimilarity serve decision data We're excited I'll safety establish those

Operator

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

Salim Syed

lower for guys, On price Hi just taking the SKU. – on one thanks Repatha, the question.

October? of revenues when your put you. So split give out percentage coming that distribution you looking could you to and natural in close price lower payer us at you the the Medicaid the from have when Thank commercials, the from anywhere call you're that it Medicare, is SKU, in

Murdo Gordon

And than It's steady does that actually XX% It's skew does state it to a I now stretch. Medicare it's this sent roughly that have were – time. by and in little as a point units it's at evolving Yes, of total wouldn't fairly of thanks we're that over Salim right any it say selling. But and more that commercial lives coverage. rapidly Medicare XX%

Arvind Sood

questions Coast, why As please? two more don't a we X:XX on the take East

Operator

from Philip next from Instructions] & [Operator our Company. Cowen And Nadeau is line question of

Philip Nadeau

Good evening. question. my Thanks for taking

due more the will the decline XXXX. some in overall pricing we normal Can in on XXXX make elements that the XXXX discuss Just longer should then that's that pricing Thanks. one term expect launches new product digits to are X% cuts, XXXX, mid versus price expect competitive future. single senior the Is was what you in to David net a in prepared on the remarks, you pricing? pricing going dynamics. in there they and you for

David Meline

Yeah.

specifically U.S I regulatory in that would think period are expressed specific we us combination that we've I to XX, wanted where post been – guess is price, concerns on other what commented, And expecting that in The communicate price facing more have in net new that their in of intensity factors exclusivity Murdo pricing. either increasing and market, of the for environment. addition would and we of cases see I that that affordability competition. quite in we then the say from political in I are are about products for perspective as for or the outlook So then would XXXX, impacting there's some competition a say consistent macro a pressure

of and assuming tougher conclusion competitive a about draw Amgen, able pricing for a would putting really in new we'll and standard-of-care perspective pipeline but it a a where from we've those continue the to very that level forward. efficiency fair we're going to change that sure to in environment, that's wouldn't permanent going return I new performance products the we price a gone So I be be products assume are because that after say is and of very terms ourselves which we'd is a get why why careful cost making position been

Arvind Sood

concluding which one make Bob will some comments. take question And after last let's

Operator

to Bob, further are some [Operator no Instructions] closing comments? questions. make do want Okay, if there you

Bob Bradway

you against quarter about our for again this commitments. again shareholders doing delivering we've have Sure. we with established year. forward Thank our that call. our fourth record good hope as for I the track all staff, into we look with know to the dialing you of now our excited We're a future. outlook by I and And financial

molecules And Q&A, products taken you've rapidly that aspirations. pipeline With well our we’re transform advancing. to and we differentiated this the we've for long-term about think we that encouraged, actions to the us company, deliver first-in-class see as that newer in of growth positioned the the heard we're our momentum we're say

return we our strong business, cash expect our to for in deliver to sheet invest with So this flows, and balance shareholders. continue and to

look to the and to Arvind So you and to to his any are call. talking And meantime, ask on you questions, of in the team again take thanks forward course, get them in we'll didn't if for joining a April. here chance

Arvind Sood

everybody. Thank you

Amgen (AMGN) 29 Jan 192018 Q4 Earnings call transcript