AMGN - Earnings call transcript Q1 2020

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Operator

My name is Ian and I’ll be you conference facilitator today for Amgen's First Quarter 2020 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. There will be a question-and-answer session at the conclusion of the last speaker’s prepared remarks. In order to ensure that everyone has a chance to participate, we would like to request that you limit yourself to asking one question during the Q&A session. [Operator Instructions]

to Sood, like Investor President now Relations. would introduce, Vice Arvind of I Mr.

now you begin. Sood may

Arvind Sood

Ian. afternoon, and Thanks, QX staying Okay. Good call. for joining safe. I our us hope you your are everyone. families Thanks for

the an are a of know, speak I we great solution. colleagues Amgen pride on COVID-XX that part say in my I when all that -- I positioned industry of it's We be the at pandemic. of that with can behalf a work source

I Anderson start, recognize of who Research; we of to Before would of those Schmidt Gould are like coverage Guggenheim. their Amgen, Carter Welcome. Barclays; Michael new of in and including Tim Wolfe

talked business, and growth Over clinical this about you many operations how of have including trials, pandemic commercial pose the I've and impact will supply questions past COVID few chain, our with expressed weeks outlook. you concerns and

our As future, remedial by actions these we of and how so the variables with taking will the in today, good presenters sense you unfold modified of uncertainties defined growth business are run we effectively. outlook dealing our order a to get can have how we be are the

of what Peter will will opening Head outlook. Bob the Dave give CEO, understand commence you our means of bring this will Operations, Griffith CFO, Murdo all and of call it R&D, by the our Commercial provide of who a our Head you all state in then with together followed helping Our business; growth terms Reese a will pipeline by our some Bradway comments; update; Gordon

different all social for distancing, locations By are the way recommendations the today. consistent in with we

best we we as So please us bear are can. doing with the

some and results today's statements use measures filings, in actual of be XX-K which statements. our factors direct you to that non-GAAP reminder forward-looking cause subsequent differ we'll could our presentation quick would a I the identify that Just to will financial and materially.

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

Bob Bradway

joining like us acknowledge at and to course for I for want hope seen and we're But COVID we're we're everyone. strong circumstances. keeping changing and to of none a Global of an and afternoon, of and able operating upfront to Okay. managing results disruption and the has sheet, call dizzying quite balance Good again been financial strength has products -- innovative, be well the a a to extraordinary quarter you us. grateful disruption that resilient to before, through that itself an have certainly well from time been healthy times. quickly feel of economic proven all organization has I that this volatility with you're position of adapt portfolio pandemic,

what a we've we take then moments priorities. the see and remainder been of can to of to the COVID-XX we details first to few want quarter dive our the responding for and We've year. share four mobilized the around into I how company

the where of First, leveraging an immunology in fight clinical world; and and care the staff against our to supply staff, and work. uninterrupted around we our taking of commercial medicines; our and antibody patients supporting with second, the third, genetics live finally, our serve core COVID-XX; continuing communities expertise XX,XXX

for our our improved every in a have social R&D expand every to Our the engaged in to coming We're the of the to them day. quarter to and the them begun keep essential manufacturing results. patients commitments of our their we note our you now. workplace to been staff encouraged where I measure from to to staff to see are their has we're that are activities safety of to that the in our grateful as really into We're also have working safe people first can would the returning continue distancing, our the point home performing To workplace -- that people the possible these from well few required from priority business. ensure employees families. taking beginning and coming are worldwide encourage we've workplace markets, and a pandemic mostly conditions back to All our activities and about staff hope Amgen

significant COVID-XX with the care At don't perspective, our of make any that health working as medicines limits, needs in the -- patients any a need to never committed to ecosystem. responding ill systems a stretched and not time seriously a other we're we when we've chain the sure world anticipate we're health are both to COVID-XX. care being health around we to due currently We crisis their ongoing and partners care to meeting From collaboratively that supply of disruptions experienced society intended. our shortages

our restarted clinical encouraged to by accumulating AMG there. mecarbil perspective. programs programs pandemic, respect have the to out regulatory pivotal studies trials, appropriate omecamtiv fully including and expected interrupted read plans Otezla, them XXX, we're making BiTEs With have and oncology year progress the as enrolled in as soon to and our a to for also from are as previously continued and Other tezepelumab such data as announced. safety busy get been COVID by Where we're patient this

this overcoming innovative By now, require it's will clear pandemic that science.

good the us before biopharmaceutical speed news and on a of is jump each may day. have the ground never on we're that companies outset, virus innovative and gotten is with at moving the passing gaining community While virus the scale the at the seen

have so. our in we While to a include and our play antivirals, battle does role to this leveraging research do immunology genetics, expertise not antibody

industry-leading develop molecular the to with at prevent partners COVID-XX. working by patients. As to our our previously will announced, capabilities treat an important in the and done If needs we're manufacturing or Biotechnologies an meet successful, Adaptive harnessing helping antibody our subsidiary epidemiology of us work play deCODE we're role

on its Otezla distress of COVID In help might the respiratory late-stage seen based action, prevent addition, mechanism in patients.

question in trials clinical exploring As be this Dave will in explain we'll a Reese imminently. moment,

within we live citizen long health ecosystem a we've and prioritized and communities by where -- work many. for devastating good has And been being care COVID-XX the within the

in While with part we at committed time certainly fortunate have that during the end, is to and focus on that the need. help have recognize significant a our Amgen a a a we're in position of variety presence. we where supporting by doing ways we're been of Foundation this impacted pandemic to COVID-XX Toward Amgen, communities we

give example, the To testing donated in here. County, equipment doubled effectively you COVID-XX has home county just capacity one that for we our testing Ventura

confident come We confident sustained on through a for and our focused delivering as and the growth other we're future. long-term the we the in position heading stay remain We forward, pandemic were strong we're strong Looking expect this. side to COVID-XX in into in outlook we of that.

key noted, As I've a programs have number important pipeline we remain already our on timing of advancing from track a perspective. and medicines the innovative

and of we're integration been Astellas advanced already around seamless. we're well the gives integration our our Beijing confidence Otezla despite effectively the In of this colleagues completed the partnership. COVID-XX. world challenges me Our Japan, All effectively at and And executing has with have we now collaborating that successfully China. of

us innovation remind to returning our -- principles, capital Finally, while to fact and enable in internally shareholders. a which that to continue to significant our externally invest you are allocation capital will

from activity confidence year this the of in weeks likely on our earlier we more will clearly still outlook is an few expectation very of still the pandemic the color quarter for some have to XXXX. signs first April Peter of shown business the sure global our the first fluid be improving that the our disruption, outcomes us incorporates combination Though shortly. of health guidance care range provided give for you and and in the results of give

seem our industry, this Amgen's ground. the strength from challenge to hope biocentury, difference this biology. has virus in world. for people. biopharmaceutical the may to innovation its come science in Like often the share times, the talk efforts all we're We met of the century make bleak ultimately golden you this a age being We the rustle have of the may our me they I but relentless optimism, always believe power about at that however it to of in will of yield SARS-COVID-X, of pandemic

serve I'm with tackle the work industry COVID-XX proud our at doing proud the coming also each I'm team all the time. and of to such to challenging those challenge. for are we of during together support colleagues we Amgen other a

over Dave that, Reese, me will to who turn With provide Dave? let a update. pipeline

Dave Reese

light evolving epidemic, Thanks, the R&D Bob COVID-XX my In everyone. from of approach. structure of today's afternoon, update usual good and the will differ

be Some of quarter of our release pipeline the questions general first on address our of be to and within happy presentation our found press any aspects accompanying I'll other course, following comments. highlights and, can

first my comments challenges biggest and don't in of focus that public on environment, principle to health execution our in care in we're trials. taking in and I the R&D tell care our patient operations and presents lifetimes, Therefore, part health have the our midst patients development. today clinical is ensure trial which to and the unprecedented clinical the safety crisis current primarily of our providers clinical well-being will of you where

completed believe of have high-quality and of from continue these both read of key we and any with our delays collaborators this year, we We that have to are for of trials working omecamtiv studies to year. both pivotal expect significant out will not the trials. respectively, to Cytokinetics mecarbil We our scheduled and enrollment. do currently been this studies respect AstraZeneca tezepelumab closely With have late-stage completion at which data expect these on execution

This known Phase cell sotorasib is fully also AMG the potentially non-small as is which case in now also pivotal monotherapy II for our cancer, with advanced XXX, study lung enrolled.

data to study patients Phase year. the also and note be we mentioned data that mild response from expect expect last would we trial moderate Otezla collecting of III later months six I will results coming these quarter, the continue in psoriasis I on in weeks. and remains at As that of to least in track this these

to enrolled ensure As safety with and uncertainty safe in to temporarily trials, our continue ability remain drug guidelines. patients integrity. data study investigators appropriate already clinical disclosed, and consistent sites clinical site a or studies of there where have the supporting these of in on enrollment to focused around agency paused in care we ensure previously clinical receive our Patients subject we manner is

with including alternative study working recent assessment locations product. implemented procedures follow-up, FDA remote virtual and consistent that regulators with monitoring, for home actively and guidelines, investigational appropriate of We're as the delivery are

risk minimize to study-by-study and continue to to trial site-by-site the to and decisions facilities maintain make and integrity. patients We

Such to benefit extended year. this a where -- For sharing our example, site safely and PSMA and BiTE resources enrolled serious potential and monitored. half-life enrollment a programs data is forward patients be and trials to studies look but conditions we HL new the where studies targeting allow later life-threatening certain LX for closely in not to there continues significant in BCMA include, to these certainly limited from and

sotorasib Phase we ensure Keytruda and provide our as confirmatory as have time enrollment III such paused Phase I combination study more In we where situation and be I'll safety, study lines studies may other the gain develops with and the to updates impacted clarity. patient

site is start-up continue activation. to studies to to look for new in and and There coming to to enrollment provide forward studies months, initiating patients' our investigational their interest in access and ongoing for portfolio resuming from we rapid significant and to to therapies, benefit feasible pod soon so. entire is potential working safe with are across investigators study weeks activities enrollment sotorasib over allow as We and it the as to do subject

dissemination and be journals clinical that peer-reviewed timely conferences are through a committed forward medical to In to look of the manner. have community a important virtual this we to we environment, congresses of we will many representatives in readouts, updates will providing XXXX. study we As working to continued -- provided medical end year's the ensure with data in anticipate case, of we be as any data

to prioritize programs expect. as also might preclinical our clinical and We're continuing you portfolios across

we half-life molecules, instance based continuous stopped first the of generation development have of BiTE infusion the PSMA our programs. on For progress BCMA extended and BiTE

responsibilities collaboration in transition functional is organization continued please the and to that I’m essential certain In this various report laboratory begging situation through also activities facedly non-promotional and some are research activities to on regulatory we permit products we began our in-line track, activities work including quarter as China. and the to geographies. has local to in BeiGene BeiGene across ramp

and and like words how close in the expertise saying by COVID-XX. immunology antibody we’re our I’d fight to the development few against leveraging therapeutic about

actively Adaptive Biotechnologies COVID-XX collaboration the antibodies neutralizing is from coronavirus announced now the with recently to to public Our way. identifying patient under

industry as an expertise mean unprecedented opportunity expertise as We combined view pandemic. a profiling, antibody engineering Adaptive what to immunology with in Amgen this world-class the to contribute response to and and a in manufacturing unique

identify interactions highest one In is advantage to be possible likely by intently regulatory therapeutics to candidates. quality will as the generation We view, our the more can and therapeutic develop offered fast frequent are antibody we take there authorities. working and aim candidates as of of we'll quality highest our than

a In to treatment anticipate engaged to that efforts our platform be the conducting the also potential clinic immunomodulatory groups enter been in therapeutic addition to antibody, have with investigated multiple trials develop in COVID-XX weeks will with disease. in Otezla we a coming the and adult patients as discussions in

Finally, contributing actively the with ACTIV, to efforts for including we partnership are collaborative therapeutics advance to the public-private NIH. COVID-XX,

commitment close I our and patients. our deliver for thank tirelessly these enough. working selflessly been acknowledging by and can't execution challenging are exemplary I circumstances staff, want to Their them under to and have

I'd things now like to Gordon. to Murdo turn over

Murdo Gordon

on year in XX% a and ex-U.S. across XX% our strong started We products everyone. Growth afternoon, was more of U.S. growth the portfolio newer basis our offsetting volume-driven good than and declines Dave, generated mature in XX% broadly of global brands. the with Thanks, with

and Given level I'll and pandemic, I we're to at care are our the may the what views on in actions nature product of business, walk impact then system we unprecedented want global what start through sharing health taking. COVID-XX the the how seeing disruptions by our

reduced and our in starts. some from sector, portfolio treatment, as interrupted. physician-patient of reduces new turn are varying Like COVID-XX interactions which others our delays we're patient These degrees seeing diagnosis interactions in to led in have impact across

by this telehealth over Data Data quarter. a the telemedicine and million services. modest being early have some patients from by show of also from that some suggests that and approximately that visits although offset patient refilled prescriptions is of IQVIA there office inventory declined was in XX%, $XXX benefit

care that and patient mix of by negatively programs been in due Prolia utilization changes administration office impact a require Treatments negatively increased segment like prices. could have in increased provider net health Finally, U.S. U.S. to impacted. affordability unemployment

convenient the that it IV oral or patients hand, given provides with On the may benefit require for which other a of injectable some product like compared Otezla option biologics, monitoring.

to via reliably we're are responding Despite remote teams help our innovative customer this supplying identifying and to products We're disruption, and needs solutions consistently. patients interactions.

negative injections and me in Prolia observed began utilization volume. on March, grew years. on growth Prolia beginning higher with XX. to see let year-over-year versus product details some and with substantial Prolia demand Slide XX% in review in was step Strong consistent we prior February Now a January In from since a impact down prior years. office have

we see In importance results weeks, treating in more to is this more are critical. recent provide of we're beginning The able in when patients of at who to osteoporosis signs stabilization fractures our QX and we'll on July. be report clarity high-risk of

at working nurse-administered solutions to address retail novel Our fills challenges care organizations of advocacy of teams continuity We're environment. working in prescription injections, such to alternate address as policymakers this and and are exploring care, mobile issues specialty treatment sites also and pharmacies. with

the Japan, Evenity by posted established million half attained the launched those first uptick. which sales, roughly driven which Evenity Japan of Evenity, of U.S. first two-thirds sales continued during $XXX the we've in therapies. similar in anabolic quarter, shares to In and to Moving represents in XXXX.

In acceleration persistence the gained we with improvements trends U.S., demand QX as in more in saw in experience. an clinics

complete Prolia. these providers their patients therapy will transition work patients to with Evenity, help year of healthcare As to cycle with we one

complementary worldwide X address these of are and in set pandemic. are a the are Evenity teams ensuring Prolia patients fractures this focused not our that million on during occur and compromised options osteoporosis patients to postmenopausal

a strong Repatha. We're in to to XXXX. start Moving off

past versus XX% same by the sales affordability the grew by as period year. XX% months results year-over-year, yielded growth and XX driven to over efforts volume last have Our QX access improve strong

improved U.S. growing and the share prescriptions the in in we held New-to-brand XX% QX, market year-over-year XX% steadily exiting quarter.

and As call, a our Part access selling in resulted in step last contracting appreciate in earnings Repatha's D we improve in net to affordability down price QX.

of year. the selling net expect for relatively stable the price remainder We to be

patients been net XX% by To Slide XX. underlying remains of market volume growth on prescribers. On leader basis, XX% Aimovig to a almost with prescribed share. sales the total XXX,XXX than Aimovig XX,XXX Aimovig have more year-over-year date, XX%. On prescription with grew

XX% Formulary, With XX% to National with growth Net sequentially to XXXX. price that to year to CVS Preferred the higher a each new-to-brand led quarter. factors paid occurs utilization to XX%, the expanded co-pay These by in XX% and of offset have lives, proportion partially the prescriptions. from in quarter-over-quarter addition of now which we up increasing almost first lower access due recent CVS was covered were QX access in of prescriptions

year-over-year affordable Otezla. volume. seamless give XX% safety COVID global option ability the starting by Next confidence driven and realize It's current in by as a potential label with our a to oral of with profile. does to convenient portfolio our us efficacy These and coupled Integration well-defined telemedicine growth Otezla, expansion full require patients. option has Otezla inflammation an provides evidenced lab environment been In monitoring. results planned with the very to for not conducive

to in and accounting included benefit were a to sales million year-over-year Sales from year-over-year. Moving deductions. in Enbrel. trends, declined volumes related X% changes prescription estimates favorable $X.X QX billion with Consistent $XX prior

XXXX. limited continue a We from XXXX price selling to in expect versus net benefit

In out-of-pocket of therapy we're continuing through of and their this in base cost maintaining supporting Enbrel's disruptions course environment, patients barriers. strong

over know, Enbrel you has not As require years lab for and the XX been on market routine monitoring. does

XX. slide to Now

which to sales Another in our for as is Europe consecutive inflammation QX. $XX number recording in Biosimilar million three adalimumab the of Amgevita, quarters contributor franchise one

current in the in impacted interactions. collectively and $X.X XX% products of be hematology environment due disruptions brands like Certain year-over-year. billion XGEVA quarter by to portfolio Switching physician-patient oncology totaled growing our innovative may in six to business, the our

and and Neulasta KANJINTI provide our oncology greater including Onpro biosimilars value. MVASI others Although

XX% which sales, KYPROLIS $XX a XX% benefited U.S. from a and second XXXX use which year-over-year of year-over-year Neulasta million XX% by that in declined some QX expanded our increase was did multiple in not highlight me order, this larger led Let driven quarter. by grew repeat myeloma. third-line products. of recall BARDA

site be Onpro quarter-over-quarter The additional competitor. and the particularly, unique in to as G-CSF minimize risk cancer a to increased XX% return patients. neutropenia share their of revised of febrile G-CSFs having continues of now receive the value an held their OnPro care. proposition, has preferred guidelines at choice facing despite can without to to recommend patients NCCN provides treatment use

biosimilars oncology U.S., quarter. in million exiting the at sold $XX MVASI market generated two In the shares Our respectively QX they $XXX globally and and sales million $XXX in first XX%. KANJINTI or million above with

see they continue We clinics encouraging hospital adoption given are savings biosimilars in with that provide. valuable the accelerating. to increasingly rates adoption These cost

Switching slide starting to XX. nephrology, on

nature Given Amgen Therefore, seeing to the in impact we're treatments serious on that meaningful renal week. medications per days patients of disease a end-stage use three require the would these dialysis of attribute patients COVID-XX. not

due our $XX the to sales price accounting impact approximately competition. QX XX% In year-over-year contractual declined estimates. unfavorable and selling sales net million generic due EPOGEN Sensipar to lower commitment of DaVita primarily XX% of with declined in from changes

supplemental expired reminder, XXXX. now for in could which major result significant have markets, EU ex-U.S. cinacalcet patent in decline certificates in a As protection a sales in

majority in and by grew calcimimetic patients. midsize already year-over-year for Parsabiv a dialysis providers Independent the of XX% utilize Parsabiv quarter. their first

truly care unprecedented DaVita providers summary, and health adoption. of spirit and our to employees the time. entrepreneurial I'm in who this FMC helping inspired patients While are by continue In increase

over that turn with Peter. to And to like I'd

Peter Griffith

Murdo. Good you, Thank afternoon, everyone.

through take provide and to moment like macroeconomic our build Bob's unprecedented we into and comments to to responding COVID-XX results are challenges. guidance, pandemic on insights how navigating I associated would the and a regarding additional reviewing the Before

a strength. these challenges position we confront of First, from

in financial on internal in that our free $X XX, of in generated quarter are investments a flow Our we fundamentals billion which capital first slide investing over billion strong shown cash and the remain start allocation to are a -- and cash strong committed $X of business with innovation. principles with

areas and external are We hurdle therapeutic clear evaluate opportunities consistent patiently focus. that with of development our will our rate business

friendly Our capital industry-leading environmentally Island. high Rhode biomanufacturing including next-generation expenditures facility remain priority our a in

We capital shareholders. to return will continue our to

optimal on our weighted will Our to results average of structure principles efficient capital which continue cost build capital in allocation capital. an

briefly XXXX discussing slide through results financial will first deck. walk our before financial I results XX Now Slide of quarter guidance. the The on are our shown

business solid marked EPS of XX% quarter first increased the another in performance we non-GAAP The growth. period volumes and delivered investments grew year-over-year XX% as

In XX% QX outpacing $X.X increased as mature revenues transitioned worldwide with our our billion newer at billion year-over-year. our quarter the strong we product growth products sales saw $X.X increased to portfolio from in products. XX% declines

operating X% the on of to the for Total P&L. rest Now year-over-year. increased quarter the expense

single-digit by sales percent now absolute total expenses high costs grow range manufacturing the increase XX.X%, For on lower On expense. milestone decreased of as by year-over-year to an an primarily by the percentage of percentage basis operating sales points basis. expect year, a a product full non-GAAP partially we offset cost in in to driven X.X

AMG expect of the X% from XXXX. we year collaboration and by BeiGene. were percent of For recoveries full to sales spending with Otezla XXX, product expenses to be cost of $XXX offset million sales with our higher continue Research due as on higher development cost partially and to a generally consistent

the pipeline full indications. also we spend as invest increase on and basis Otezla expect R&D absolute innovative to new we in an our year For

-- we by due collaboration. spend Otezla. And Otezla from full year these partially increase received for XX% offset SG&A spend. to increases expenses continue increased our With expect to BeiGene SG&A the recoveries R&D primarily to

in of venture non-GAAP This QX lower million compared our basis. change Other prior QX. on a fluctuations income QX interest securities was well year-over-year income of portfolio. cash Non-GAAP operating publicly balances, as $XXX to expense on XX.X% traded in operating by at $XXX This were income due is $X.X as increased was a held and XX% XXXX. margin to from market year-over-year unfavorable quarter in the year. expenses billion Our million for net XX.X%

X.X of we to will income of billion the versus versus $X.X non-GAAP equity XXXX billion recording tax end QX, The profit BeiGene's $X.X in was share be to net the toward accounting or Recall other points income loss count that year-over-year QX the quarter a of XX% We decreased $X.X under XXXX. X% for non-GAAP to expense by begin a net share our Non-GAAP method QX. upper million anticipate a XX.X%. supported we expense first rate the provided. in range, percentage -- reduction and beginning previously

XXXX, cash and generated Turning XXXX flow reflecting sheet flow Slide flow structure. coupled portfolio QX, next strong industry-leading the we XXXX. QX diversified of a on during $X.X cash cash balance to $X.X with XX, billion billion versus was Free QX in an products cost in

XXXX, we billion QX total million shares over $XXX X.X to $X.X of returned over an In price a to shareholders million share. $XXX per repurchase at through million average dividend totaling and payments of $XXX

that of for guidance remainder result previous we'll plan the XXXX. For share, of $X to an the execute end of billion maintain we per dividend repurchases quarterly our lower year, amount the at $X.XX in of billion opportunistic to share and our $X will

primarily and decrease decrease shareholders Cash to at billion and -- XXXX. Otezla BeiGene free was form from during well This of by debt repurchases the end returned generated the repayments, in $X totaled by transactions, investments end as the period. as billion net QX of of the offset QX driven the share partially flow XXXX, cash a $XX.X cash of

in take in we in debt payment our Additionally, partially in debt XXXX in advantage I in long-term maturity of plan February market to refinancing those XXXX. order payments. $X.XX conditions billion issued for We and $X to make debt long-term of QX billion debt note payment, XXXX, maturities

the to rate and quarter outstanding billion, average will be of carries capital access opportunistic years. -- strong $XX.X totaled with at markets. the continue interest end Debt X.X a We of to weighted

slide outlook the for business to for XXXX starting XX. Turning on the

to we some quarterly over and recovery Our guidance later we January related will the in stabilization that greatest the with broad We COVID-XX and year. expect earnings range then uncertainty in occurring the of partial QX outcomes. the impact, year. the degree during uncertainty to in of provided second a expect contemplated currently half revenue the Due of impact see

range non-GAAP we revenue $XX.X And our and $XX.X now EPS guidance to slide $XX.X. of reaffirming billion billion to turning with a range of to $XX.XX XX, are a

We we'll as latest will you business next our across these at and perspectives dynamics monitoring the assumptions with the underlying call. our be evolve QX earnings review

of to expenditures investment are than to a million plans. million, guiding of guidance reflecting the in our timing capital now prior rather our $XXX We of a spend, change versus change $XXX

we are XX.X% to non-GAAP the for our Additionally, financial reaffirming concludes rate XX.X% full the update. tax This of guidance year.

six every Amgen months, and patients COVID-XX and to with I'm the that each here by miracle day serve disruption, it's the difference. privilege I've been is reminded over little drug. enabling day And Amgen, supporting innovation a this during the

it turn some I'll closing to Bob over for that, With remarks. back

Bob Bradway

my before Q&A. we'll to remarks, closing go Well,

our Ian, Q&A, open the have it let's we'll for let's So Thanks. up remind callers of that process follow.

Operator

Certainly. from Jay Our the first open. Olson is [Operator your Jay, line of question Instructions] line is Oppenheimer. with

Jay Olson

ticked up ask quarter. in thank And for non-GAAP margin. Hi. about the the operating nicely the question. Thanks to wanted you're for noticed you expected OpEx slightly. first the growth work It taking the you that that, doing And fight lowered to I I the COVID-XX rate pandemic.

COVID-XX I in be you the do of Thank to course evolve you. over margin expect wondering, was how you expect world? post operating to a operating that higher do margin So, sustainable the And XXXX?

Peter Griffith

for Jay, a question, good. thank it’s the you

that full indicated, in OpEx grow total the do I the will project As single-digit for we our percentage high year, range.

our in confident cost work are We and Amgen. structure our here productivity at

forward give think any going margin. an for speaks So it XXXX. operating don't guidance we we be of XXXX industry-leading And itself the and on cost I to margin expect beyond in course, our margin

Bob Bradway

we QX a getting to disrupted have to at obvious more bit you liked Jay the would little have as but there the in Just spent we the were quarter. know state end of

of remaining the it's the like what year. three see we'll So quarters for

Operator

Tim, your with And Research. Anderson our of question from next Wolfe is is the Tim line open. line

Tim Anderson

company My the much. these challenge very one your in And thorn something the question XXXX certain. out. you're will never ongoing you for I'm of bigger a court ruling. in positioning the side events things and Enbrel which confident in Thank is But appeals that's are that sure that's the probably patent how play is your on

event the it's would if us but you help can Sandoz helpful? some Plan in B had of place. you So, probability plan what be perspective in I'm as I sort any your that be know I'm low product largest contingency event, describe wondering just actually prevails guessing would a

Dave Reese

going not we're property to to in details into on around Tim, Enbrel. we go intellectual feel that. confident the Obviously, continue

for leave it Thanks. now. that let's So, at

Operator

our Raymond line is Sandler. with the of open. And from Chris, line question next Chris your is Piper

Chris Raymond

thanks. Hey

collaboration peer I sort -- lot you there know guys similar have just folks program. and I antibody and of that are others. But the are about So, working of purpose-built in your think Adaptive on talked Regeneron a products with

if you give more color on maybe little also And could differentiates et of you I clinic terms cetera? in more on bit in being guys a time Thanks. the lines a what color doing. wonder little are what

Dave Reese

Reese that Dave Chris, Yes. take question. Thanks I'll here.

you and that So, forward therapeutic a are And number we're to deCODE. antibodies. develop capabilities our in there going do our of one combine particularly what work is trying I Adaptive's to unique is think number know as out immunology efforts of immuno-profiling with potentially here genetics based

identify there of be my belief high-quality candidate is therapeutics also entering may generation that it's to more goal and than antibody really a clinic. very well Our therapeutic one the

highest which with we want quality course of think we to candidate. important is about generating balance development of as this the speed So,

-- now. up and running collaboration that in work progresses laboratory are actively that clinical as And as the we in is as guidance of proceeding but But will provide we terms work unfolds. right timelines

Bob Bradway

a of just could Obviously, comment protein. manufacturing. lot maybe a about I Chris add --

of scale. supply the to here patients the And to ability a we at we party number manufacturing bring things with our antibody. in expertise can one great our is think have We of vast

Operator

of the America. our is line open. question Geoff with Meacham line is And your next of Bank from Geoff

Geoff Meacham

full Afternoon in the one pretty Otezla mix have now for and Bob. I like guys. industry it the competitive of growth looks and had a from perspective? you you quarter in a first the top question. When Thanks for guess the profile bottom-line

So, maybe I number the attitude acceleration that's effect, thinking just about Thank the fully of or in either ones does you. in know expected COVID appetite the environment? obviously step-up but larger this or towards a I'm increasing maybe volatility from BD, your for growth deals

Dave Reese

still the pretty think I environment is fluid Geoff.

your strong think to sure moment. and at other question declare we're a not than I to we reiterate -- wouldn't answer that I'd try position. like in the to So, -- I'm But an to

external sheet We've focused our well allocate we're as our look And our capital there innovation to externally that can we'll you things internal help strategy about we on to and talked talked see strengthen our are whether areas. about pretty the desire balance as chosen our as innovation. us know to

as But significant is to appreciation way integrations successful very maybe quarter. in just three other add and thing of a we my colleagues the the my would Amgen first had I reiterate

good a really company that a So, with we've Otezla and for Japan our it of start and as to off priority get we was year. over four transaction BeiGene with months us with the feel first and a to the done

that. about good feel I So,

Operator

is question open. is Michael our And line the of line from with your next Yee Michael, Jefferies.

Michael Yee

just guess you -- at what there. an excluding on think remind And then On on there? there which question. have I just there? for appreciate for what what us time. combos and are and not about is Thank of David. the relevance new to an Can think Can update which course And during you XXX colorectal I a then you didn't ASCO. would cancer progress the the all color be And congrats update. there's at colorectal mention the ASCO us monotherapy? appreciate timing tough this AMG as My to you and lung the remind timing? was about updated the was the you how question

Dave Reese

data, monotherapy appropriate most an And months at forward colorectal the cancer combination there's to series over before, colorectal regarding monotherapy whether Thanks, we're or questions as path XXX, whether we to determine in indicated to continuing with going patients coming appropriate. enroll cancer. look Michael. AMG therapy those I say, few feel Yes. A is would of we're I've

response With respect percentage and indications, of data. to and cancer able other small we non-lung some endometrial pancreatic cancer, such malignancies on other provide cancer, appendiceal -- non-colorectal those cancer there are a will we on as tumors and updates to ASCO be cancer of are

we up. finally of either just the in had -- ready were some ramp to of paused We're trial getting trials initiating that because or of just they back combination terms some the And therapy these then initiated. are them we

experiencing actually quite happy disruptions first year those. significant happy the program we're and in data next not So the would -- on perhaps earliest we're confident year across part this later with I that we're its we're very of first But the with progress. expect totality

Operator

with line next open. from Flynn question your of Terence, And our Terence is is line the Goldman Sachs.

Terence Flynn

middle taking the Hi. of Thanks on guided data AMG lung have XXX. part for me question. to X Phase cancer Maybe follow-up you a this year. for in I know the the guys

the bar? it's of think perspective should as to given data Cyramza you what about now targeted here higher kind Is Just as efficacy you share Or we're view if any Thank efficacy right you. we drug? wondering the on bar here? could the a closer

Dave Reese

Thanks This Yes. is Dave. Terence.

that we've the the year typically or patients want towards point of given for takes timing out least end months what to of date, is that six In I'd data were on we all terms it last the that a response the patients. of month two develop. indicated And of at the last enrolled that responses

data the You that on the when And second can Phase monotherapy I of X as data progression-free and year the substantial not absolutely with any do in We're X want question in address terms study. that those into package rate we're part package. study. in We of expect would important monotherapy the think of the hiccups and it say the track response see response half Phase I experiencing readout. of duration part we pushes of of part this along survival robust an be second endpoints your will to that

Operator

our line is is Werber And your Cowen. next from question open. of with line the Yaron Yaron,

Yaron Werber

control should to OR? XXX patients sizable. as taking I this David Phase is expectation is fairly powered some not into docetaxel Or your so question we docetaxel. questions my an survival? a sizable? in well. XXX drew combo? of that think Cyramza it have was -- why it obviously sense on little And Is kind Thank study AMG the used you. it maybe as It's well. of for X, give is bit as against really read why head-to-head us trying for and I And question Great. study Thanks the really to The as about

Dave Reese

Yes. for question. Yaron the Thanks

what of with based one were robustly survival. comparator driven was for choice around of on docetaxel this comparator authorities regulatory size appropriate an by remains world able terms and to discussions investigators -- care we this overall the standards arm was here. that's the In to the that the be feel and of -- the calculations test desire The sample

survival. correct. was this on of second is statement the so If overall powered part And your there

Operator

the And is line Morgan line Stanley. our from with is Matthew next of Harrison question Matthew, open. your

Matthew Harrison

that? you across called be I not Obviously, destocking normally could what so Great. wanted in did And potential question in the Maybe the typical to Thanks. Good could ask on put taking was that evening. that dynamics a benefit just just Could of you through see of first out benefit maybe lot you the year? to you couple the you for from also product the the for quarter quarter. Thanks going you see a comment a that and items out lines, destocking? that's just come question. I a know around thought context? one-time stocking COVID.

Murdo Gordon

markets. necessarily about we Matthew, fair been some in Murdo. for I million that Hi, companies that administration maybe of I that other Yes. are should compare and I the early products fills, stocking quarter I build reporting, to which The additional the other would forward fills companies. our some would saw Yes, of patient have it's XX-day other business have given contrast that amount only across first pull in of an it's physician say a predominantly mentioned, inventory specialty $XXX same prescription happened didn't as extent know element biologics,

As build. they end blended they inventory with and reported that wholesale dynamic customer

products specifically. had to inventory, QX. XX-day early fills may in from some forward to just we and see Otezla, end refers maybe million $XXX wait the have And through pull and that So like some how we'll customer and On have scripts. works wholesaler

Operator

And the with Karnauskas is your of line open. Robyn our next question is line SunTrust from Robyn, Robinson.

Robyn Karnauskas

on and Thank Hi, in business you guys. this much great work so time. running the

questions. broader question? So we've can focused on back lot specific been I of I take know a a step

government had Medicare experience a to crisis or payer and lot financial guys then commercial a of You switching a people payer. have this from

you that's Help telemedicine I you how us How about know really telemedicine, Thank people prescribers for manage think get comfortable And how are new And how one that to the managed that? secondly to you for impacts a do writing your think switch? then Evenity? And that? of how you impact you? quickly you. business?

Bob Bradway

or said that sure me let say we writing answers, Robyn are prescriptions telemedicine? writing? comfortable heard before Evenity we Murdo Did doctors you make you in how are

Robyn Karnauskas

is could how aspect of Yes. that new to many And telemedicine We're all understand be businesses. us. impact that have Yes. of for will telemedicine. trying prescribed you products Like obviously

aspects So those be are would two great. it

Murdo Gordon

government over your I just a is benefit Right. part people Yes last on Robyn, of clarify is the if access government done your related first commercial potentially like question Or COVID-XX? from could to of of we've transition further the because it while? the to up question, opening little

Robyn Karnauskas

It's really transition.

you've through transition we to a -- at given lot is plan, are transition potential of if a they're going government-based work asking this been people before. what what to people So of a lot a

companies you the can So run you're how you'll you impact how be? the business the think that us And of probably few that? might tell and one manage

Murdo Gordon

Thanks the helpful. that's for No Okay. clarification.

that So let's start with topic.

the than overall are Medicare revenue. our off, our B beyond the right -- about through business of majority quite Medicaid being total reimbursed our of portion first that commercial. reimbursed XX% low. through and less And D our is On or products our with total of Part now XX% business It's of

rightly portion that it's a as likely is that transition or likely government that to of So channel. out is point commercial piece a to you

their Cobra employees unemployed plan furloughed are So as is to harder rate? self-insured at employee for become a company an on that's into period what retain thing is furloughed, they benefits time predict opt people the plan. still they and sponsored and Now important distinction if often who of

So to to either people transition before there's occur or a state a benefit. going exchange time a that's Medicaid lag

benefits of like So is unemployment end to a the now. end actual going to up delayed be could trying to of right that into this down an And more hard in I towards think and year impact the the numbers course, XXXX. Americans peg are one, of pin

commentary So would It's things. people appear read it those I've that bolus and and things of earlier. to total two change. the some rate the are the some expect heard indicate

will and Our people these to time into an perspective is a more it over of will XXXX. effect transition and that patients likely be some delay

there's just therapeutic would area. of say I telemedicine that telemedicine, is maturity used by a high variety On of

like dermatology And straightforward If you is even evaluating would as migraine perhaps for telemedicine the think I would patient about be someone to argue telemedicine mental pre-COVID. already used I a neurology, it would for even patient. health going say a in that relatively extensively and quite and uptake be is

would the dermatology Aimovig of then would migraine and be it be Otezla. neurology, for case in So

so of Evenity are in a primarily Evenity, You likely a mentioned is prescribed patients post or be fracture, course to hospital clinic setting.

that back goes to extensively, so evaluate and pretty event. patient other the and we watching where to our had prescribe that it we're -- already year actually experience We being now. there related we've the closely. and some fairly a physician brands used been here was Evenity the Aimovig scaling ability telemedicine acute that experience straightforward over for But probably And of -- because is

building the on that comes to our when So capabilities in it foot area. out front I think Amgen will be

Operator

our question the line Bernstein. Ronny Gal is your Ronny, is next of with line open. from And

Ronny Gal

you're doing Hi. if work on the Good may. let evening. add and to And I COVID-XX. me Dave all my thanks for Two,

you work First Amgen bit -- to XX market and and timing? a now at What patients your ways originally XXX this you that do to to just couple to mean that is what about a have of And that PD-X, the does same product given more? for expanded the looking started ability about protocol you're bring about you leverage PD-X skeptical little for patients. David, about times that

by done million $XXX -- my fabulously this with Murdo, count quarter. about I did as well -- And then you've you to about

extra that you expectation your what's biosimilar -- Now, you doing States, interesting what taken guys REMICADE decreases we in of the bit price more of an have year? is also your the product? with the coming rest if United can for Pfizer what And are a kind mention they've

Dave Reese

question This thanks, Well Dave. I'll with is start XXX. the PD-X for Ronnie. AMG

study as umbrella primarily is a to continue develop I This for additional sensitivity we partner tumors indications in combination XXX have the AMG added a study and question agents. PD-X We cohorts described well Phase to where our limit the probably will give on or data in of take package we'll order the standard trials need XXX. we and XXX think we the safety patients AMG support single-arm for monotherapy future need for hope that ultimately pipeline to

of the of efficient together Phase us an I generate trial So expansion put all to allowed that appropriate data. way

Murdo Gordon

rate run when we would manufacturer. first are our a attribute the I -- biosimilars biologics as business, over say And our of to Yes. comes quarter. pleased it success high-quality $XXX and foremost I in with million to the would reputation Amgen's

that differentiates something is that customers. think us and well our I by perceived is

I positive oncology States. you for Our experience very with much United functioning We the it also integrated market biosimilars And biosimilar products. applied the in Amgen very business would I in of the one. is Europe was that well is lessons model biosimilars. say shows think our a two innovative launches the those our that learned to U.S.

the people defending that and are same curve same the the same day-in are Neulasta, by Neulasta KANJINTI. understood are who uptake of customers MVASI our for benefit are sure making who is Onpro account who day-out establishing So people managers the the and defending

KYPROLIS exemplary business that like patient our very have a patient as apply services that nicely. trajectory relationships we same us say So have and those valuable. account to helped also many, many that XGEVA And at we relationships product that or been think well. services oncology our we have we've the for extremely years payer-provider over would in cultivated are our have level, I extend the I biosimilars

mentioned, is customer broaden do already our will strong launch this that that Remicade product and that And to what again biosimilar. autoimmune is intend you perspective. I with that which for innovative us help then will portfolio. We strengthen Avsola, be portfolio our product will immunotherapy a year. help us think And integrated And out

Bob Bradway

can go the let's next just East let's on question. to to the I getting Ian, Ian, and limit it's -- ask the one. everybody question. next yourself late one getting if please And it's Coast, as take on with

Operator

Certainly.

your Evan, is of the Suisse. line Seigerman line Credit one next Evan open. with Our from is

Evan Seigerman

so taking And, about talking were Thank of, guys. a much just what follow-up from question. Murdo. the you kind you Hi, for

potentially of the So how the Thank cost? uptake centers Or of you. acceleration pandemic in systems? given save overwhelmed uptick really biosimilars? you to Have adoption impact has if seen delayed an

Murdo Gordon

early So to it's a bit tell.

very steepening our have anything take of our experience far weeks comments seeing effect of uptake. a so I we're a So here. on uptake not my If with curve. few would say seen we a negative

could of cycles yet bevacizumab, I The one total will cycles could happen trastuzumab that total haven't be the of say assessed impacted. the that or thing is we

we're each from the number molecules of we're forward. of very share watching molecule So is total infusions going perspective, what the a pleased of of

Operator

question Dane Leone line Dane? And from of our the Raymond next is James. with

Dane Leone

in the over for update. is acquisitions you efforts Hi. a your lot question start business and oncology. mean, here. expecting broadening obviously, that want those Thank and where of to target how then target areas also two I to you're one with ask a about of you be did questions respective you go data just room When immunology, in just a I'll that of to XXXX? to about space. you're we it areas keep and the about up for taking the these biz dev the thinking bolt-on there's KRAS, to thinking you Otezla thinking want about bolt-on oncology about I have more you Should development do ramping with guys from think out especially the perspective? Thinking initial still set the great within the work how course

Bob Bradway

be molecules we'll and an leaves some comprehensive we're watch that at a fit. that and in are two always price XXXX, for look marketplace that to. course shareholders The for interest see for be value is us able for innovative we We're trick about to areas of assess don't will or can the the return we attractive of think continue inflammation. and acquire pretty keen I assets we to And the good -- active way a Dane. add know continue we those oncology there are might our sure, to keep license and to whether things

Dane Leone

Thank you. Great.

Operator

Umer, the Evercore ISI. is next Raffat your our is of line question Umer, open. have line on with And Umer us mute. you from may

And moving is the is your from Cantor with on Alethia, Fitzgerald. to next line question open. Young Alethia

Alethia Young

just when for thanks I Thanks be might my the you about that to and the wanted COVID, maybe you know you think with might all are of seeing taking the guys, congrats the I turn? think question be on Otezla, the orals Hey in sustainable do guess, a some benefits progress.

Murdo Gordon

Murdo want just here. clarify, I Alethia, its to

You are talking about as those clinical trial with activity well.

Alethia Young

No, not that activity.

Murdo Gordon

look -- we’re to continue Yes, the watch trends. we weekly

we’ve telling got a oral is We’re great buffer because and coverage. supporting a right it convenient think listening to of us market our Otezla It's definitely excess what little customer now affordable. that It's bit option. got we are

obviously think in broaden we mentioned that year end the -- care promotional behind We’re I the primary that’s also effort also effort putting and were to we last additional Otezla helping. of

about patients of a think concerned it and or So lot kind it’s we’re of where are healthcare feeling professional. product ideal like good about time the I visiting this

Operator

And our line with from of next is Porges question is the Geoffrey your Geoffrey, SVB open. line Leerink.

Geoffrey Porges

Follow very up question. another Murdo, Thank you much. for

injectables. highlighted You continuing most product seeing you’re affected. you to that some Could of the of you a give which us office sense some most think for to of likely the April softness and be March then significantly in are

specialties. be particularly Prolia visits I relative expecting what QX? think should highlighted those as that to down be we Is for Prolia that in the as XX% you might much

Murdo Gordon

I -- think Geoff. Yes thank you,

were our not that definitely Prolia maybe impacted I impact XX%. the visits patient think we’re on the yet down or in products I was what has portfolio. were mentioned most Evenity seeing

about physician for business. you the business, Amgen three have think If and we administered products our

We have our nephrology business.

business. as spending vulnerability mobile that well. continuity far buy-and-bill to being age channel try where to visit working Obviously, patients home it’s most. patients of and up We the to business and access time CMS injection we’re administer and sites the with nurses of programs Bone and by and that do homes partly care the administration have improve policy, alternate proving oncology care, with and lot working the setting our a on we’re advocates can the impacted is is of of

well. Nephrology Obviously is have up life to these their sustaining. is have renal holding disease patients dialysis in

collaborating well. the care are those oncology, at holding not volumes for been safe sites bone. patients. And isolated So it's there providers as of have providing and down nearly as up very The good but then much

order relative we're of how it. seeing a you gives that of So understanding

Operator

Cory, And of our is from JPMorgan. next line line question Cory Kasimov your open. the is with

Cory Kasimov

evening Good my Great. question. guys. taking Thanks for

have paid this of leading look lower last business, overall share quarters. for importance understand to underlying Is dynamics at to expectations and growth the sales increase all few the the I prescriptions the of despite going Given position portfolio we're fallen the something the mean We in wanted seemingly there I Or is Aimovig. short this an of broader better function missing? on just for access? that net with a price else it

Murdo Gordon

to we have lives. Cory. have Aimovig's to to the covered And work Look, very And now year Thanks of the over share with of Yes. quite a paid course that level. performance. did bit do we're of get pleased XX% we XX%

about pretty basis. that we're pleased So

price volume. is yet suffering sufferer. patient balance unlocking patient to growth with persist for million expect candidates course We've and because I the and help chronic think older tend additional counting the CGRP throughout at we out aren't we're to over got adopting be of we they that what could coming should the rate of oral products the year we're potential CGRP the on migraine think ease forward on four to there. going of stabilize that products Physicians

on So focused future the Aimovig access unlocking has affordable now these very that's focused. in and coverage We're where particularly that a volume we're market. the potential products

Operator

Umer, Evercore And your that on. ISI it appears back Raffat open. is line we from Umer have

Umer Raffat

how Hi. I to unmute myself. just learned

so one you may. for much. question thank So I David, if you,

the it monotherapy? PD-X understand much. durability partner? think so or a you you're of helpful response to as a KRAS on And with whether view for starting better Thank be I a you're will combination if MEK a develop to if investors very optimistic

Dave Reese

survival. indicated the why very Yes. duration think That the trial of and that Thank critical of -- one going follow-up to and robustly us progression-free definitive I I I we response response question. wish of the to the have think there. address -- mean, and is you, Umer, I that's will both for duration II to questions is enough Phase answer give

to In little think of terms a it's combinations, too the perhaps I pick early favorites.

of typical at looking programs. which for a are We combinations, is number oncology

this an course are those on based as biologic over be that data And of the in underlying of combinations indicated, All program in year. generating rationale. I we'll

Operator

Schmidt Guggenheim. open. from is Michael, question of Michael a with line have your the line we next And

Michael Schmidt

and evening to within and Good a Amgen. on wondering, I'm mature we guys. question. I then which see really the for just longer-term as market relative biosimilar we of my how And think manufacturing Hi, the biosimilar see to markets, your taking thanks should and development the what a question for business, as potentially brand? potential had been high-level is long-term has price more sort launch biosimilar well erosion you. about I area? we view the costs product guess, in on floor these the Thank relative going

Murdo Gordon

biosimilars how scale to in experience in efficient mentioned of earlier to response one thing at Michael. Amgen was Thanks, knowing very question way. biologics the in The Yes. the I make a

really have profitable than to I faster retain I And compete our business in on and argue a degradation for effectively margins been with able that it very where has the price this will been we multiple to the competitors, So U.S., would be we've there. by probably business. Europe, experience been think in good able going we've volume even

erosion. some more what rate a from in the have to here back on speculating to biosimilar hold. don't I'm going price launch a is obviously, future the analogs likely We, early precipitous of to that phase be things understand the more you change, of the U.S. so path, clear are compressed there will in have lot of But the there the competitors hold

the would were both with in to functioning that also early U.S. establish I KANJINTI strong a the and and free as fortunate but hope it U.S. MVASI markets think said and foothold is would. we earlier, market do that I'll well and you able biosimilar We're repeat it, very market. the I in in alive the

Operator

And with line your the is Gould Barclays. our Carter next from question open. line Carter, of is

Carter Gould

just questions bigger fitting of around, question to to business and picture return in. Thanks you how as of that I picture we you guess, historically? commercialization kind think models, footprint impact different I of bigger normal, when it's around strategy, guess, question and, up of location, really just on to have COVID. a picture me lasting would maybe, you. set for sort shift guys manufacturing Thank guess, bigger I sort the look infrastructure a When well a either your model, is as it

Bob Bradway

It's experience we'll still be to Carter, awfully settled one fluid a Yes. That's attention once really bit. predict get I to interesting a trying question, down think a have and business at lot be little that industry how will things settled a of again, happy our with we'd topic the COVID-XX to length, that the engage affect when you model. our But has little dust bit. greater on or of

predominantly fundamentally the peers our the benefit have -- the there us, who in some manufacture we so U.S. of that citizens the the supply us all even for of manufacturing our majority industry people nearly for in in is are But the and U.S. unlike in obviously work is vast done our chain U.S. great shape. We,

this. we that make come biotech the strong will of I and possible be to industry our face to improve bit we there and we're little we'll across as viral position think planning out a a the isn't and economy. in lot be a a sure society I to be trying I But this when challenge to relevant our this less learning continuity including of last some from thinking going do think questions all as think that economy, chain business that peers. for supply us events That like the But of interruptions whole avoid

right forward got you've to time. So the we talking, look

Operator

open. Citi. your next from we have line Mohit, the a question of And with line Mohit Bansal is

Mohit Bansal

fully question What is on we from this year? this Seems taking the enrolled level IL-X Thank to Great. point. any around Thanks excitement have for this your expect see data program? this I your my question, quick a and of you program like program. congrats all you. have regarding Should two trial later at progress. mutant

Dave Reese

here. going data mutant, enrolling year expect Dave year. AMG in next the over trials IL-X the forward course we're remain interested and Mohit. Yes, perhaps we early of keenly Thanks we'd XXX or

agents to we'll interested that to trials program data temporarily because new pause those the course reluctance But we move provide we're immunomodulatory of when the quite Some remain epidemic. guidance start to and as did the on of as readout going investigators we of of we forward. in get patients in

Operator

from have open. RBC And line a the your next with MacKay question Capital is we Kennen line Markets. of Kennen,

Kennen MacKay

include Hi. that are focused to chemistry so really taking referred Thanks where to Bob. question most wondering Bob taking for and the where Actually in M&A there? you of was opportunity golden your age what is for I'd perspective Reese and interesting biotechnology? or get I on you Maybe hear have the eloquently I Dave to Peter had Thanks so perspective. love place now And hoped most seeing just for you're where to Dr. some the of really as and much. biology the question.

Bob Bradway

about talked the call, I Dave, a already don't at little I Well, this. a have on we let why crack since business bit M&A development you take

most what your to moment? R&D the areas, are colleagues and you at So, mechanisms what intriguing

Dave Reese

and age you of two or a published think new great read all very call article a perspectives. ago. would proximity golden it of to There an it Research, we two platforms. I'd I nature And in I what has a is our are about from induced Yes, approach platform. week she encourage Head

will of space, This of that much that to is of said I think therapeutic a sort then us great technologies there's that as of activity And development continue can forward. be remains the up to interest a going business new of suite areas across so focus we've interest and think of we to ferment the us. open before, great undependable a

Operator

from the of with line line Salim, have open. Syed And Mizuho. your is question Salim next we a

Salim Syed

question much you maybe Bob one. level Great. high just that just so a guys. Thanks for for one

there Washington obviously of in the been pretty view? at this well rhetoric the Washington, Thank drug in you. view? rhetoric is coming can wondering years in rhetoric COVID-XX biotech And pharma, post-COVID your in your has given negative over discussions especially as carry that of terms in all that pricing And around your with out last few I'm folks positive anything etcetera. changed sustainably on Given the and with has

Bob Bradway

science that us recognizes find everybody that think ourselves in I globally. Well of need this we're to we going challenge and lead innovation out to

of and right for time. perhaps it world humility importance is how the at right -- all little camps innovation in the available a to the about of bit have hard So innovation

news a and that together at good in everybody working a I've never career. scale innovators, that government, my is speed the academia So the are seen

this one So I a this biggest back particular We've back through to in in able that to be we needed. a delivered the ecosystem we'll say country. hopefully think when we and on day of our look and able and it good that's look we'd came got challenge works. faced And say lifetimes be sign hopefully, and special what the industry

the And go not respect for how There able can question the be of society. better. away all innovation we still of as is. areas going is are remind a inevitably more And hopefully generated some of But need if I important that that but the innovation we address there'll again, to we're everybody haven't to we the profoundly drug it do will do pricing to unmet it need. medical help think lots

Arvind Sood

comments. a last ask let's some there's I'll question one. to quick make if And one take After concluding which Bob

Operator

well. Very

of question the Birchenough final Our is Fargo your Jim is Securities. Wells open. Jim line from with line

Nick Abbott

in. Good us Thanks for afternoon. for It's squeezing very Jim. Nick much all on

mentioned there organ in had an the is Otezla, patients ongoing to you role leave just due You COVID. dysfunction setting? Otezla have of elaborate hospital comments acute opportunity Or in perhaps your about on inflammation? this is And prepared for in they after Can who earlier that? the maybe

Dave Reese

patients actually ICU James, of variety as this it's serious not are prevent Dave. well we example be serious to studying to thanks settings more Yes in will those there -- in think the but utility in disease ranging to with Well more Otezla attempt as that from disease. progression is yet a those hospitalized for

real or principle to have answers. guiding studies discussions provide is have active in highest to rigorous we're we trials. we one want these again committed here that the so to And The quality platform be

Bob Bradway

Okay.

joining it's quarter the for Coast. on solid Let on X:XX the you pushing our that one. take call. hope I me the what appreciation from up just a Again we is let that, away call you wrap recognizing East me reiterate delivered

through corporate this an as we're objective of by will at Amgen. our period focused want to long-term term. well areas challenging be on innovation business. through growth and with We feel be We the delivering remain steward that executing the effective in a leading short familiar will remain Well business you're citizen advancing those the to we

the So up you with forward call. thank safe. you Keep Look quarterly to on catching all. next

Arvind Sood

Thanks for time. everybody. Myself around be some IR team and the will

So feel out again. reach Thanks to us. to free

Operator

Amgen's for does Results the for gentlemen, we XXXX Financial Conference you First greatly conclude and thank Quarter us Call. call. This Ladies joining

now may You disconnect.

Amgen (AMGN) 1 May 202020 Q1 Earnings call transcript