AMGN - Earnings call transcript Q2 2020

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Operator

My name is Erika. And I will be your conference facilitator today for Amgen's Second 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 speakers' 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. now Relations. introduce would President Sood, I Investor of Instructions] like Arvind to Vice [Operator Mr.

may you Sood, begin.

Arvind Sood

to different Erika. welcome because call. going to you, we our a Thank Good changes. QX This afternoon are making call earnings our previous than everybody some and feel calls, bit is

also response XX of our the we many are limit to feedback limit of minutes. are you call As a hour. to comments long, matter that comments too around to prepared We'll fact, in the one of from are prepared duration going to

back doesn't disclosure. that mean Now that we are scaling on

question, You'll prepared given to make notice, our explanations slides prepared has that question. opportunity one an sure still match for will up enriched -- in are that asking think We request to time to but this not going approach The everyone to has our stick provide press release that will comments. free comments, included we to were our But ask the previously our a up gravity. been Q&A. you only have posted, been to to

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

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

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

Bob Bradway

Arvind for you, joining today's and everyone Thank thank you Okay. call.

we our to every of are in midst reflect to that project in As these In growth half, and we which the look our by and back felt to as other We results, really volume innovative Prolia, our I'm driven medicines we're the how the people, at strong the and supply Aimovig in growth, continuing operating of will growth and deep months navigating and our like health remain remains well that very success time X% systems of the results they every challenge the the as the the revenues Evenity marketed in second Even more US second they of forward with of confident still Murdo our downturn. biosimilars. long-term Repatha, when strength patient, Otezla, the also especially aware in the and need. context, year we and about what includes significant commercially expanding medicines portfolio resilience first potential of XX% the economic later six very of a public through that situation, depths a parts pandemic, dynamic have we're of week-by-week about world. delivered. say and quarter

in excited the needs future. the As we potential about to patients more we're of us patients, of serve the to ways find enable the meet current in new to medicines our many pipeline

patients asthma in world, capital In me also to to the in the appreciation support our for our with position restarted us strong many curtailed in Dave year second Peter into look I continue second. is omecamtiv enables about stage and With our first expect staff to a Murdo. now, to discuss for parts strength the at profound a of to over as Amgen Encouragingly, half the externally our now, the the of long-term that financial in severe expenses health will including to heart a just COVID-XX, our that patients readouts due were earlier their internally call. the growth together. serve want I heading and our we're care lung an shown expect trying We cancer, in that potential say questions of increased while the activities business to XXX health want our the hold also We're control failure. the cell flexibility the operating competitive of But Otezla and of the of first in to support moment half of tezepelumab course they COVID-XX clinical invest all tight moment, systems sotorasib us in of we for for the non-small to exploring and mission. later beginning we've trials to moment. of provides with our in you'll which right express expenses our returning in in for more quarter mecarbil treatment uncertainty, that on we AMG I take around shareholders. as community half We a your care the partners We're position the answering financial year. demonstrated ongoing hear of put for second strong in environment thank of end more forward to first steadfast in have that it and let turn a the second year. of quarters. also normally

Murdo Gordon

Thank Bob. you,

our expanding challenges We Despite revenues volume. executed in focus diverse the growing our from growing we across COVID-XX, by X%, business continue QX, year-over-year to global on introduced by portfolio, effectively XX% geographically. while with volume

from ex-US grew in nearly Our business sales. with volume by our billion X% XX% volume $X.X US and posting grew business XX%

of during Exiting expected, to physician-patient led varying QX, that our to diagnosis we and degrees of across experienced QX in impact COVID-XX portfolio. QX and we the first interactions saw treatment. through As from delays part interruptions

to such pandemic. of some degrees societies for and certain products. introduced impact on in as those assist had others during of medical Implementation treatment guidelines varying of our During making prescribing professional the decision guidelines quarter, the NCCN

NCCN's chemotherapy. recommendation post solution and fewer patients of it bone to contrast, provides the limit to to example, more over a impacted the the during population patient prioritize quarter greater oral primary additional also agents. benefited offices. For was XGEVA saw competing visits help their patients experienced convenient of patient recent which in-office case by treatments OnPro Neulasta visits cancer to early requires site In transition to In avoid in targeting their care vulnerable as alternatives older, an impact we administration, doctors' visits to as Prolia and Nplate, addresses quarter. negative

learned states, recovery some the patients and ways many during local to half reduce the COVID infections second and as quarter. saw physicians countries more conditions we of about of in the improved risk As and

just spend at discussing patients mobile provide to Prolia, me a the In issues programs administered for injections as pharmacies. during health, identifying prescription nurse we've Let we minutes pandemic. implemented such retail steps continuity sites with care, address taken care of fills bone to of alternate and and specialty few

fracture balance keeping see with building bone and growth close its dosing X-month continue on XXXX Repatha opportunity this part further in for a of Prolia's improvements XXXX. we're total access disruptions With complementary because into in experienced new the prescriptions grew Evenity, quarter. improvements. post the COVID-XX, We Given April risk, saw later in unique and high in to Within due cardiovascular, we in a that quarter-over-quarter, as to prescriptions schedule, product of profile and usage affordability the eye patients. reduction

the prescription While to negatively disappointed third which national growth Repatha, in in growth of quarter. CVS's we're we're July Repatha new with remove impact Xst, its from pleased by patient will the total decision formulary as

Repatha. very medical the However, with of segment confident And change, covered. have risk grow cardiovascular we ability even remain class significant in formulary patients, the high this given lives we in in our PCSKX treating to need unmet to leading XX% with continue coverage

exceptional with Enbrel to has integration. for decline in prior quarters. pace ahead be of in market results, administration invest, original Otezla market in quarter, slowed volume Otezla the maintained quarter. through overall in volume growth a the remained despite and for than new market lack Otezla a unit Enbrel a its Moving cornerstone COVID-XX. NBRx growth decline volume our in to overall expectations therapeutic intellectual we grew NBRx a this of due to share, we anticipate lab given property. the greater especially strong prescriptions portfolio, leading of continue to Consistent performance reaffirmation due psoriasis in Enbrel's XXXX. behind Enbrel, inflammation monitoring. of tracking part to inflammation RA for TRx patients net and the the With part is a price due to oral past to of proved convenient Otezla trends brand causing area and which to required our option is in continue

also infliximab. our and launched We portfolio across to of recently continue Otezla, to inflammation Avsola, promotional synergies our find biosimilar Enbrel, Amgevita

Moving to sales in in $XXX they products, QX. million generated our biosimilar

products As products by same as branded the our efficient teams promoted an for commercial a making are reminder, these model.

As we biosimilars medical Amgen's measures the of quality, value they and cost recognize proposition QX, talk late their supply social with led provide. also they QX and to given In high distancing. reliable customers, increasingly savings distancing early

a see pattern second of we different half Looking XXXX. the in ahead,

person appointments. medical While social distancing encouraging with continue a to we infection, touch to telemedicine see to care, of in providers risk by COVID minimize stay to their seek critical in and payers through behavior either or and doctors patients the remains

infections, While US customers cases, other an months in to certain increase our as parts with ago. in prepared four of have spikes better indicates they the are that countries conversation compared to and observed handle COVID-XX

We of work ensuring remain vigilant We disruptions virus Amgen through watch continue focused patient continuity am the hard occur. of of to care employees the challenging as the could be additional appreciative drive these in spread for our continue half that, over to very times. of and I on investments product And Dave potential for marketed growth care our expansion with patients, products, I'll of including Reese. of it geographic turn new XXXX prepare on and launches. the to executing second

Dave Reese

of paused look update clinical forward COVID-XX. and resumed I'll trial clinical Thanks important has data to on the as that we half have sets due Murdo. enrollment begin to Good to studies second most Enrollment recent an we of everyone. execution, we in in with rebounded afternoon studies our in XXXX. weeks the our

approaches additional clinical research work the forward, half the enrollment year our studies Going levels. labs make increases second we our as pre-COVID in to and expect in of investments in

strategies COVID-XX. uncertainties created any place in mitigate outbreaks potential the clinical putting research by regional of also are We to in

we our the mecarbil and these and to track from sotorasib, Importantly, trials in expect later studies quality for sets remain continue data pivotal year. tezepelumab on omecamtiv high

Phase We new the initiated lung including sotorasib also cancer sotorasib cohorts. study Phase have several III combination and I trials

progress extended for with be XXX program will at meetings membrane or Initial at we targeting prostate sharing the the the ESMO and our half data AMG PSMA Meeting previously BiTE September. AMG AMG presented DLLX targeting specific communicated XXX of antigen second programs from half-life as targeting Finally, in to in BCMA, continue XXX XXXX. anticipate initial virtual data make

cell in Phase AstraZeneca, the new our non-small in data our no biomarker data RNA asthma Lp(a) signals We safety I and In lung II inflammation, based patients were has on reviewing Phase a on studies ESMO made AMG II Phase cancer will Phase sotorasib or decision the be XXX, RNA an has decision dermatitis at with initial including pipeline, interfering now In our cohort of elevated data. mid-stage and as short atopic with observed presenting I tezepelumab trial well. update strategic encouraging No on we COPD. after development. in to top-line entered discontinue the XX-week impact ongoing this SI

COVID-XX. about me Let conclude against a saying words our by few efforts

binding of potential We any treatment I'll here our these In against on an other our be pursuit be first Otezla pursuit focusing the the trials targets further multiple the or goal immunomodulatory first-generation session. orthogonal antibody of patients being Q&A antibodies the platform hospitalized discuss in are announced taking the coming the in domain, develop are in infection as to antibodies, complementary than therapies. the efforts to other receptor development an to the and topics investigating with RBD, therapeutic by days. happy a studies SARS-CoV-X should we -- of viral these approach in

off our patients during to and continuing thank I'd deliver time. hand important for to I Peter? difficult like Before for a of Peter, all staff to

Peter Griffith

you, safe. Dave. I is Thank and everyone Good hope healthy afternoon.

Let's business. turn the to

our by the growth in execution the our potential of in solid confidence second exemplified business This remains is Our quarter. strong.

press will results in You our detailed find QX the release.

during I quarter. non-GAAP Let quarter, delivered me comments X% in how year-over-year second on summary basis, view a growth X% revenue provide the On a growth some and challenging we environment. the EPS

were Otezla, of we to particularly increases trial pleased by with slowing biosimilars, recognizing slowdowns growth, invest second related in are while expenses as continue drive These increased and clinical expense volume year-over-year a including We growth slowdowns. driven Operating quarter, the Evenity unit pronounced largely to revenue X% in COVID-XX Repatha. activity.

Overall, the we exited as initiating half activity we However, investment year. quarter to clinical of with most trials enrolling increase patients. in an sites the second the of expect acceleration were and second

billion free This further issuance and $X.X strong at billion cash quarter a strengthened $X and position sheet have with in of our rates. was second We position. the cash flow debt attractive of balance

collaboration $XXX uninterrupted. Our capital million and ongoing cornerstone to cash investment remains of principles and return unchanged our growing additional reflecting capital continue shareholders allocation them. of repurchases. in in long-term this month, confidence we internal we both in opportunistic through growth. our BeiGene free share both confidence with Investment external generating plans the an Further in dividends and underscoring our and Earlier remain announced to our innovation flow,

going earnings other to of $XX.X see in reaffirming thoughts in now the the a on of from me significant we COVID-XX some more experienced and quarter. our specific share of our States our the and both the United duration the the second this certain countries revenue recovery. Let COVID-XX impact fluctuation create billion. in of on but Despite began infections over early negative quarterly This of billion of uncertainty, the cause timing are revenues and sales could forward. our magnitude to the pandemic. in $XX.X resurgence a half uncertainty, outlook second guidance parts general recent recovery the in quarter We The

earnings per $XX.XX, for our to this guidance underlying to our $XX.XX of to our versus We $XX.XX are confidence to reflects business $XX.XX deliver patients. share guidance updating non-GAAP continuing in prior

We as reflects, For expenses including about that percent expect total to increase late-stage primarily historical operating breakdown of the as spend expense with follows. the continue the income increase high range as year, accelerate. to to of we is and a continues. of non-GAAP sales as well pipeline of billion. in and expect recovery Cost preparations trial a business. increase half the anticipate year the due our as R&D, full non-GAAP with SG&A in net and activity first, to half reemphasize, $X.X sales expenses spend product investments grow year, secondly, investments second second lab other geographic a to in would pipeline Otezla, of year-over-year single-digit be percentage and meaningfully projected the to This in launch plan XXXX. to our we I our launch expense preparation consistent generally clinical innovative the In for be typical operating expansion pattern our as the we to increase and for pipeline. in

repurchases an And to Q&A. to the turn colleagues update. like it expect would all my Bob patients. at lower amount This of to continue previously their to share concludes the for to $X to our thank billion to get difference range billion. of the at I back to I'll We disclosed the commitment of too $X around Amgen world our financial end

Bob Bradway

of the for can Erica, questions? Okay. asking you remind their our callers procedures

Operator

is from Evan [Operator with Seigerman Instructions] question Suisse. And your Credit first

Evan Seigerman

format Hi And the guys. you so call. of Thank much for taking the questions. I appreciate the new

tezepelumab asthma year? So, signal I'm the you through looking Phase at this Phase trial? curious there any III data, expected II Atopic -- is more importantly, trial see any I'm later to Dermatitis And read this did the on in

Dave Reese

This Evan. is take Thanks. question. I'll that Dave.

biomarker got on just activity While data we analysis, there disease additional do. was some of line measures, of evidence including now. have right We've some top analysis number a to

patients the the asthma asthma and that read track in and into We're high across those out have Phase this Importantly, large view activity drug the data insights our the all of with range mentioned I both and of eosinophil for read asthma disease. are of and of the best at asthma. on study on doesn't low as point change really I eosinophil forms much of II the fact conducted the in really don't we there's previously through to think we that

Evan Seigerman

great. Okay, Thank you.

Operator

Your from Yaron with Cowen. next Werber question is

Yaron Werber

the have question of Great, on and taking a really sort lot my MVASI you are -- share, continuing quick with you're thanks and again biosimilars a of I capture for XX's question. maybe already KANJINTI. to in a

some you continuing destocking expect in. to some coming it sounds now are You've competition like obviously had and

of, competition a where inventories sense, given how can, would sitting kind you with So contributor? a that how impactful be, of if and meaningful you share to will how want you. be know, quickly much are really or competition think us I capturing and give a you Thank Avsola you're

Murdo Gordon

Yes. Thanks, Yaron, it's Murdo.

for lot specifically and time think quite in the of they the period and the has by are frankly highlighted, pleased more healthcare biosimilar with where you are the which system. value of that in I We KANJINTI, can performance looking disrupted two a been very extract providers portfolio places COVID, MVASI of the

pleased So the with been we've uptake.

the mid slowing As and XX's see MVASI, high don't you now XX's those trends right mentioned, we're given competition. with with we in KANJINTI

there that's So no And, comment inventories, been build the first make. the overall over there weeks. few has I would real last

continue into see entering. may more I to competitive we would dynamics but effects entrants market, competitors in challenged So say, we're you on normal of say levels see on as market. share inventory some to multiple your I come the the point net biosimilars overall, price less would

Bob Bradway

Avsola, do other on questions you asked? of which touch Yaron Murdo, the want was one to

Murdo Gordon

we're have Thanks is days, metrics for It at inflammation biosimilars We a don't provide addition Yes, tezepelumab. so well of any we're, our with Enbrel, the to nice our I early the launched Avsola pleased. Avsola soon, other performance Bob. biosimilar Otezla, and with strong It's beginning hopefully infliximab. prompt, just portfolio as July, to as some recently really to you.

So, really strengthening our portfolio overall.

are this We on little one. late a

So, thing market our our just providers existing do a to we where versus we're we and field but in the in doing we like did how strong innovative relationships force biosimilars, to inflammation. oncology, the commercialize see team with existing we're with there have who going use we competitors, same the have

Peter Griffith

Erika, let's the please. next take question,

Operator

Yes.

with Your Olson question next Jay Oppenheimer. is from

Jay Olson

would home and you impressive the that consider administration Amgen pandemic of navigate for congratulations the permanent if thanks taking other strategy an comments providing a so, more quarter question and besides Is made Prolia? to is Prolia. Hi, also about or of infusion you you time. regarding curious difficult mobile during for arrangement drugs something on my it I'm consider temporary a

Murdo Gordon

I'm and around the quickly were Prolia for. use very for US. a in actually in one the thankful That of question, Prolia Italian Prolia just team story delivery able patients. that we the the markets Jay. hospital Yes, an Prolia for as mobilized world, home many I is is can actually products to if wasn't do really administered Thanks example,

or potentially continue that we input with we possibility with care create up we for mobile and I were ensure you worked that platform and to Prolia kit. long to, actually And this waiting opening and patients to patients. the securing be they home FDA of are in for we appropriately is COVID would as access even infusion practices. had Prolia we would rooms of developed Italy. self-administration, If open is safe say still nurse this majority way, actually this physician even by the CMS case also safe self-administration up as in-office and recall spike, with the say COVID the of alternate that Northern the Prolia successful -- closely are evolved you still from to relatively a adapting the environment administrations vast with have In to alluded helping sites we in FDA, and have in physicians care and I opened were US, injection

have time And, However, difficult, care, There but with patients. up be product spikes other we to with to B make continue additional patients a available to opened being feel possibility about definitely Prolia we will we long-term experience, know a that little should that patient Prolia are and on there in additional more mechanisms make persist. the helping we innovations to of during Part in think, that continuity that of have lot of reimbursement some more COVID COVID could to how that good a I this, care. or as believe see we channels disruption

Jay Olson

Thank you.

Operator

Your question Terence is with Flynn from Sachs. next Goldman

Terence Flynn

made question. the same solid the get level taking BiTE the was about Dave from for sense indications? of wanted indications of XXX but think And what your platform at your Phase the platform, you into I lately. the view of as thanks about great, activity, in you're study solid going in some just terms here, us ESMO. comments see And the just that the is I you. wondering, advance curious Just heme confidence how Hi, know tumor hoping to can tumor to you've of kind a Thank II. design remind just in you maybe on be the that's before Phase to then kind you. you to versus of

Dave Reese

thanks the question. Yes, for

programs to cell presenting going two solid DLLX targeting As and ESMO, I mentioned, lung IL-X the the in We've dose program data. along in we're small moving of in those tumors, at the XXX be are of cancer. BiTE Both escalation. got

see to we hints the would a as those get move and the in studies XXX still from It's dose ranging. half-life we're initial you'll looking forward So through ESMO. you're look platform, escalation say data dose forward. I still pushing to at of escalation. interesting BiTE seeing I activity, we're going we early think we're and confident days But at extended dose remain those

Operator

is question Meacham of next Your Geoff Bank with America. from

Geoff Meacham

as your the Hey prepared thanks pricing drug the on so the about form to orders. current in guys, what Bob, want thoughts much expect I question. exposure Thank I and its the it Amgen relative do get question in remarks taking you the implementation for be and would to portfolio? hear would you didn't imagine greatest where other you. executive written, the and is,

Bob Bradway

as pharmacy at in to that. sitting for do less door the understand the cost of for needs on, the less. the way a orders innovations we're nation particular anyway, one bring and the And forward try as I we language rebates to is making still. its that one executive looking have our to needs to seniors opens mechanism and nation say view is not executive more you pleased behind focused actual the And the early rebate Jeff, to just the these days down we're know, it's stuck order it way we on very orders to pharmacy. addresses shelves, the would think patients We're innovation, rule seeing that and executive out-pocket

US most the there's of is available favored that as I'm on Obviously, constructive. nation the feels that is, executive access cancer language think we far that us the medicines States order. And all and the lot all United of aware of on medicines which that our think But Jeff, industry, for reference. for there are us for innovative excited have or of it's problematic. not world, picture in in like kinds So problems virtually available parts of like ours this very and as you idea where of the citizens to, socialized about well, a we're like from good parts for the those the medicine news is in that focus ask and and IPI -- including to so citizens world innovators obviously prices other about as innovative a are our and all the different other seniors countries importing access that might that order yet I other

we to are there and address will with that ways but -- better in issue think that watch concern, approach. we the then So

So, will stay passes. be sure I'm on there tuned. more it this information time at

Geoff Meacham

you. thank Okay,

Operator

Raymond Your question Sandler. Piper with is from Chris next

Chris Raymond

you. Thank

receptivity oral indicate some and just of Aimovig, recently our we've a of in particular. about the maybe in CGRP's there are pretty talk setting maybe those the to level regard sort once of of of in longevity labeled. of options Sub-Q sort Maybe, Murdo, checks is with CGRPs to decent done Just Aimovig your general view prevention

is in oral when Thanks. option that an You've been there setting. available

Murdo Gordon

to have Yes, migraine the the just the here. need unmet on question, we overall, reflect huge for Chris. with Thanks

looks we're not that is the unmet they're treatment the given current definitely so significant a the clinical helping penetrating very pleased indications and further add-on relief if that patients actually terms penetrating perception their and what older the best of the far not of prevention patients barely patient But based dosing great for the to just there in the from to think to data amount a convenient I a given of we side I on need of are support on neurologists. the their that's and so lives. labeling insured room Aimovig. the across evolution It Aimovig with experience possibly can do more for a that in had we're of we've migraine will Aimovig's on from agents one we're used look patients where, medications what as, have CGRP there incident be Aimovig and oral we've of with far, benefit we well. We therapy, see and think like impact is like strong really, patient usage seeing got now that think as a pleased roughly even injection, provide interesting lot more overall, programming the million options month with titrate is What best coverage U.S. the benefit patients' help with really in and X up the population strengthen once

think entrants growth, of I -- additional lot a to market. So realized. with be lot of in Even the a yet

Chris Raymond

much. Thank you very

Dave Reese

administration and very the the when you get Yes Chris, chronic years small we'll we're this is Dave. with safety with profile extending some in happy I patients would just add that to now long-term Aimovig. obviously be X long-term safety looking at with molecules,

Operator

next Ronny is question from Gal with Your Bernstein.

Ronny Gal

is Good David. morning. for Question

this in bar is there clarify clarifying, in wondering I you could Asthma, haven't anaphylaxis always Phase of and you mentioned case did population. if kind a data if the is don't instead And to of the for is just in you're the II see mind and stroke find Julian antibodies, strategy? proteins, is coming an additional strategy, that the to complementary are the repeating in this the antibody addition previous having or and Dermatitis antibody strategy was that then, trial. Atopic you in safety side mentioned Atopic if First, which I in we Dermatitis, a in tezepelumab was you the spike you concern of guess, to are look in that the strategy seeing themselves this neutralizing specificity on signal high

Dave Reese

Ronny. thanks, Yes,

trial. standard has III to completion [ph] Phase data monitoring happen safety periodically as will the to that and course proceed coming an we of there committee all Phase regard The few in teze independent always were evaluate should would trial, expect signals and planned II have at in a months. Atopic over safety the trial fully that that no Dermatitis I they as indicated concerning the data, say, So, the

have antibody the In terms the the at therapeutic RBD, strategy, the of protein. Binding field, we our as Domain evolution gone Receptor the of of aware rapid the that we, as sure into clinic, spike you're of I'm have COVID-XX antibodies, looked most target

those Our appear that that to good. an another generation. them here first by is could cocktail added quite to developing that from be that epitope And therapeutic technical value of non-overlapping some a our armamentarium potentially could of potentially the we is assessment belief antibody be to or add targeting and an antibodies antibody

So as that were the I that is the we we the to watch we that, open are and of from on evolution now focusing the say, would field. start strategy;

Ronny Gal

Care with you are with? whose to us antibody share impressed particularly you

Dave Reese

I'm that not going to assess I'll leave that. one, you comment to on

Arvind Sood

Erika, next let's question. take the

Operator

Your from Stanley. is next Harrison with Morgan Matthew question

Matthew Harrison

was to those and seems good excitement influence program. It a other that companies bit about indication. you talk you mutein Thanks you which RA. are Great, for you lack data in your little the the profile got are RA, thereof move around in to indications and ahead taking those a I any question. or IL-X some like indications can made may But studying, GI decision other just afternoon. about Thanks. Dave, not other hoping from ask there the obviously

Dave Reese

the question. for Yes, Thanks Matt.

the cells T occurs some You in-system know, start in that based elected certain from high again in of we enhance to remain autoimmune of not dysregulation on the diseases. indication. therapies the is remind existing to data a this the the giving number and bar interested regulatory arthritis rheumatoid forward emerging restore which quite designed in in to function go that and it's molecule, that knew of everyone, We

diseases, of variety I move that a like forward ongoing continuing interest, this as think, lupus, will with we towards of you. medical additional unmet diseases autoimmune and we is program we're remains where are other got to in of need. push share there there And trials, significant that studies where we've course,

Operator

is Yee next Michael Jefferies. Your question with from

Michael Yee

you could or from it. on big of outcome for maybe of there, the readout question. David Hey just how mechanism data maybe a Allergan talk III that for prior context magnitude you bit mecarbil, a what high what clinical a that, things benefit, study, given and one science, the about unique you little handicap omecamtiv appreciate has for thanks for like Phase confidence CV just and specifically us bar Question and and a you meaningful degree into put have two course of

Dave Reese

Yes. Thanks, Mike.

first there failure. one mentioned, It's the contractility novel -- of affects It's advanced of heart the and that's you As course in dysfunctions directly mechanism action. a is drug of myocardial that primary cells

So, things that about obviously of the like one the priority, that's we our molecule.

that sort It's would I up. another we're a trial that of and the and there But internal III powered is follow be biomarkers Phase was I you when internal out that consistency Phase eye point X,XXX to that mid-stage now the patients. sufficient doing confidence. measures caught as the physiologic heart as what II there used In addition, the looked physiologic various data, see thing consistency well are in programs various well that you was fact our think across measures, our failure gives experiment, will in over outcome definitive

end so, to the advanced think mecarbil year. is going the in the know And I utility the of to answer failure by heart omecamtiv of we're

Operator

question is Robyn with Karnauskas Your SunTrust. from next

Robyn Karnauskas

Hi, love format. thanks new for taking question and the my

And to the drug? Thank office you're us more so environment, M&A or new I what doctor's the in climate? reimbursement, guess And half more ease you. What of back seeing the the ones. your about are of the for that year. but trends given Are economic spending you as development. given your the question, give two in And as on a thought and or far quick exchanges free appetite business second update having

Murdo Gordon

Robyn, have the seen of we question. have need Okay. medications. first your we J second over for the start are your programs for I'll actually your less do the those part that their Evenity particularly pleased it permanent the of patients in really given we're and with reimbursement and turn Bob part quarter, a programs, to provide. code, latter -- significant fairly second with I expansion with for Aimovig generous in question part start pretty we currently. Repatha, of accessing We Overall, with don't what But if seeing why in coverage

patients be spousal many that maybe off could or patients the a off may the displaced Now benefit. up are own who Also, COBRA as end become benefits patients as or some going their securing term currently to longer could of end laid lapsing. could in who furloughed up change of

say, people mechanisms. economy. coverage. to obviously can far multiple care patients is But significant different there in continuity hopeful be also that so how so overall, their their and layers despite losing insurance of I able might We're seek So some health through good, would provided be are of who coverage, optimistic bridge so even disruption maybe stimulus that additional our would

Bob Bradway

in on this, I And development, any focus. areas Robyn, on in wouldn't our consistently pretty We're for of calls. licensing the addressed we've prior opportunities approach, or think acquisition to I looking business our changes point

will So, continue.

the the I at moment. think landscape particular, scouring in licensee

So opportunities posted develop. you keep as

Arvind Sood

can take the our question. reminder to participants, you let's a one next And ahead. question. please just Erika, go yourself if to Erika, limit

Operator

SVP Your next Geoffrey is with Leerink. from question Porges

Geoffrey Porges

the trying Thank very much question circumstances. the and you. you taking continued in business for congratulations Thank on

significance Just you a us to was it are more so sort that few do sense statistical think given then of significant, for aiming ratio what quite right in the you that to hazard clinically advancing very you products hazard sort ratio other so follow up what well on the benefit other setting of, achieve perhaps a of could now? omecamtiv, is of on are and importantly powered question give study,

Dave Reese

and endpoint we consider study the Geoff, The improvement detect has is what that would outcome. detect sorts differences. powered trials as order say standard failure the meaningful cardiovascular What these or of look and events for is considered question. would things sorts of to typically and of thanks is XX% those so a clinically the cardiologist on those study of to designed the been a meaningful sorts for is composite primary I the in measures difference clinically on for heart will that death

Geoffrey Porges

Great, thank you.

Operator

is with Raffat question ISI. from next Evercore Umer Your

Umer Raffat

I the whether early Thank emerging BID? B, your possible your for second. And of durability A, us higher so And into expectations much BID heading AUC catch on any you focus you're up with gauge at if to there your questions. if how a you. on thanks differentiation on for taking on just response, KRAS Hi, evidence Street data. wanted dosing. maybe my you efficacy would the seeing prepare could is

Bob Bradway

Thanks, Umer.

we as In on mentioned, I terms Phase with by of the X at to difference year, everything in have in we expect of sort the examine going is time whether going any look reiterate an enough that in first on duration BID part until in to remain lung year both of examine. have we be we're I I still forward datasets, roughly would in or and the dosing. we then with primary get would thoroughly to next certainly in comfortable data at now. the of terms would we between those right In update have cancer. chosen there BID that seen, go we've KRAS we've to data monotherapy continue dose I ESMO that to duration. efficacy early safety response, focus later or it's X and That is monotherapy based of seen weeks some will dosing, inhibition our

Umer Raffat

Thank you.

Operator

Fitzgerald. question next Alethia Your Cantor Young is from with

Alethia Young

quarter. during taking guys, thanks the my on progress congrats question Hey and the for

the about failure with was that a initial one hoping X know Thanks. I based there on Murdo with omecamtiv, little maybe heart injection of roughly drill a is million an about population people us study I help reduced and down kind bit think Another but you fraction, designed. how is could on maybe

Murdo Gordon

and I Alethia. Thanks, it. touched already say would this Dave's Yes. on

this failure trials, than recent is population focus is really of the a Given the sicker our in other heart institutional some slightly that setting.

frequent of to on some that investments cardiovascular functional really made they presence. team We've have amount a failure some focus last hospitalization, you will the need and improvements, improvement this the account hospital over year, the the symptomatic who will, established cardiovascular heart hospital that our have. course year really they expand severe so management who We reduce and patients if flyer, more can need of more,

We the heart system. the exist value also think in failure greatest that's where care can treating in frankly quite health

of we So our that a see trial a hopefully, because have really hands, we in opportunity good still patient. successful type for

Bob Bradway

initiation add in would Alethia, that I the of non-hospitalized includes patients. both And trial and patients hospitalized therapy

of huge of and heart which little a leading sicker re-hospitalization has it's is it mentioned, is that failure always trials causes Murdo the population some the the than of as in of leading read within economic hospitalization other out XX cause almost top handful countries most implications. typically So now, recently or have days,

drug how And have positioned the be these so as going thinking mentioned, about might Murdo really factors informed our forward.

Operator

is question with Kasimov next JPMorgan. Your from Cory

Cory Kasimov

anticipate might Thanks question. curious the that value tailwind product extend guys. a may given for is COVID-XX OnPro and the that Murdo. This for the for afternoon taking providers you beyond good if that may previously. one see Hey, longer-term probably more I'm have of Neulasta

on Just you're this the curious any the able if to during pandemic. from gather front feedback field

Murdo Gordon

have gone care filgrastim some there has Cory. general there's is Thanks, is allows innovation has course patients that the so of to The experienced of tailwind that of the you for of is, less preference and overall site which mean Onpro. driven up, far, One then long-acting drivers I Onpro frequent two in utilization to really their to. share alluded visits

able that usage of remain their COVID hold but patients continue long-acting to in share, that is as site increase NCCN exposure improvement the there, exposure care be in as their minimize filgrastim general, our Onpro the up bit compromised out long quite oncologists hoping we'll I'm should think guidelines. to particularly an exposure, vigilant be care Clearly course patients and people I where and a for infection. with using also they risk, strategies consistent to pick to may of of minimizing to of

about with seeing So we're what and Neulasta Onpro enthusiastic I pretty with think we're overall, specifically.

Cory Kasimov

it. appreciate I Okay.

Operator

Bansal is with question Mohit next from Citigroup. Your

Mohit Bansal

the my progress. taking for thanks one quick Aimovig. on and One on Great, question congrats

get is what be see be even may by reason you end, treated possible? expanding Company CGRP's could not just a how possible do that common make care. and why many to use Thank these One the that To primary it by a Is it do primary-care like you. we to Amgen could the that slow clients physicians agents. get and that for the of of and penetration migraine specialist these doctors feedbacks from patients headache to patients

Murdo Gordon

primary treating actually with that it. to Aimovig experience our have we become care promotion in that physicians is would are care audience. have openness that using their good and migraines, at and primary in do good We And Mohit. Thanks, And say high. there those quite do physician Yes. target I quite specialize

describing March-April what I adjacent think clinics to saw of post-COVID, some and and in patient that's the up to the part these is, I make period headache one would would after you're even point neurologist COVID the care we that of getting in caught on extent definitely with I disruption. some bottlenecking COVID

And neurologists more of I treatment, this different into be a primary of improvements, the lot We're the can good care closely. will care think is of the for seeing so, watch growth as we you a category. and know, conditions specialty that take but expand the stretched we I to continue community-based it better, think care

data. that I your that physicians we what's observation population prescribing that's for in CGRP to the would see align of So actually need expand and our with happening I

Mohit Bansal

you. Thank

Operator

is Gould Carter with from question next Your Barclays.

Carter Gould

sort I a mid-teens, But volume were up could and meaningfully guidance. biosimilars was or mean have through COGS of does I I royalty yet, you on sort that downshift meaningful he I the you. cost Good a you. was in of some story? a Thank broader Peter. this guys. appreciate is COVID-XX Thank in the progression believe non-GAAP strictly afternoon, that was walk up there I full-year COGS up nuance or X%, I'm quarter. hoping to for and question the it of of speak some ability missing other only have goods the is related sort quarter,

Peter Griffith

product overall so and an consistent mix to the Yes, as year. it was with said, XXXX on basis expect Thank cost of first would Carter. we be goods the rather, the in quarter second that the just on you, in for we sold,

Operator

is from question next Mizuho Salim with Securities. Syed Your

Salim Syed

in and the that the for or in sicker I prepared mentioned. sounds I you question, that in David, we COSMIC, pick thing to design, can you had bold if omecamtiv, you so there didn't just bogey suit, that this and thanks the it trial guys throw had would in here on trial working on hopefully my remarks one you the much you're pretty Great, shortening failed XX% David. maybe that reason well. be? want leader up in this to just hit the whether there saw heading it's that -- XX% believe was question what maybe follow the a in as for for industry I'm the thanks others elevation patients reason why proponent slight was know like bogey. if one mentioned being one curious, also trial

Dave Reese

and Yes, by know answer thanks Salim. trial. It's hard that to a Look, a few to a advanced is its months. high fully we to going very done up is mother risk the we've speculate nature, methodologically failure it recognize at molecule good we're on reason. specific this in that, heart point, But nature we in think and

Salim Syed

Okay, all thank you. right,

Operator

is question from Raymond next with Leone Your James. Dane

Dane Leone

the difficult you navigating the Congrats on thank environment. for questions. macro Hi, taking

results So my were just one in the setting on Otezla, the good. moderate I clearly psoriasis to mild, focus question, wanted

differently and and mild now. patients’ two, how do phenotype it read already you going work are building I will how where How up to that you are open then change moderate is, to formularies to formulary actually and is to actually question have status? mechanistically. penetrations used you and get The effort to you one, now unlock from versus being that with going the to going more market guess where up You're the of market just more in tackle setting. is go really the that up in how an specifically you the payers we the how label, drug really to on do open

Murdo Gordon

psoriasis think trial, of an And disease looking their alternative Otezla currently clinical the where today finding way for mild area motivate the better able given a like out moderate to treatments Much in in question, patients topical the results and From there incompatible of oral topical, patients involved to these I nature interactions expansion individuals, Overall really focused may of is for used we it's encouraged very skin but their with seek is current our that our is target the for enthusiasm post we to be would topical to what Dane. we the that strength positioning. a biologic, something the option. treatments. their logical surface feel population we've, an have pre see, really of on these those patients population that we which and by to the patients. we're Thanks prescribers, we've offer been Otezla there, of larger large with tend really think they of the are

Celgene initiate done couldn't is on say actually a The try or at did good that able our end last to of I would we there. promotional other Otezla, year, we do care something We the that. primary effort legacy had colleagues promotional response and were thing a saw not

ability, scale add of the field Otezla force given the have primary the to mix there. care we our So, to

I presence. our think commercial that help grow will

that to to population today, to biologic patient particularly the much we think also very cross we've today in in because moderate, population to be able mentioned we got all ensure to too specifically, to which to of again, are We this respect force because for cost in on too moderate access, approved the but to Otezla will not compared patient of our training benefit have gross not coverage of that net expand Otezla mild Enbrel we an field distant actually future. With erosion. very severe you good maximal options, indication presence hopefully good without

pretty about the COVID nominal portfolio. in integrated Otezla with pleased that's growth into this feeling performed opportunity. overall TRx since we we're feeling pandemic category. our dermatology some It we're ahead So and impact of good performing has expectations our how I'm is on with

So, good. far so so

Peter Griffith

which, Erika, last we have to comments. going some make after concluding four one minutes remaining, question take let's is Bob

Operator

Yes.

from Your is securities. with final Guggenheim question Michael Schmidt

Michael Schmidt

has Hey as to potentially I particular to we combination and development do being see most How other each care a believe obviously that lung combinations store to position guys, development asset see good with afternoon if us squeezing other? evaluated I phase? and me those had example, cancer on follow-up there and agents. the in. For combinations also cancer, advanced various for is you need to thanks into what program, multiple which next advance KEYTRUDA the lung indication in combination guess a secondly, overlap I such from do that and relative

Dave Reese

as datasets forward for sharing think we early as data. now to as and question. most as lines Bob? evaluate know call may and of forces dozen where the we we'll early but this we months, the would too The of it different too guidance potentially there, indicate be indications a their as therapy or give half are the entire move lies, program and in to continues we'll forward, look are We started the in KEYTRUDA along combination program would coming the moves first, for there move to stuff in there quickly. determine of well not combinations or this quite there for cover those range as field thanks it's these promise clinic overlap, partial diseases, we will the Yes, go, early, emerge, course, and that it's think days and I you them

Michael Schmidt

thanks. Great, Appreciate it.

Bob Bradway

in All all operating support to of let right know we're so we you thank as at of top and But a they ourselves me we're wrap in Company. close everyone, can for worldwide simply hour here the our our going the this ongoing strong interest up I that unprecedented that we're just your time, promised. well mission particularly our are grateful we as times but here, are we challenging even the in. like operating engaged and as in feel in position, staff find Company

for answer you the We support we you quarter. call. to if you the to thank again your will following So, third with look forward ongoing and after your questions be available have any connecting

Murdo Gordon

Thank everybody. you,

Operator

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

now may You disconnect.

Amgen (AMGN) 28 Jul 202020 Q2 Earnings call transcript