Amgen (AMGN) 28 Oct 202020 Q3 Earnings call transcript

Company Profile

Participants

Arvind Sood	Vice President of Investor Relations
Robert Bradway	Chairman and Chief Executive Officer
David Reese	Executive Vice President of Research and Development
Murdo Gordon	Executive Vice President of Global Commercial Operations
Peter Griffith	Executive Vice President and Chief Financial Officer
Michael Yee	Jefferies & Company
Matthew Harrison	Morgan Stanley
Yaron Werber	Cowen & Company
Jay Olson	Oppenheimer & Co. Inc.
Terence Flynn	Goldman Sachs Group, Inc.
Evan Seigerman	Credit Suisse
Christopher Raymond	Piper Sandler & Co.
Andrew Berens	SVB Leerink LLC
Ronny Gal	Sanford C. Bernstein & Co., LLC
Colin Bristow	UBS
Mohit Bansal	Citigroup Inc.
Geoffrey Meacham	Bank of America Merrill Lynch
Kennen MacKay	RBC Capital Markets
Umer Raffat	Evercore ISI
Alethia Young	Cantor Fitzgerald & Co.
Cory Kasimov	JPMorgan Chase & Co.
Robyn Karnauskas	Truist Securities, Inc.

Call transcript

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Operator

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

begin. now may you Sood,

Arvind Sood

our Okay. Thank several will I with call of received, so was you have afternoon, one from format April. of The the our our call to we’ll limit and been well Good to welcome a slides members to to to you would everybody. comments call. leadership minimum The very today, of posted. the together QX like you, stick QX team hear keeping our prepared overall duration hour. that

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

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

and CEO, Bradway. that, I Bob like with the would Chairman call turn Bob? So our to over to

Robert Bradway

the of report relative face in uptake in by the proving resilient of well share business, per Putting the strong the of I’ll volume-driven environment and some then growth context. double-digit a once performance growth and addition, revenues. continued few today’s you to moments Thank the in our our base of in biosimilars increased growth, in operating our share We stability of our results enabling quarter growth products, revenues our of which again to can another joining quarter, for revenue XX%. a us quarter, overall in in innovative exceeded Okay. our competition. earnings context, third And expense the this growth and take a driven high-quality you the strong broader revenue ahead increase our was see COVID that is delivered many on of call. thoughts discuss

long-term be We key to for factors expect success. these our three

clearly factor the remains Turning and Amgen performance affecting for to our industry. important for an COVID-XX, pandemic

XX conditions at the XX% the revenues grew their quarter, by when grew by largely of with the of year, the Amgen were the second that by pandemic. recall You’ll In quarter X%. weeks first first performance in revenues unaffected worst,

of the Our and for second time an largely the at with reflects consistent depths pandemic the third the anticipated from performance was in we our quarter of our you in call. quarter remarks encouraging recovery what

As year, to and are in as current see be better monitoring so any if spillover headwind We what this might into expect how for as the healthcare than cases and saw potential a see do anything we business, resurgence quarter, XXXX. know the more to our there systems prepared the were of what closely for the rest to maybe earlier the they earlier are like regards year the and COVID-XX fourth don’t we about in much we in global to treat the impact year.

ruling that importance are antibodies first-in-class speed assumptions into incorporate on into that the One our quarter there planning pandemic, of out back core margin, this advancing rapidly and tried I at optimistic exposed this However, that the fourth it’s innovation innovation, developed the thing our has unprecedented vaccines, molecules our therapeutics the are we’re in biopharma some remain pipeline. we collaboration. that the this next will the will to the and other in is pandemic that is break and and of beginning with and reflected the course industry of from and of being impact strategy with not of Overall, be for year.

treatment potential Phase sotorasib by of our expect with of pleased, for tezepelumab, year-end. first-in-class for Phase and the a see results first-in-class topline course, II asthma severe III data we We to are molecule

We All of and solid expectations the taking a sustainable more understand when to lung are expected molecules ever do and place cancer. small-cell tumors like we making half-life We that good and at BiTE citizenship also before. with progress operations. good are is extended work of is time in these corporate our prostate several committed companies particularly than

let patients staff give creativity the ability Before time. the of rest this thank me me Their commitment to in our serving long-term during to execute over members and I challenging for great to around things our resilience, future. turn team, confidence their the unwavering Dave? world

David Reese

are I Based with Bob. responders potential field, measures our the I’ll still about first-in-class begin evolution GXXC than of KRAS of sotorasib, from Thanks our at and efficacy, to with cutoff. have our response, treatment in similar the data duration and including other non-small tolerability XXX promising more Safety cancer, program. an milligrams the at Earlier XXX reported half demonstrating dose. of monotherapy our of on the data this accumulated Phase we consistent and rate study for sotorasib of the across topline have were Phase positive this population the remarkably data results to advance inhibitor. the development been on will advanced Phase cell response patients we data aggressively on with and continue optimistic II with and we lung month, previously reported the II objective treated extremely results consistent

by on and look to II in presenting criteria taking Central January. at results the in our as II Review. intent efficacy based and is assess Lung Phase I forward Independent are Phase treat place Congress practice Phase World Phase data the Cancer scans parameters II to Our specified We on been the have to protocol evaluated

as and made of We in extremely forward sotorasib about with patients our durability towards remain agencies few cancer. be treated couldn’t the determine and discussions are also safety We a forward days including we to regulatory monotherapy our the To more Based GXXC with path and with foundational reviewed molecule. best data, interest XXX in available on looking we as KRAS have date, efficacy confident enthusiastic lung patients measures, as assessment other ago. move sotorasib advanced a therapy. our we data we to a over position FDA with establishing presentation

is cancer We XXX a additional the AMG small-cell differential for XXX prostate presenting evidence dose optimization. is cancer target extended risk have profile large which has continued not medical decades. platform. benefit cancers, have we due recently targeting tumors, now at Meeting our lung forward and our unmet which of significantly BiTE data clinical BiTE presented expression from solid in globally targets antigen. initial optimistic about and AMG The treatment specific data Small-cell very to of to with to half-life advanced We yet Cancer in in also lung DLLX, Immunotherapy XXX improve look activity remain Society month. attractive membrane options its next is AMG Annual a need prostate including

of We will also investigate AMG treatment tumors. XXX for the neuroendocrine

achieved disease, AMG targeting BCMA multiple the And well. I England reported the to myeloma a from with of leaving the platform, our data Phase responses in this ALL. Medicine patients and look Scientific confirmed II a tolerable present with III of in months, profile the and year this these In in New from potential results later outcome will Tezepelumab AstraZeneca, chromosome survival in for chemotherapy we XX% the November. American a wanted molecular mecarbil In study results uncontrolled BLINCYTO III to potential asthma, before in cardiovascular inflammation, recently Sessions a forward by Association to publication XX of on shift along disease lead be safety to the of presented could free of we adults highlighting patients remains XXX expect topline in at Navigator, Philadelphia treatment dasatinib at was the Phase that Phase free deep We consolidation positive BiTE results response pivotal track. as for Journal with the the the trials, Heart severe released results are induction omecamtiv mention a If and followed which XX% paradigm in disease. study, topline larger regimen.

trial happy the will alfa the or mutein source oral our inflammation advancing to which year XXX, the end named III Phase pivotal into therapies. like pilot results thank selected of at level the which pandemic. with Efavaleukin during a IL-X next Lupus complement clinical closing, II for high ongoing of of expect Erythematosus. data. the the for would also inclusion the from complex the announce review We we that In now Phase for third and development sparing should AMG in corticosteroids program, be to the program executing supports year, Murdo? development innovative by novel all Systemic trial such designs designs teams for trial Amgen new study regulatory I The FDA’s I’m was

Murdo Gordon

volumes by XX% to Thanks, with XX% improve Dave. growth. continue the from We’ve QX driven of year-over-year seen revenues initial global pandemic, volume stages growing the

in the physician-patient interactions total prescriptions are increased industry visits, levels. down During baseline. physician and are to down pre-COVID person QX, X% approximately Across in or remote pre-COVID the versus still U.S., approximately the either XX% near

many in during improved additional infection are quarter-to-quarter world, quarter, parts may the we rise the bring which variability. trends of rates seeing While

discuss each change than expectations Prior in for XXXX. had to the outline has pre-COVID spend on grew QX minutes quarters for Prolia. quarterly me just the year levels Let health, ensuring XX% sales historical are XX% efforts In first the of diagnosis bone COVID our year-over-year, lower by third focused in resulted to U.S. our and Prolia quarters. in performance a returned also even fourth second We and and patient a pandemic, to the continuity. osteoporosis though volume rates trends the of have few remainder our

year-over-year six-month the of of quarter dosing given the we pre-COVID Prolia, quarter pandemic be the expect impact second rates growth to in the lower However, the trends. growth in than fourth would regimen and

unmet the its given in benefit treating outcomes as Repatha, remain in treatment sales the medical infection U.S. quarter-over-quarter and will by delays to in partner profile driven purchases This appreciate growth. growth volume Prolia continue EVENITY’s their risk could abilities post segment the self-administration growth our driven significant sales partially volume U.S. XX% XX% in be risk in in patients, in bone-building the year-over-year, high in by data patients our by were Japan, our Repatha coverage, label. unique the ability related is in and increased globally. grew rates believe We COVID to sales business We current patients. in receiving lower physicians established Astellas. QX. EVENITY confident rise and cardiovascular additional need drive comprehensive of our the there which XX% was fracture leader With the Europe, in payor timing growth offset convenient treating to by grow and the patient their

year. treatment system. convenience will reimbursement on attractive Parsabiv begun the Otezla trends volume bundle is to Underlying in remained continue Parsabiv, payment in lower the versus our Inflammation move by an would January expect impact In Moving we negatively of prescriptions to to for and total some Sales Parsabiv XX% supported the dialysis strong. U.S., portfolio, into inventory impact impacted levels year-over-year. administration. negative secondary Transitioning already its grew last QX. in utilization this for the HPT, to on IV U.S. were We’ve which for XXXX, by see

broader and some Enbrel, in invest was We’re convenient confident year-over-year maintaining and QX remains the its inflammation and safety while its impacted to AVSOLA. our profile, slowing prescribing rheumatology along continue launched and the the payor requirements. broad based that stability volume price franchise Otezla, and dosage, oral continue experienced in in including Otezla growth in coverage double-digit related Enbrel Enbrel year-on-year. with recently of our share Inflammation of AMGEVITA will lack monitoring cornerstone loss lab growth on quarter portfolio by we COVID well-established to efficacy

to softness further could in Continued prescribing quarter. in the COVID fourth related impact infections Enbrel rising rheumatology

and biosimilar MVASI and the MVASI KANJINTI revenues by biosimilar leading $XXX Europe in for supported achieved in U.S. We’ve QX by were Our for KANJINTI. growth shares and million, AMGEVITA share

disruptions remains declines Our into most and The and long-acting heading competitors Neulasta selling price in quarter. provide preferred the GCSF average services patient average model volume with the XXXX. share we In in advantage recent driven an price. employees create advance highly I’m by of world very continuity Overall, over additional Amgen with XX% face efficient sales turn performance. and new of Oncology, around patients, Peter. of Competitive long-acting our and we in products, prepare with declined filgrastim We pandemic complement uncertainty for selling QX quarter-over-quarter. as the year-over-year, published net selling to potential Onpro for full it geographic as potential drive the Neulasta that, to our is Neulasta biosimilar in innovative X% focused care marketplace. healthcare launches. in on expansion vigilant for And and and year-over-year continue remain will product investing the are pleased ensuring continues to growth our I’ll decreased operating impacting activity XX% volume U.S. the important our of price. XX%

Peter Griffith

XX% the during executed Thank the revenue the Murdo. non-GAAP half delivering you, and with XX% effectively Consistent EPS year-over-year of third year, first quarter, we growth.

As by focus on Murdo growth. driven our with revenue say, you of growth volume-driven increases consistent was heard volume XX%

to XX% accelerated increased and expenses our operating X% pipeline. we advance quarter-over-quarter, as growth non-GAAP investments the year-over-year and quarter Third drive

by levels Although the and year, most fourth increased activity QX Customer-facing preparations process. increasing in COVID-XX, increased continue were see in activity levels patients. partially impacted investments. activity trials were quarter during resulting still We to levels the of launch in commercial enroll

We flexibility free flow balance $XX.X billion quarter. and with and stable cash have cash sheet, the financial investments in generate with to our on in billion continue $X.X

Additionally, our third $X.XX of dividend year. last XX% increase was share, an per quarter over

capital Our remain unchanged allocation plans and and principles uninterrupted.

some our forward. going on Let outlook thoughts me XXXX share now

Murdo Bob COVID The billion. discussed by say, of narrowing our the $XX.X billion rate remarks. our to the revenue are into globally. We the infections impact resurgence from of susceptible his COVID-XX lower billion range most to to billion heard recent takes of $XX.X are And $XX.X accelerated to Prolia, as including from in created most guidance products, uncertainty our for which end $XX.X COVID The globally account patients a the more infection. at-risk you accelerated range just reflects

We per to $XX.XX versus to share share. raising our to share of $XX.XX share our $XX.XX per per earnings share guidance per prior guidance are per non-GAAP $XX.XX

we could our We believe duration the of quarterly pandemic. continue and that over revenues fluctuations to experience the in earnings

call, shared year-over-year during high to our we basis. an QX full-year on absolute single-digit operating percentage we total non-GAAP grow As the in expect expenses range

a quarter fourth about operating on expect expenses at basis. We to non-GAAP grow XX% quarter-over-quarter

expectations launch more investments expense the of from We brands, spend investment plan COVID equity for be clinical share and in R&D We in other growth slowdowns. the recover will about of anticipate geographic with XXXX. projected full-year generally $X.X preparations. let and non-GAAP which Now bit net billion, sales on year, XXXX. from be and other detail of due of of in increase activities a more is our and gains percent Cost the expense increase a continue as to sales as our product mark-to-market to portfolio income me related consistent fourth than trial million to $XXX SG&A to laboratory investments quarter includes to Otezla expansion a benefit on QX.

to We are versus updating XX% to XX.X% non-GAAP guidance guidance to XX%, XX.X%. tax rate prior of

disclosed $X range unchanged. our Our of for the are repurchases expectations share $X At billion to lower of end billion. previously

sales partial will that and a of QX XXXX. be QX against recall Finally, XXXX comparing expenses in quarter of Otezla

of from of XXXX, we So pleased and and are collaboration as year, end in with our including we transition progress approach this with the Japan. execution Otezla, the Astellas successful BeiGene integration

on As will is update. XXXX on I’ll full get financial guidance to going it customary, Bob This turn back concludes the we call. Q&A. to January provide our

Robert Bradway

the reminding for why asking April, start lines the open of you question. Okay, questions and don’t by us we perhaps could our callers procedures up for a

Operator

Yee your of Yes, Jefferies. sir. Michael first from line from [Operator And Instructions] the comes question

Michael Yee

a soon and really Hey, an of course the important guys. drug. question a I readout it. important it’s Really tezepelumab, Thanks on appreciate for had update. coming

in and would the how perspective is eosinophil context important low Just importance that group the drug? change profile that data that for wanted can and overall of how the Thanks. outlook of and the on understand the hit to to there overall David’s

David Reese

at Mike. Yes, course, are is very Thanks, powered outcomes endpoint rates, the that population. for I is exacerbation forward primary low studies endpoint to the can the look annualized of subgroups, standard the readout different looking as including well and well. as that eosinophil to asthma say here trial across What greatly the we on

test severe this range will across feel entire very asthma. tezepelumab a we that patients definitive of of be So with the comfortable

Arvind Sood

the next have we caller, can please? April,

Operator

Stanley. comes question from Harrison Matthew next of line the from Your Morgan

Matthew Harrison

I your the to guess your relative good And sense update. a question for of improving taking here you that response you I I you ability remarks think ongoing, have question durability? response moving think Thanks another maybe that just higher now activities compound? either the rapidly around Could combination for rate progress you about Thanks. studies the them afternoon. thanks about how on question for of or and we GXXC. do the in Dave. Good as those the have here comment, rates studies opening the of you what's terms improving Great. know confidence monotherapy commented your guess is the on

David Reese

Matt. the are forward Thanks, briskly. quite That's important an topic, certainly Yes. studies moving combination they're

I seven have are cohorts think four soon. We three more open now, or coming very

we in these. potentially a is plausible on we data point, to feel number to a of in are clinically durability avenues coming goal the resistance that terms indications. combination and beyond So the next also efficacy that's but testing have of therapy biology off the much range in We're are relevant combinations cutting your of biologically tumor you'll monotherapy And at cohorts and enhance guided will year you The always escape, very think rates, those you certainly that if see response here, case. I as and up or our look are goal. of by and that's

Operator

next Yaron from Cowen. the Werber from question line of And comes

Yaron Werber

question. David, the Great. I'm Yes. on taking on for to keep my just going you Thanks maybe sotorasib. spot

data correct a Some was your that pembro. ESMO, lines. PD-X reduction, inhibitor investigator EGFR I wrong, week with we it with I competing you're was product comments something – dose remember along was if me addressed tolerability, at lines, product is said the heard the those – this something If that correctly of there an I'm but think well there with along dose and it at was the and or high with tolerated that

one the a into of as don't endpoint eosinophil study tezepelumab, sub-analysis. our it's correct low the that of in the designed, actually is then understanding incorporating If And on what the exactly primary secondly is way kind mind the dose you analysis maybe said. he

does a hit you. that, you so label? broad that mean you And Thank get if

David Reese

sure. Yes,

order. in those take me let So

look is an one not into critical And In editorial moving in a is – let's thing think caution put foundation that development of is by you intend read tolerability combination terms fully we our do Phase dosing ago of and low and in that I'd The which perspective priority very refer tezepelumab, to or four would regards three is geared We're common the into our that. in thing was Journal or publication this everyone and oncology the scheduling in analysis whether trials powered trial in combinations. to across that's to over would we I I doing have X few and what on New with And therapy intend Medicine certainly accompanied cohorts the and eosinophil population. The the to all that. we also a else's the on at regimens, build combinations, it's monotherapy, We've on look forward. analysis correct. With England of some population sorts patients, been weeks the to anyone trials. then in of of entire of anything yes, that's at

there correct. suppositions your are So

Operator

And from Jay your question from next of Oppenheimer. comes Olson the line

Jay Olson

you prolongation Hey, The GXXC. X. findings effect report important the some X, congrats And just I grade how seen wanted the and cases question. in population? of patient QT have future cardiovascular Is you weekend did prolongation, this class for of, on this up safety you. with is including that Thank the any cases a sotorasib? this quarter to KRAS around competing that and follow program on taking comments QT thank the over data

David Reese

I to date the to to signal Yes. treated remain that. directly with do we've, XXX whatsoever pleased no say and to as allow I'll patients. of sotorasib. I quite and will that overall of is speak evidence Well, I we course, others mentioned, them data QT over a There can't tolerability of

Operator

Goldman Your of Terence from comes next the from Sachs. question line Flynn

Terence Flynn

up if, if changes you relative view I Great. taking grow front, Maybe just you. about Thank of as anything I now, a why this the opportunity Thanks give was allocation, for late-stage my the maybe wrapping a you then you XXXX Peter, setback year? of capital year. a for could wondering expenses programs the how to was think Omecamtiv on cardiology And question if if next just that for spend us would particularly, Just company. think preliminary about you're wondering just number questions. wondering

Robert Bradway

is Omecamtiv take don't The the thinking no. Hey, Terence. change don't The short This capital I is part Bob, why on results answer your first allocation. question. of our

opportunities in programs and continue look for look development continue We to internal cardiovascular to for business disease.

with II for excited have we're in that advanced As directed studies Cardiovascular our franchise. continue some planet. to leading LPAA, so know, invest program molecule, people for Phase you on the and look rapidly know, we're as moving to the going we'll disease of killer to that you against ways

in less. we We field that more continue to what innovation, is think need not

continue will we that. looking So for

Peter Griffith

Terence, question. your it's Peter. Thank question. you good for A

to looking do when a know, always we just right XXXX will be say But I intend January. margin As top-performing financial guide we get at there. you to operating always on on to various metrics, want we biopharma continuing firm

as arise, So with and look, flows. to to adaptable opportunities we're cash remain grow going flexible attractive and underlying after-tax our objective the

we going now of expenses. quarter So the is a just that's that's basis, normal at OpEx historical really the on sit right clear basis. upper on how on in which an end We to sequence it where and wanted to on fourth be

with So the turn next question. I'll to over it that,

Operator

the next Suisse. from of Seigerman is The question Evan from line Credit

Evan Seigerman

kind the taking dynamics you in for the the Thank much of question. of Murdo guys. Actually one some so business. on Hi, for Biosimilar

as So the to guess in headwinds more mix? is pricing sort I all of as how just seeing going see oncology? space some provide Is brand inflammation is you're kind of biosimilar generally to U.S. it the forgetting are a the using Thank increase. so do the or this biosimilars? And this you totally much. accounts some you volumes in color more and about you in or this – talking Are you can

Murdo Gordon

that's not establishing dynamic I market team Look, we've MVASI our of what with in in now to on we had in efficient there when see the quarter. really payers people some think this I there market, the whether to nice are market, done with And market when lot an the or have a to biosimilar COVID on with because question is is year the table early biosimilar can pleased value Biosimilars it. the been despite And on of are would the U.S. products biosimilars. the healthcare systems, Evan. what really of oncology us and – has clear driving we an providers I do the able launches. against purchase looking interpreting functioning in we're job to our our that that biosimilar you had to a KANJINTI, what's uptake Thanks. capitalize are biosimilar. and The a penetration say able erosion think strong were experience business that think with understand they U.S. course of biosimilar we've I defending respect efficient well accounts over our in the also biosimilars. Herceptin Avastin like Neulasta has positioned into how

biosimilar we that of when might thought we launched up of we've biosimilars well. seen take patients generally that use able to be accounts And both usage our we switching and some our to opened who So using but they own, them have new biosimilars initially were forward, that. mid-course for are would advantage patients say actually the for as patients of I new treatment going biosimilars

the broad there than that by XXXB the an penetration say clinics. And in has now the the originally non-XXXB adoption U.S. deeper account at course and level the level, we I'd think within So is fairly of anticipated. been level I at

a inflammation And two whether a watch an it's self-administered not it's the or whether in different depending that to need infused biosimilar – itself a Now It's biosimilar because analogous. biosimilar. that's on think self-injected oncology. are I the carefully little or

its other. to draw one So from not example I business would treat and as each the own comparisons segment

Evan Seigerman

Thank much. so you

Arvind Sood

there? April, go are ahead. you April,

Operator

lien your And right. All from the Piper Raymond of Chris Sandler. from is question next

Christopher Raymond

for I and Yes, the if ask the was conversation wondering there. sotorasib question. back Thanks take could again taking maybe I on

maybe months. guys to hopes David, were think we BID response And at or I I working expecting you But the also if serves, were your a – see least on rate combo. in the end something heard, in are dose. by commentary I So coming on memory we think year on

talk So I as one? indication with you wonder about give you CNS could same activity? us if monotherapy also hopes confirm, topic, then to And potential have just can a BID? the a sotorasib you that, that Thanks. Can on does respect on your

David Reese

Yes. Thanks, Chris. in molecule new pharmacology to as Both part clinical standard schedules. any important program examine the questions. It's of different

to that and go I'd go with one what continue are are dosing. back do tolerability we reasons. in basic field target twice two, interval dose got of dosing we sotorasib, this split tolerability dosing. two to convinced order really once-daily here once is very daily you everyone of achieve One, very target getting with of nice think dosing. issues. the reasons kind But to we've thing Well to need to urge and do because to So daily are coverage coverage at there about split dosing, to pharmacokinetics the we throughout split course need as if or if that we're you And the dosing with our

pharmacokinetics is really underlying I that's this – and so choices. And driven that has that and pharmacology think clinical the science our basic

did we or CNS at a have clearly had ESMO of of patients with patients couple two CNS mention terms – responses. one who metastases we penetration, In with

So CNS some with exposure in the barrier there question general molecules typically that or that get always to a true responses small brain always because in or due blood to you setting disrupted highly in drug. is almost is penetration is

the nervous that system. potential activation trigger The could immune it's in is central we explore activity secondary potentially a which continue third that to explanation,

explicitly exploring this are for question patients just that a We opening cohort we're in with brain metastases.

have of potential activity good so Thank you. in a year, next I sense nervous in through the system. And we'll think central

Christopher Raymond

you. Thank

Operator

Porges comes ahead. question SVB from next Leerink. from of your go And the line Please Geoffrey

Andrew Berens

the Geoff. for Andrew This you question. on Thank is for

tezepelumab's I outs. have a read question regarding So to

your conflict successful, has that So the same it is be given the for study indication? – standout if Thank you. the partner might commercialized how with

Robert Bradway

in thank I'll to worked obviously they're on tezepelumab. AstraZeneca all years the say details have partners jump continue our the we experience in We've partner. area, to you. therapeutic has with We've Yes, commercialization. we with many of outstanding this believe commercialize how on of that can through I transparent one. been very that

putting AstraZeneca up be will indeed the tezepelumab. promotion for of dedicated resources

So think products. the sales different market the about in reps two promoting different literally

We on and elements access marketing. will we'll market of consumer lead process example, be the many be on will relationships, handling AstraZeneca U.S., lead the marketing and in commercial professional negotiations the while for

So and together exciting they really the best put lot the I really think that best well. and lifecycle have that also our to launch molecule, management placing just ideas strategic is have of we've the I on both emphasis continue partner confidence this as a of the in for here

Andrew Berens

Thank you.

Operator

And question of Gal from your the line comes Ronny Bernstein. from next

Ronny Gal

and thank my you taking Good call. for afternoon,

You've done biosimilars. really with well

on year, for You're biosimilars. next in significant I'm rate competition about year, you in run $X balance closing $X seeing on Herceptin wondering both from coming last and about Avastin the the billion about were billion

molecule? asking RNA-based how then the if was to on comment seem dynamics I rate we You're launching potentially with tougher. to yourself think rituximab to or you do Repatha physician office months, about Murdo, growth but the in If of and competition kind and this based XX about separately, wondering next be we're think much? can is infliximab, And too an going you for the can outlook the same expect

Murdo Gordon

I selling will has evolved the thank on think running the said, in, XX% the well. do at oncology come think, Overall, I competitors see Avastin in at as the If average U.S. currently price business, as nicely come and you. quite biosimilar. products we've you our look Okay, down. share biosimilars I additional I penetrated really

very marketplace. though there reality brings that a it's about at we've what So done comment an earlier this related competition efficient to is presence accounts to talking think effective I being customers are our appreciation my provider-focused same innovative is to and biosimilars. those which people a are that do for an that's have Amgen our portfolio talking about about the same to commercial

that assistance So co-pay all are services biosimilars, on of an available services patient us. normally includes I or and for we innovative reimbursement and have like that things think on differentiates our product that

market. XX% at I year. as the at I price albeit erosion go than able of of continue the to bevacizumab we're good less some But share So market to us that trastuzumab volume into the would as slightly being anticipate new and total we capture said,

So growth. at inflammation Avsola or side, a of our on depending Remicade dynamics like we're little different like there's a lot bit the for still whether biosimilar. product are whether Rituxan a our a And think it's I looking on biosimilar, the headroom product

I how we expectations. have on biosimilars. big So to made we watch to parallels a think we commitment draw Overall,

continue new the we'll and we compete products and clinic so Europe advance nicely in market competing the to effectively across U.S. and into through the far we're So

And a to converting more lipid – in nice of and really think seeing Repatha. aggressive Look are price and is to an share. of scratching patients those lowering There of outside coronary growth access light transitioning Repatha in who and job of across the surface therapy. event product Repatha. done require of label. and The product I got gain is the solution. demonstrated Just that Medicaid XX% coverage excellent coverage that the nice need with affordable this. we've we We've commercial safety I profile we about Repatha, in event well an COVID, reduction It's the of high-risk and lot volume to U.S. we're quarter, have I data some with also evolution really excellent Repatha a think seeing and with think XX% a where continues actually efficacy we're unique self-administered

that's product compared to come task tougher to to require I physician might a that to a in another in. product So travel to patients think administration going for light of office be a for COVID,

good about where going good I we prospects feel and our So feel about forward. I are growth

Operator

question from UBS. next from Colin the Bristow line And your of comes

Colin Bristow

taking afternoon, and for the thanks questions. Good

this I thinking the So some current early seen GXXC on to this just data around more light patients? potential like another strong to curious now, on agents asset of advance your sotorasib. one guess in we've the or therapy higher what's the have data Thanks. line you I'm first in

David Reese

for out very That we of will is have outside against Colin. much Thanks, the approval, development the of way regulatory part the is lines move Phase would reimbursement. later into is therapy trial of as head-to-head development Great but be forward. of lines I docetaxel in that later moving course program jurisdictions in in question. lines certainly also the you for an some chemotherapy. as And treatment our important of the jurisdictions in III in patients but programs, don't of U.S. oncology important Yes. therapy also options, start part typical where program of point earlier in many

overlook I Thank wouldn't important the also global a development is so And piece. potential that. of This and another program you. that's

Operator

the comes next And Mohit line your from from of Bansal Citibank. question

Mohit Bansal

Maybe question. on question asthma. my taking tezepelumab one for and Thanks Great.

think two product partner may up, do coming as interested commercializing be the low case how patients product important that doesn't and think competing have if products? high to data patients the for is not work, this U.S. a you benefit already you. Thank you do have are you're EOS they So they may in it in show given in

David Reese

Yes. I'll Well, things hand and Murdo. let start to then me off

discussed, data, the and efficacy in of In be across eosinophil endpoint and population relatively As primary currently that would analysis eosinophil a hope which we're regardless our Phase is look the to low comparable it entire we that in able we group. allows replicate the is predictor, powered our II showed certainly III. plan the Phase also best status our

terms Murdo weigh to ask commercialization, in. let of me In

Murdo Gordon

Yes.

been in pretty that is in opportunity us alternative a partners is I'm that mechanisms sure As is to now a I I to I there we to here partners to potential development can we ideas that mentioned that just and there's before, patients strategic we've thing of AstraZeneca management think there say really think our commitment look with asthma. Teze. severe market see a the it. that all as plan development press continue large our to the Having through supportive from and a and and how plenty for and there is room benefit think about very the helpful launch I They've Teze. beyond of effectively here constructive good lifecycle from AstraZeneca commercialization of of and would worked the strong there at market that's

Mohit Bansal

you. Okay. Thank

Operator

of comes the next your from And Bank question America. line of Geoff Meacham from

Geoffrey Meacham

product that's Thanks for with like Repatha like this negotiation the guys. I what growing a you a out? break on it product, will I Thanks. guys looks or ask one range meaningful but it, units. feel for payers lot, get new much I question. it's take? bound. going to think there Aimovig, do Afternoon, do for on did a you with really could so required with Murdo, take But be you to it what – Is renegotiation think it this

Murdo Gordon

Yes. Geoff. Thanks

reframe issue. payer the a it's or I don't think narrow question. Let's

broadly for negotiated in the criteria. being are way Aimovig. I well. covered management access little very think very very with we've It's good requests Physician utilization of filled

range high of percentage patients is for Our very paid XX% in patients. We're high now. the

an obvious, not restriction two COVID. uptick really access the the it's reducing There class. is things. of So it's are One, that's

biologic focused cardiology like new for well, nicely movement just out. of I a Neurology the we've still million. volume patients, terms as moving and in in seen try do, care. there a a to of there's Aimovig, it And but then going substantially others point which neurologists where prescribing. down quarter. we've some we're down and of is CGRPs lot that recovered prescribing older, COVID like growth. our not was seeking is are got And large of more another down think got migraine is And is to of $X really COVID focus the on in still have impact. week less-effective total preventative you We've and We But that's and agents opportunity and lot quicker unfortunately because per and specialty to neurology as work patients that's through sufferers than are a patients both over

XX% we're think that I patient penetrated population. into

move. communication the CGRPs doubt awareness patients, building my it to the helping that of with think, no mind really I here effort, is category. are by of also the there benefits So the will in way oral the promotional

promotion the space. preventive are is also in helping acute that. yes, focused we they're But on So

we've right the think payers. done things all I front communications the on to

patients Now providers and patients. focused we on are and – patient

Operator

question And from next of your MacKay from Kennen Capital. RBC comes the line

Kennen MacKay

the and Thank gating the planning for taking set pursue straight agent a factor? is record hoping for filing or mecarbil? question the what thanks to rather the and Hi, congrats Omecamtiv on regulatory you. the so, if plans that Are you quarter. there for could Wondering

David Reese

coming take that. With in Thanks, that next Association out with issued Kennen. American will and be we the topline I'll the Heart weeks, in I think We've Omecamtiv we a steps. wake the couple discussing got of results. just data

Arvind Sood

let’s April, next please. question take Okay. the

Operator

Raffat of from And line ISI. your next question comes Evercore from Umer the

Umer Raffat

may. my had Hi, much thanks so if I taking for I question. two here,

I possible I'm first-line PD-X with expectations we a question focus helpful. Phase one. first in that your regimen head combination, evolving a one see on first-line KEYTRUDA we on a Phase does of a KEYTRUDA think targeted were need Thank are as there in you. improvement data be as would in know in be same half as as on on see a out paired duration we constructive note, therapy, And I think with response more to is, response. the your what knowing that what's duration out that and very of what Number KRAS. II my previously, can colorectal and also into three the to curious, as about your of I possibly But trial step XX it's there's of treatment we colorectal duration a responses what realistically? how the much lot colorectal? expectation First, setting, we know That on of data

David Reese

Thanks, Yes. Umer.

terms the to meaningful range. clear in clinically of in you're XX% therapy, duration very into sorts measures earlier moving and get do. to So of lines of look in the going typically response it's improvements I inhibitors for mean on these checkpoint efficacy XX%, of what

mentioned colorectal we II data. look programs, generally of In we're that I've we at. Phase as designing would the So those are the as enrolled before, trial fully sorts cancer, targets

response there of here, amount for little be combination Next a discussion want would both rates will year potential then say rate that'll see therapy also but in to generate the huge now we've forward. monotherapy, response is better inform just emphasis enhance perhaps a folks that path a I duration I on to and observed field. of to the of monotherapy response. would a course than with And

either to trials, them up some and of number mentioned colorectal combination directed we've I got of cancer. running earlier, or specifically and launch for a As about are

those But of right generating So the really I data. of kind to we're state think looking that's forward play now.

Umer Raffat

much. very you Thank

Operator

Cantor Young next from of comes And question your the Fitzgerald. line Alethia from

Alethia Young

taking for COVID-XX? I congrats little a guess on of know there’s Would seen my the about thanks I you and kind light guys, more Otezla question and just and oral? maybe talk an of what And marketing, television. in on progress. the bit you've the Hey Can be it quarter

next months. the Just outlook get your wanted over Thanks. and price volume XX on to

David Reese

Thanks, Yes. Alethia.

So we've been pleased with Otezla.

world. We making that smooth largely continues force product of employees being really sure management psoriatic of the continue of treatment job field and Otezla the do Amgen the the now bringing and around to benefits outstanding all of dermatologists our arthritis. psoriasis under uneventful, an And see the activities of integration understand of in

XX% to think the quarter of what in The the about customer return in activity, those I XX% levels. of are those. we've majority is about a interactions pre-COVID virtual customer realm, seen largely of

we That's into about throughout going a volume seeing quarter. unfavorable favorable an really secured is in good did And also effect XXXX one-time at of and world, think QX with overall, plans international well. helping events, having accounting some sources think then I psoriasis in to double-digit We see forward. We in a growth we adjustment accounting we're continue We pleased and in expansion feel the growth topicals in the going from hold nicely a of We've accounting versus product. adjustment year. had adjustments. in in have having in we're the also our bit held quarter-over-quarter as prescribing biologics been year-on-year I Australia. reimbursement differentiated dermatology COVID. as look But our prior of softness on And compare go basis the differentiation overall, the I price volume a well, the versus unfavorable we an creating oral think of confident year, this QX up of XXXX. us an growth

we're other really business and is looking authorization reimbursement and at doing Japanese well Our market markets. in

if say So patiently growth to mild we a overall, will from really really we could it's and feel secure because wait year moderate And profile think us we're for patient safety story that and able more a that the an Otezla been see then even good indication to potent biologics. next to population I about good or oral continue a future. the established to the benefit of we've that's orals versus convenience of

Operator

Kasimov next line Your question Cory JPMorgan. from comes from of the

Cory Kasimov

slotting Those guys. afternoon, follow taking to published. baseline Wanted TYKX data on the psoriasis? been data are for the roughly Thanks up II Hey, ask for Otezla and question. How your results just given proximity do consistent the assumptions that's in about are good that of with potentially a you the lot. Phase or double-digit may the U.S. into future you And CAGR the trajectory Otezla of on the Otezla? put about this you out contemplates can think impact expectation there market have and potential remind may not it us competition? Thanks whether for

Murdo Gordon

Yes.

the The there assumptions relatively U.S. orals of the So that put I'll assume other timeframe we your in a did answer similar of publicly Cory. your question out into growth first, disclosed. double-digit indeed what's been as second part to launch

earlier, affordable entrants about think saying that really the an a new reimbursed category efficacy into perspective, It's think access, the of as not an overall overall, will perspective, very or gate. profile good necessarily with from safety I product market good Otezla on patient and a the feel in I products we market. safe product widely position a I just was of differentiate the from on out right really

safety of are who might take Otezla. with going but it's potent have travel not or before quite think dermatologists some efficacy, to the that and I some products concerns might that's biologics leery that other case time with frankly

it positioning hold go and think well to we the really and being this they with unique to going post-topical heavily. the I product first up continue pre-biologic, familiarity So is of to invest Otezla,

noticed Somebody advertising. television they more mentioned

this given of and in lot monitoring light have ramped up behavior. category somewhat doesn't. there lab is We DTC are Otezla disrupting COVID, patient require And in a COVID of also products that

think I one despite competition. up will well So hold a and really good that profile

Arvind Sood

the is top hour. getting of to April the

some So after let's will Bob comments. take make question, one which, more closing

Operator

Truist from the Karnauskas Robyn come question of your line And last will Securities. from

Robyn Karnauskas

stay squeezing me Otezla. Great. I'll Thanks in. on for

recent percentage a question current data for with with on topicals on And price of PASI that if patients? the the Otezla effect score side out par you low surface looked So Wondered basis? involvement that share the you specific what profile. I new with my Otezla? could with on know And are not Thanks. comment apremilast disruptive use coming more is are do or these potentially a is that topicals see ideal

David Reese

and at areas do and with surface future, We overlapping it's right as indication some Robyn. think would with really The segments we be we it's oral more see see - I let's mild the them orals, our we I see - do think - But thanks, say now, usage. as compete moderate necessarily the segment low our these of ability unique Yes, topical not but low look say potential there to more doesn't see the as area market. surface impeding in really for don't overlap effective I grow sectors. and to topicals segment

I say think choice a patients they when want clear of to go an the Otezla. it's convenience oral, to very

Arvind Sood

would closing you any make like to remarks? Bob,

Robert Bradway

Sure, in continue left we encouraged year, that nine just weeks the briefly. we're With to or well. so execute

other, in numbers But and that year shares in so a know and to I the think making we unlike that see that we're we're our any you trying in market our pipeline. the this be in is prudent. progress

next to posed particularly regards of posed As risks we risk the balance - look COVID-XX. the the beginning the and year at of by the as year,

you team look for We'll Thank seeing to the to have. any are our meantime, joining Year. that in speaking forward Arvind So you and New call. might or appreciate his here the questions you. And you in you

Arvind Sood

everybody. you, Thank

Operator

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

You may now disconnect.

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