Amgen (AMGN) 3 Nov 212021 Q3 Earnings call transcript

Company Profile

Participants

Bob Bradway	Chairman and Chief Executive Officer
Peter Griffith	Executive Vice President and Chief Financial Officer
Murdo Gordon	Executive Vice President, Global Commercial Operations
David Reese	Executive Vice President, Research and Development
Arvind Sood	Vice President, Investor Relations
Michael Yee	Jefferies
Aspen	Bank of America
Chris Raymond	Piper Sandler
Umer Raffat	Evercore ISI
Gabe Daoud	Cowen
Geoffrey Porges	SVB Leerink
Matthew Harrison	Morgan Stanley
Alethia Young	Cantor Fitzgerald
Jay Olson	Oppenheimer
Ronny Gal	Bernstein
Sudan Loganathan	RBC Capital Markets
Robyn Karnauskas	Truist Securities
Gavin	JP Morgan
Carter Gould	Barclays
Kelcy	Guggenheim

Call transcript

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Operator

My name is Erica (ph), and I will be your Conference Facilitator today for Amgen's Third Quarter 2021 financial results conference call. All lines have been placed on mute to prevent any background noise. There will be a question and answer session at the conclusion of the last speaker's prepared remarks. In order to ensure that everyone has a chance to participate, we would like to request that you limit yourself to asking one question during the Q&A session. [Operator Instructions]. to Sood, like Investor President now Relations. would introduce Vice Arvind of I Mr.

now you begin. Sood, may

Arvind Sood

Thank Good (ph) Erica you. QX to call. our afternoon, everybody. Welcome

are and the execution, new think X themes this I key products. pipeline to preparedness quarter advancement, long [Indiscernible] for continued

started. the posted. quick Let's forward-looking statements we will The reminder presentation our have measures financial be non-GAAP in slides and that been get A use some of statements.

materially. that could cause actual filings SEC differ identify factors Our results our to

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

Bob Bradway

as and for call. of rising growth quarter grew everyone operating growth thanks X% solid of hello, for thank our Prolia was of high-quality demand expenses. volume by the X%, medicines and Okay, Shifting our you for which management of for as XX%, the our Earnings quarter revenues driven as innovative per for to It our biosimilars. reflects joining Amgen the such Repatha total with to disciplined global another strong share well many future.

first-in-class to a through and U.S. your next we long-term Tezepelumab, growth. to to we successful the way generated of development, believe up we're hope for innovation contribute excited to internally expect ourselves of set term. that attractive a COVID-XX, we about to our I'll the in combination which In record and severe to year. beyond are strategic deliver example, building we draw As on launch we've business very asthma inflammation, treatment well growth immunology By where I our over see oncology track begin portfolios, long attention our

many for existing Tezepelumab growth be will a are we our to product years that inadequate, driver of years therapies of success Given inflammation. asthma for This in on patients come. whom builds significant millions for us believe

an expanded remain we competitors. about emerged concerns And indication psoriasis, have ENBREL at potential plaque when with awaiting and for for U.S. next are as potential step, the We the the of Otezla. some Otezla. mild-to-moderate with growth eagerly now, particularly optimistic time First course of a in new

continue We over available Otezla from XX we it. with product now also the XX to countries countries, acquired in grow when up globally

into biosimilar Humira, to we bit to XXXX. expect the in the to future, AMGEVITA, our further U.S. bring a Looking

replicate of cancer. the year And treats already KRAS launches medicines forward. first-in-class sales. forward the world quarter, about in these of portfolio BLINCYTO, to markets Several We expect AMG potential to major AMGEVITA as which $XX we've also for with approvals the billion We're the treatment we a had success including lung GXXC cell joins three enthusiastic phase a roll U.S. growth in non-small many the delivered additional the dermatitis and XXX, first-in-class discovered that in atopic world. around Kyowa other partners a we're the happy currently our inhibitor, oncology, well Kirin, of Medicines LUMAKRAS in celiac disease. and Amgen and in of around launch look third some in number with studying we for LUMAKRAS, markets with recent generating [Indiscernible]. double-digit X we're therapies as KYPROLIS, In sales lupus as Phase ready, our

we're ahead, oncology of our in Looking pipeline. growth other about potential excited assets several the

internally be development deliver to serve to would to for business. our products excellence We take XX wherewithal that people the to the discovery good as treat to including first over molecule it already last you. tumor to world, financial one were prostate more week gastro a progress All first-in-class solid Phase making -- as another cancer their BiTE Amgen small continued workplaces solid me We're colleagues trial and around gastric for our cancers. potential turn and David, reflection the delighted III performance also to the compelling several patients of of discovered arise. short, take have by our me junction passion opportunities engine molecules, a bring lung of pipeline, to and the my to their the And ability best I several we with final on gives strong more continuously named coming like note, with that's a of initiated have now of for one Bemarituzumab, Magazine compelling the our Fortune research in commitment to for that cell esophageal room our plenty BiTE in We and next for business our shareholders. patients grow, market confidence let from world. cancer. pipeline, work. to advantage number over replenish in In a and they and to On years our a of they

David Reese

Thanks, will I that technologies Bob, new would like begin our welcoming who our and to accelerate bring good by everyone. Teneobio from colleagues expertise and afternoon innovation.

we of of capabilities in make multi-specific drugs is library of building good new multi-specifics, with -clinical internal acquisition advance. focused Company. engineering R&D, as and to is develop combining say example to portfolio. both to of previous development encoded our Teneobio of to and The have the growth advance tractable. undruggable and One our and a have help sources areas incorporation molecular pipeline of Across of disease certain to molecules assets areas multi-specifics, in provides a core on external how the the pre technology, the More molecule innovation targets of in long-term evolution the will large we're XX% we of drive combined DNA programs more research interest its R&D those portfolio and than our complementary small

have programs, significant of clinical advancing area one will first-in-class made few and lung I are is multiple key we highlight cancer. In molecules. a oncology, where areas progress focus our to Turning

excellent the hear you'll clinical start LUMAKRAS is As an remain and launch from the track. off programs Murdo to on (NYSE:PH),

negative tumors. Phase lung PD-LX LUMAKRAS or in cancer mono-therapy of initiated for non-small mutant have the STKXX We with X and first-line patients study cell

confirmatory combination and in from PD-X DLLX Bite our cohorts data expect combination next year. first to well of TearLab Numab half top-line B-XXX or ship the the study three AMG as continue docetaxel, the We from the for In targeting cell as Phase results disease year, Phase versus we some Phase now small X launch which potentially cancer the trial in with very X supporting have a study, over in our to intend lung lasting by advanced registrational had responses patients program year-end.

XB months. Finally, lung non-small in coming cancer, Phase cell a FGFRXb will in squamous we initiate directed the of against bemarituzumab study

cancer, X with Turning additional trial enrolling first with LUMAKRAS in with Vectibix to XL+ in gastrointestinal multiple coming gastric a Phase have we initiated the bemarituzumab, Colorectal will Phase cancers, studies the checkpoint first-line in studies the of These differences in weeks. we of or X coming the area in In Prostate combination in is Cancer will another by address oncology. either plus months. a Bemarituzumab cancer with regional of focus treatment in chemotherapy cancer inhibitor. chemotherapy starts combination backbone begin gastric trials exploring

Teneobio, program With PSMA. [Indiscernible] now T-Cell determine half or the by having data have distinct for X the in expansion of technologies the and formerly year bi-specific cohort through anticipate these well, anticipate next outpatient PSMA we dose administration. of of both next escalation we XXX, We TNB AMG forward in enabling decision continues us acquisition to one middle engager as the exploring the now year of molecules. to data allowing XXX informative are progress path best X-cap AMG first XXX targeting from the and

portfolio targeting AMG across our first-in-class escalation. years. increasing of portfolio and date progressing AMG investigate next decision-making a ago, Studies the to quarter inflammation, through the Finally, mild-to-moderate ago rounding a inflammatory expected as In indications We developing diseases. with of results of is clear SteapX December. in about reviews dermatitis biosimilar innovative X at length approvals a having we few XXXX. is the these XXX FDA several are in in A Phase in for which year. Tezepelumab PDUFA presented in action out a the activity patients. proceeding the in first anticipate Kirin. II action prostate XXX/KHKXXXX, our data In need cancer the anti range collaboration Kyowa mechanisms autoimmune were differentiated in diseases, therapies received launches innovative additional next very with for date body In in are well for Otezla we're also there is regulatory dual weeks program, spoke dose These molecules, for few data regulatory of from the severe review of an skin a asthma of of by progress FDA we and each study community medical continues with Tezepelumab of action weeks anti-OXXX psoriasis atopic with utility the both

regulatory had program productive on Phase first half interactions launch trials the We to III and plan the of XXXX. in have

expected whose shareholders cardiovascular of without by enrollment to approximately complete new coming RNA data of by In programs and well-positioned XXXX patients to year. [Indiscernible] candidates but with readout XB of remains prior have our patients, medicines Soliris growing trial, important or Phase outcomes innovative risk, In and cholesterol. through portfolio pathology complement Phase where first track data clinical portfolio serving growth Repatha XX,XXX and Finally, the next Phase for is driven in the high-cardiovascular and treatment interfering lipoprotein(a) myocardial biosimilars, atherosclerosis cardiometabolic the inflammation of stroke, we the conclusion, for weeks. are targeting therapy to RNA-based biosimilar not expect in Murdo. small middle LDL provides patients by III over term. Olpasiran the an disease approximately first-in-class long near atherosclerotic on a disease at is also and we III study a stage STELARA, to [Indiscernible] and the portfolio X/X potential, our EYLEA, continue potential in infarction from of in to deliver

Murdo Gordon

(ph). Thank you, Dave

record and Third X% globally, key KYPROLIS, we products sales Volumes quarter and several Nplate. had increased including X% our EVENITY, sales XGEVA, of year-over-year. for product increased quarterly

business with XX% grew ex-U.S. of growth Our XX% year-over-year. volume

volume-driven gradual growth We see the and strategy in pandemic. to the our from impact execute continue business of our recovery

dynamics early During to due saw we care surge QX, patient [Indiscernible] COVID-XX. a in part the of in

and below improved customer during in face-to-face progress we through diagnosis. the activity XXXX levels. remained visits customer QX, saw however, As we Total improvement quarter, patient interactions

product as Prolia, portfolio let quarter grew of by sales volume our demand Repatha, sales EVENITY, Osteoporosis quarter, which XX% record strong Prolia for patient medicine In third EVENITY over in of year-over-year, our and rates for - the bone and repeat general improve growth. to volume Now, driven XX% volume me with XX% year-over-year, XX% third the includes pre $XXX beginning our In with growth. diagnosis details Prolia by double-digit general which continued million portfolio, portfolio complements COVID Aimovig. medicine health, driven reached revenue some had levels. new bone growth. Overall review grew

fractures the build to Given therapy on excellent an the first. provides women, lives bone EVENITY severe of impact of postmenopausal

the XX% volume remains we class. which In hole. significant Repatha in price by unmet Repatha, to This need increased Moving partially growth. patients number the confident globally cardiovascular and of receiving D the stemming in year-over-year treating U.S. to from in the Part by U.S. growth. grow volume remain leader PCSKX year-over-year Outside volumes an year-over-year. was the entered the selling to Repatha address the We driven donut grew who ability high-risk XX% increase XX% sales patients. Repatha net XX% saw our offset medical in lower Medicare global

for sales the in XX% Moving and our And Otezla payer the share. an patients. U.S. Otezla patients portfolio, growth. leader and used in by option patient X% has increased safe, coverage XX% commercial volume and to affordable, Otezla launch, arthritis psoriasis is efficacious year-over-year is has over psoriatic Since with XXX,XXX been its it psoriasis bio-naive inflammation globally.

with the volume the and in time XXXX. an opportunity to quarter population. AstraZeneca, launch promote thanks long in efficacy we're track preparing partner expected X% when the ENBREL's This patient tezepelumab of psoriasis early we PDUFA are this decline the slowing preparing U.S. driven for fourth will Together in We is the record ENBREL second the QX in by our of declines sales volume. U.S. mild-to-moderate for use in quarter to of of for with the straight date safety. the the approval decreased anticipated year-over-year X% have now Otezla first of indication a

fully been severe to this payers ensure with deployed asthma. million bringing actively Tezepelumab disease We're Salesforce around with breakthrough Our and has engaging state education. the staffed, to trained, who is to people patients live medicine. provide access forward uncontrolled X.X the look We world to for to

price Several patients. BLINCYTO. The year-over-year hematology sales choice share U.S. the for maintained business, and KANJINTI Neulasta the average Neulasta and brands and and declined volume in be quarter KYPROLIS, totaled most $X.X of XX% X Onpro year-over-year. in continues growing in Nplate, published XX% in the products selling [Indiscernible] XX% physicians recent our the and for to record and quarter, Moving quarter-over-quarter. preferred the sales collectively including billion quarter, the biosimilars, innovative XX% Hytiva, our to had oncology

competition on we forward, Going to expect erosion. result price continued net increased volume in

approval results access quarter, off reflect with $XX reports U.S. Having Our mutation. approximately pleased LUMAKRAS sales across A patients been number in been million that, cancer the cell start a million lung community. and record settings. I in U.S. launch and sales player majority And time oncologists have I'm actionable to cumulative prescribed launches my the customer it activity. community products, through academic have will a pleased career, strong I levels of and And laboratories reaction to in updated would mutation KRAS by oncology with $XX broad the Peter. non-small for of the of clinical to an as positive a to XX% our being LUMAKRAS LUMAKRAS Overall; in with say tested for health has now the diagnosis. increasing authorities of the of their XXX end in from the QX turn over quarter. of are uptake of Canada U.K. with the the is of part revenues also LUMAKRAS in I'm and our cancer the of very lung both with our testing GXXC our of third launch LUMAKRAS and Thanks the several at

Peter Griffith

through our discussing results quarter I will financial before Thank you, guidance. Murdo. XXXX walk briefly third

execution of challenging the us growth. prudent and XX in timely, them external investments that with to as will both continues past quality we Our months make the provide during to see deliver innovation team’s long-term strength internal

business. to turn now the Let's

period The of third solid growth quarter year-over-year XX%. performance with growth of non-GAAP another revenue and EPS of marked X%

quarter driven and continued with described, Repatha the Prolia, year-over-year EVENITY, in growth by As strong BLINCYTO. Murdo in volume growth and X%

last $XXX this estimated million $XX recorded. $XXX In addition, the In sales in favorable includes quarter quarter deductions quarter. in favorable this previously were changes benefit to deductions third resulting of million estimated sales the year, year-over-year million,

year-over-year, contribute our at driven also which We and COVID-XX and and continue volume driven products, million by include antibody declined to erosion these increased increased These $XXX in portfolio of lower net shipments will Lilly. established selling to to Our meaningful innovation. competition products Epogen, Other Neulasta, [Indiscernible] by XX% to declines cash price. to Aranesp, broader Sensipar additional expect result year-over-year, Neupogen, the do products. XX% revenues established primarily of therapy flows

a full-year X.X We billion. expect XXXX other revenues to of in range be to X.X

expenses were Third quarter operating total flat year-over-year. non-GAAP

the productivity, As continued the focus quarter's year third the of expected share fueled efficiency of for Five $XXX long-term operating on investments Rodeo, million to acquisitions, and to drive Prime the to expense million execution, approximately to related full an approximately Teneobio transactions. related the expenses these Including the expect and Through approximately as X focused $XXX inclusive of we increase full-year expenses Kirin well as on last operating Kyowa collaboration. year, basis X% discipline, to now over growth. absolute

to allocate as on XX.X% X.X cost opportunities. innovation Lilly. of internal COVID-XX percentage opportunities and shipments driven non-GAAP basis, a On sales product of to antibodies including We a continue product to by to year-over-year sales mix, execute important percent increased capital a will to basis on points primarily external

the full-year, of For quarter sales Non-GAAP continue in R&D year-over-year. XX percent spends of sales, to as we a to XX%. product cost the X% expect decreased

Non-GAAP, cancer. decreased XX% the year, increased range as a accounting due and expenses of equity increase and full progress full-year as in and other net to R&D we lung under registration the in innovative pipeline the programs, income trials the we will expense continue in recorded the results execution the efficiency basis our arrears. our we year-over-year For focus we enabling from expect X%, in of on and on of non-GAAP to launch expense, losses increased also percentage Non-GAAP expect quarter including one SG&A digitalization. our quarter spend decline gastric Beijing's method mid-single-digit share

full-year $X.X net to expense billion. $X.X range We the of expect in

and in flexibility on investments financial flows. and our $XX.X have with billion strong balance We cash cash sheet

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

to external pipeline for Turning advance we for continue the to to long-term in innovation set and in our growth. the internal XXXX, and ourselves up well business invested have XXXX for outlook

underlying revenue, we XXXX to billion. $XX.X billion dynamics, $XX.X to to on updating revenue based Moving our range market are guidance

We are $XX.XX increasing range our non-GAAP to EPS guidance to $XX.XX.

Our updated non-GAAP to is range tax XX.X% XX.X%. rate to

include support activities, capital commitment investments million supporting and expenditures expenditure $XXX our capital Our environmental continue guidance to also remains our attain to carbon neutrality. at our and

executed our We third are growth. expect upper well-positioned We to the long-term the quarter in of billion. be XXXX X range share in for of effectively for to X end and repurchases

over and Before (ph), for Bob colleagues recognize our (ph). world it quarter execution. another thank of to around Bob to I'd strong AMGN the turning like delivering XX,XXX

Bob Bradway

the Why and we the our to that (ph). questions first remind Peter X limit now go. and you, procedures open Thank on questions Thanks. for call don't up we the the let's just our callers request of

Operator

stand by As while a Instruction]. reminder the roster. Please we compile [Operator Q&A

comes Your Jefferies. first line Yee Michael the from with question of

Michael Yee

Good guys. afternoon. Hey evening. Good

question just of How on a on ongoing. XXXX know to financials to give there's think results realizing you the come don't love year, sort the so we a you think level, the you this comment and high for it's enter XXXX? the and but push and you of you. know this as go-forward, guidance how a typically would as in year, the high-level pull think pandemic. Thank sort about in do of about COVID pandemic to guidance, about I dynamics I we're that higher-end seems about Company a question, Just narrowing a I the

Bob Bradway

guidance point. We're to going right. this to at XXXX not you're Michael, Yeah, get

think manage the and about for the can in able And X% top-line I continue EPS give in look effectively. the on see guidance what we when I to to bottom-line think That's deliver and the expect growth. We're we we we'll you deliver to that the that future we continued on business period. be we XX% our to are that for can next opportunities invest have more we'll think we reflected as very shareholders clear the say to at growth growth.

Michael Yee

you. Thank

Operator

comes next America. with of from the Meacham line of Geoff question Your Bank

Aspen

question. Geoff. guys, it's [ph] the for Aspen for Thanks Hey on

sense want LUMAKRAS converted I what's through been has the So that patient number treated timeline studies. with I Thanks. you bolus get the to previously a over mess. talked over maybe some just that and moving patients of what include about nonpaying on paying percentage X,XXX that guess for of the of the rest maybe

Murdo Gordon

it's Murdo, Hi thanks the for question.

We access early U.S. access programs trials two the We in access booking a actually clinical in approved major supply. in yet. patients and enrolled do France. are about obviously been were not roughly converting program commercial roll early of ATU we've our Well, where at the the where to patients we're XX% coming that's revenue. Europe where to can program in and, or program of France happening who The have out ATU into markets

Aspen

Thanks.

Operator

line Sandler. comes Piper Your from question of next with Chris Raymond the

Chris Raymond

have maybe I question strategically more or on Aimovig a you. Thank your neurology presence.

noticed is that in some should Thanks. investment other dynamic. offering the a are there I an oral to expect over standpoint trends one about? maybe plan prepared maybe that the on impact Is this for the it's Maybe market. Just comments. this category I now just that CGRPs script the could that your with having that here a more and pretty stalled obvious obviously you from think revenue talk in drug, you we in talk skipped market Murdo about is neurology or that commitment product

Murdo Gordon

Chris. Sure. Thanks,

important Aimovig have the an to migraine products, the market also into the and the has CGRP help the who oral. by large as to a up would helped Obviously of setting market, first and the into advent and share to as with they've the is The the product of even leaders sufferers believe market I migraine, beyond to there advent we setting thing suffering is, that come expanded the we be to yet of population continue patients acute be grown in the say CGRP preventive the category. from continues but given subcutaneous they've category setting, orals of preventative have

and We expect growth. quite for a of bit that still the growth market headroom has

share be to maintain expect total continue We able to our in to prescriptions. position leadership

five over years now safety We in the have efficacy data of and market.

U.S. now what was responsibility consolidate commercial all work continue to for recent We to given Aimovig previously have of contributing. Novartis the

is data presence even we've who superiority migraine in able our who that So promote to and neurologists, many last then topiramate we awaiting last neurology specialists, and care about using our sufferers. to actually few And the are primary the general physicians after increased be piece months. we're patients the published versus are excited help that are to we'll Aimovig chronic which to be their headache head-to-head

out right of bit growth a on also the out net of you're the some headroom, oral well. So price little bit evolution taking some and as quarter a taking growth in

Bob Bradway

continue we'll we'll look that find look to the franchise Strategically, building, fit with and we those. we're well see products can for continue if that to

Chris Raymond

Thank you.

Operator

Raffat with from next Your question of line Umer ISI. the Evercore comes

Umer Raffat

Hi, Thank Is out. about end up where on on KRAS GXXD or to mutations on in expect GXXC? could KRAS on other first a this etc. for be of my case look And be Amgen seeing leadership of this is: how shakes should we're everybody we mutations? programs data over feel to like amount to credit INDs What's clinical we LUMAKRAS to same about clinical few follow-up a a months. went to entering fair where guys. And question. get that getting on target lot program. of across taking you. approaches any a PD-X or the file the KRAS best through the of competitors that situation also, on And Amgen in data I resistance period place, might I for different feel think field inhibitors like stage lot development wrath as your going have we the and my the next phase question about is a like the clinical I Thanks Amgen's you guess like

David Reese

Thanks, this Dave. is Umer,

LUMAKRAS. feel have seen you us and are tell multiple behind competitors of early, dose molecule, those our not about course outstanding to position. mentioned, are As good really just very escalation. coming of there I've a anything very many We we starting don't

sorts on mechanism action or I think speculate differentiated of potential it's things. of premature to these

We have broad-based very also a global program.

think it's under and last over we're now very XX and we are reviews count As EMEA review, markets. in are regulatory jurisdictions countries of I large now X those at or where including mentioned, progressing course Japan

very are. So got I we got the of program. molecule clinic out where we've learn are. therapy We've I where sorting we about and a large about very combination a biology. feel it yet, into took good good There’s to a get the lot to and years lot we're XX feel But

Bob Bradway

Dave, say about GXXD you program? else want our to or B anything

David Reese

Oh Thanks for the sorry. reminder.

each interested other as or many and challenges. ongoing different and one We mutations structural they do are X that about you X, In are targets, publicly. work are that as -- specific know, are say have basis possess terms progresses, and a distinct will we potentially that in of KRAS on more attractable of there some now although we

Umer Raffat

you. Thank

Operator

line Yaron with Your next Cowen. from the Werber comes question of

Gabe Daoud

Gabe for question. is this Yaron. Hey, on Thanks my taking for

Just for follow-up. to LUMAKRAS

that TPS will whether data can patients? TNO year, better for you could any all status in to And good Was half a for thinking there with share combination first you the you. give recently we So then -XXX. second insight molecule in to available us of the have the into would mature to arm maybe some might bit highlight set that added, pembro, for profile expected Thank the you difference that's any of behind for rev LUMAKRAS? a overlap enough the the look data get a at efficacy. stage for compared be little next the just be What adding med kind ship that you the with

David Reese

some about the Thanks first Gabe say present fulsome and together the dataset I what think expect to everything do the -- broadly in inhibitor have combinations look when in checkpoint a at have half give combination terms I like. insights to these of of what good enough next the data, we [ph]. to The we point Yes. year field would

pursuing In Thank those and pressing And mechanistic the differences potential target combination all those rationale inhibitors for between fronts. for terms SHPX are we're various biochemical us think to of the which it's well worth SHPX given molecules, forward our the of some we're and various you. examine drugs. importance combinations. on There as while so a I

Gabe Daoud

Thank you.

Operator

the with next SVB comes Geoffrey Your question from Porges of line Leerink.

Geoffrey Porges

Very proposed would to part taking D my financial that just in current the and we're B and a give selected on I know much do for sense language. close negotiation of think of Part particularly, Maybe then where would of negotiation molecules part one, B could the And the Amgen and what going pricing DC big-picture question. pay slightly part us you that subject to proposed be drugs impact IBM that do you you what's the in another to sitting, under changes. be Murdo. of attention on secondly, having on you believe deal Bob -- Thanks. drug reform you any have close a

Bob Bradway

like any course, some they seen know house I close they're premature Senate, meaningful mean, is legislation has the framework really including in they and what that around. suggesting align they some and the they I Jeff. forth language. that in What both, anybody that between back a moderates we there's pretend have that tweeting can the and be. to are will Thanks, of shape don't the for obviously anybody aware It's draft very of think think

access while details. is to patients you would tuned, sculpting one that Geoff, would way us think it does it's some better and doing really but guys to to see with So know to love I will you for that innovate to think of picture it be whether point as would the that to I country. do ecosystem the and of they're expect, anybody medicine wait the very proposing you and make will we way Stay again, we a to need all enables need fog. trying leads And at that we focused and sense, for way the share a whether have the in what the draw on we investors seeing premature. this it picture could your preserving

Geoffrey Porges

you. thank Okay,

Bob Bradway

Geoff. thanks Okay,

Operator

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

Matthew Harrison

you you $XXX about but also guidance about, end Great. if we like Good you your wondering a maybe took little million touch add could you was together. down just Company talk revenue that the other of I your just for evening. question. swing total raised product like taking and outlook for Thanks and the the could on guidance, guidance, it bit high looks looks two if

So maybe pressure. the where the there Thanks. just you're seeing what's could driver you about talk and

Peter Griffith

Matthew rate I described us. (ph). for market -- gradual reflects the recovery from you. as could dynamics to recovery as you. products for XXX we'd Repatha, range, Otezla, on EVENITY materialized Volume Peter, products, mentioned, The rate but mature more the flow against producers (ph) but here. anticipated with but Murdo Murdo create Competition year-over-year Thank biosimilars. as Prolia, you. XXX steady projected, the we sharper early at cash hasn't that the shared is continues latest revenue Listen were growth the

began top primarily we’ve [Indiscernible]. in the other declines build profit The are and So into of net those the the so the reimbursement the we've increase got 'XX around driven guidance. which by revenue Lilly as second price side The dynamics guidance. year-over-year manufacturing share, we to at And continue mid-single-digit quarter said? in

Bob Bradway

looking thought that than, the to relative COVID when of guidance, terms of longer lingered in I I'd year gave in this the at and going we By face beginning year, when the retrospective pretty the we looked at impact that patient clear diagnosis just original of of to had like face see the observe the number the has beginning of impact surge the in I we offices. Matt, particular doctors the prescriptions doctor's the an through scope, think on now it's and visits written. inside being to number the to patients turn,

is now. hopeful well of performing and are to we think or at with have hope start to the again, and further saying us enabled pandemic vaccines year of different be along experiencing us don't were where end business consistent But our made peers, in So I we but things to goodbye the anything I might year. the than from this otherwise, we're think right that other we

Operator

of next line Your the Cantor Alethia question with Fitzgerald. from Young comes

Alethia Young

Can taking pressure just about Maybe Aimovig, for bit with guys, more Repatha slow you. will the along periodically? and little thanks happen that. something with that it's that do think you to a step down Hi Thank is it bit question. of and up a little you selling some seen price follow my talk or a you've

Bob Bradway

is you're asking? did and you what Alethia, Repatha that say Aimovig

Alethia Young

Yeah.

Murdo Gordon

Yeah.

Okay. Sure.

been we've in is So lowering the Medicare price function of terms more Repatha our do to D in a penetration increasing of the what since population. the in able quarter Part

there preferred maintain Medicare. donut Part a to that So that is we've much what And the on growth enter patients but function patient there. seen QX. less some forward. expect brewing a of what do drag would good that volume Medicare. also you the growth really of national of source it's But grow QX course is abandonment general. have DC. We're positions of that changes on fairly you But happens be expect price Medicare nice stable more be in for to compounding QX, coverage of really nicely the grow with pattern amount Aimovig a PBMs D PBMs. a contracted hole. seeing side expect news -- has happened and to go-forward in D that in I Aimovig, of that's annualization basis. we on the should business QX, There different. in And in The continue activity when seeing growth that's we formulary just equation in and it's number going And us we're we in growing whatever as don't been a in how gap, Part competitive On same Medicare of right bit really little the now. unless that It's it's in of is net But we're

some seeing So major have actually now to dropped effects price top-line and the good overall, volume I our stabilized we're bottom. think

Operator

Your of Olson the next Jay question from with comes line Oppenheimer.

Jay Olson

any you evolve the study to getting of potentially for also any approved provide color on on the comments market Are for or competitive Lico the any you [Indiscernible] anticipate the landscape you pace could with how the Phase pass question. in pasarin thanks share, you. before Hey, taking Protein, there enrollment could and X Thank

Bob Bradway

thanks, Jay. Yeah,

actually the it enrollment. Phase X In has completed terms study, of

ahead some seen middle on of a expect and profile patients these the course lowering We're from preliminary the safety remarks, XXXX. long-term for schedule. I Phase quite of have as noted X we my track, the if of Of anything molecule. follow-up in or And of is little followed time. in trial program the Olpasiran data with pleased terms we've in That the

us. you know ahead is there molecule As of another

different We mechanism. slightly have a

a As like bit. is the molecule large we This a a small of population patients. RNA interfering quite

you that about If XX% recall

Murdo Gordon

LDL Of driven atherosclerotic the majority is LP driven. of and a is by that probably cardiovascular little not cholesterol disease

So patients lowering be the many, there around by many believe served agents. LP world that we can literally are

full And Xb so we're data. the see quite phase eager to

Jay Olson

taking question. Great, thanks the for

Operator

Ronny Your next the comes of Bernstein. Gal from question with line

Ronny Gal

Good afternoon my taking question. for thank and you

a the we about negative talk deal was reverse wondering it So and the potential benefits. I we impact typically ask of about you if in can Washington.

So be for change to in a to interchangeability talk your which for significant that -- second, more justification biosimilars. what's will just Medicare you pocket D you you've there a your that might from drug will started here? interchangeability drugs use. other the the drug? extent deal this -- participate out Can here? see increased of about costs, bit perspective Humira Do not, other trial will and What take required if patients might the longer-term believe little you market of in abandonment limits And get Part any are benefit use

Murdo Gordon

Thanks It's Murdo. Ronny.

in for would speaking, an been in even while, where cap for changes there we initial for fill. to that price D regard out-of-pocket hypothetically some appearance co-pays D are drug think a the quite for it in our equation patients to be disincentives help the do for that should and and expenditures out-of-pocket legislation, think maybe patients in list introduced Part advocates Part in change portfolio. We've for I So

products like Part caps. think D I could So Repatha, where benefit from we are Medicare a out-of-pocket largely population

more interchangeability. and is to course this payers, parameter biosimilars are being out-of-pocket about with in it equated feel that look To caps and U.S. our that first And it Part any legislation? position. AMGEVITA We but also PBMs, potentially portfolio. we what would things experienced their other the AMGEVITA we because so U.S., sometimes leadership are and at in opportunity to depend study, it of needle a catastrophic D establish look that work an in of we travels look that be and question interchangeability itself and of Now, In continue into where providers could poorly, alone the the wave launches of who opportunity device, with the latex, look bio-similar in the it first at commitment We proposed to with. things think patients products up top, the affordability. the free. with Europe, from it's work manufacturer with bio-similar us to come needs pick look with hope wave in very Humira to Does the sub and phase be gauge, at from on from AMGEVITA travel But with our more at Reese we affords experienced in I the play good treated at other are we in I optimally because of that. like improve every obviously treated citrate

it's in product think another could our essential, augment it's just XXXX. of think while don't launch that in So we success the we that attribute

we've really the So running. why trial that's initiated

Ronny Gal

Thank you.

Operator

line question next Capital MacKay Markets. with RBC comes Kennen of from Your the

Sudan Loganathan

in Hi, question. Sudan Nathan Kennen. for this is Logan our you Thank taking for on [ph] advance

end updated ask how competition And top then XXXX? impacts into much updated any taking So you wanted so the having to you revenue democrats on for of first I on are LUMAKRAS, account market expecting you we guidance that then And for wherever the plan secondly, based program do XXXX, the cancer. how BICS do in XXXX? colorectal LUMAKRAS guidance to to in perspective, regards on formulate Combo entering for third-line that

in could just this this through program to forward expect approved, some expect to -- Looking growth the agreement manufacturing a how thirdly, antibody environment? for that If based included this combination revenue ask COVID-XX. wanted we any And forward, that, we line what just to gets be with mean if Vectibix? the then on can could approval? on item other in do Is the going that pandemic still [Indiscernible] something about updates

Arvind Sood

take and and Investor call from first answer me we the can address questions can Relations rest, later, and those we Let's separately. that, this the question, Arvind is

LUMAKRAS. about maybe So we can the address question

Bob Bradway

[Indiscernible] it think was I

Murdo Gordon

Yeah.

Bob Bradway

competition. -- Revenue and

Murdo Gordon

important launch, product of the solve been to taken and so part but patients question. and and cancer, conundrum guidance, worked very launches. launch so this: product this I've organizations oncology of this excellent KRAS to some of has far customers, was brought market. level say done was and has early well. to what trying extremely a And of GXXC don't they've for go-to-market and of years revenue on this a We responsibility, a lung team the Yeah, which of more after obviously payer across days, stage done I'll the XX product launch now, speed this of been commercial very the for able cancer many customer-facing our I of in seriously lung provide years the it's in with customers, do the far, they executing job special our an and organization And have and commercial very course, stage lot very, but proud medical feel R&D at and the that provider I've I

with pleased KRAS have academic large networks seeing Many oncology community I'm changing so GXXC And protocols same. status. their are we're What the their so knows testing centers is lung done trajectory. everybody that the cancer many in if

go. oncology networks Now few we still a to community have large

and are But for to those establish ability on I the way which So entered couldn't bodes in we market. rewarding patients who I with to And treated for product It's getting is prescribers like first-lane and quarter. hugely pleased that that where the our from we've in. with LUMAKRAS help second-lane the coming of drugs hospice a at many, working We're a our LUMAKRAS strong well care their who unfortunately and leadership within the many, quickly responding. think options stories help everything in more they the to launch you with and be are be coming progressing should do marketplace. been will commercial stories and to many drug told disease competitors world patients fourth come many we hear launch position anecdotal a continue sign and into those have that well before more will And power hospice the in this from hearing around patients. back limited working continue up to

Arvind Sood

Murdo. the next Erica, please. question thanks, Right, let's take

Operator

of Robyn with comes next Your Securities. Karnauskas Truist from line the question

Robyn Karnauskas

pricing half Hi, I And a On glass thanks glass and for look any we've heard that with are despite either similar that your -- is are molecules and the need candidates a a because that I taking great might think picking pressure half what's on develop there one tool forward, glass going or competitors a your the my that's strategy a is, at [Indiscernible]. And there or question. have got start change lot with question great pipeline people out going opportunity you is compete then or your in a in one. what got mean, call half-full it, to to half how full platform strategy. and on kits competing drug. the for with going you of When molecules. the lot this I'll any business, development lot a R&D question I empty. Maybe growth then with you've marketing empty of next-generation

drug. remind you're a that developing, great multi-player sure of with that in Could at a you Amgen competition strategy? player, all making head the dominant for environment. -- the with us about that walk drugs bit Can here, could that have competition Thanks. little even LUMAKRAS us you through of you're the strategy job but developing did you You stay talk a marketing

Bob Bradway

go just then in start Maybe and why reverse you Murdo, don't order. finish? can we Dave

Murdo Gordon

launch oncology in We've have. of I've what that and years supportive augmented launch which point, very a and with colleagues portfolio with Well, are in for is care course of R&D the very LUMAKRAS. recently centers, the not to to of I of to in recently field the CEOs products most rich number is legacy his and are since down and cancer Dave in they they are that with talking Reese course interested the that Amgen us interested the we talking the also coming belabor of strength the worked sit seen I academic our about then Amgen, biosimilar real developing. of products again, of to of Amgen networks or cancer but And pipeline when

leader think So I we're very much a in oncology.

been products it it is in systems build processes additional at cancer to be with programs, flagged develop developing to sure strong. put and can pipeline. and of we think being and been and testing those look the innovative. LUMAKRAS world of flags the launches entering of indications a are where most working able our broad they us I patients first extremely with interruptions been ground, And you some the in sustain. I've there of programs, pandemic oncology, on make course, have and some this continuation good biosimilars and of Longer-term, despite are able year the position I my Products very will in visits I very, have asset of it's commercial lung us with of for our Dave a then in therapeutics the new support lot be being treatment. making and relationships first and to that back care customer development supporting of is the with our launch, position. in that strong a those in that tell delivered think should EMRs, the and account of community being in visits And very

David Reese

Thanks, Great. Robyn.

we obviously got the of tool hours that trials. and kits, research, tool about terms kits In we've in probably could our talk clinical for discovery,

Genomic from what we purposes and I those and an me human data? wash proteomic ranging are data. make is particular the Which Let who it's of the for collection, now coming clinical on data. to various data things the understand in a decades starting And capability discussion, for transcriptome use call data, one just means to data, I integration, of us. is through belief focus be analyze real-world couple that of leading data, tsunami core that of industry by evidence and real-world this omic think through data interrogation data, trials in of, few what one how over will of giant our building

Now approachable large or after targets molecules. we prepared molecules, development target. are that building extensive pathways. drug small XX% a for About XX% I of And as good fraction remarks, course of Either go building I we with be what data the hybrid of and those not multi-specific to targets think technologies. my molecules. And generates are the currently will capability currently are the to existing mentioned in molecules, undruggable capabilities of validated

continuing So to on the I year that lot feel we've a this X. or and great on over am next more about build gotten platforms the [Indiscernible]

Operator

Your next comes Cory the with of from JP Kasimov line question Morgan.

Gavin

Thanks taking this Hi, Maybe is one for Gavin for our for on Cory. question. Murdo.

mild-to-moderate Just curious impact about the expected of Tesla's label expansion.

that profile immediate an just XX% a XXXX geographic then underscores expansion the a trend And world of uptake which to will if just curious in secondly, And has that expect more total for product. is we key of be rest this the going for been around little continue. there, growth something should sales just Specifically, or gradual? strategy

Murdo Gordon

rheumatology. a the And with evolve how in obviously a would certain our good that to make to it both of about Yes. immunology had acquired product and portfolio thought strength Thank dermatology When in really and you, be Gavin. we our Otezla, with would assumptions adds ownership. I set we

you perfect setting, mild-to-moderate of And convenience to efficacy oral strength demonstrating product even efficacy is in been this of the given Amgen. and to in product, pleased for the say We've safety its successful product. the the the safety with product's a the patient the so given which well have that highlight far brings I'm more demonstrated dosing, I spot as sweet and

had for very just also product decision definitely Company. strategic on a important fit make product Otezla, the very us, which the a helps patent of the growth We perfect. And a recently for for is the

mild-to-moderate of promoted the in we've QX, And markedly has it rheumatology Otezla volume didn't Amgen. but we well, ENBREL that the weathered focus continue integrated the a improve legacy but team We've have into plan growth we pandemic on the last We are we've for got and dermatology. seen in sustained and part the being both QX. launch. when did and obviously, into and most now team well-prepared transaction We fully Celgene

We are the from anticipating a decision soon that FDA. on

we expect have And in We footprint ability the trained, approval. to we in increased have the of an effectively. and available, have execute to the we dermatology resources teams anticipation very

biologics million very the That's large us profile the versus a about the X.X of a a payer also area We larger have and those difficult we're very, patients areas very we and subset. here to mild-to-moderate treat of think product of patients. point strong It's targeting position patients, a population. that the but very, treat specific very these or with opportunity, these think strong topical. have the product, targeting patient surface body price we that puts to in coverage majority We're that

with we that I somewhat area competition PsA bond process add I from expect overall thing our in would and concerns our benefit that safety to efficacy. the think of and more versus are now, of the And well the currently frankly, right Otezla might the other safety The the the in psoriasis, but JAKs I FDA. quite being guess for that's so perception future of filed helping

Operator

the from of Barclays. Gould comes with Your question Carter line next

Carter Gould

think the straight planned of to they the partner Phase III that the good III. evening. you'll that, strategy I expectation it guess for of doing ask work line designation, for a that Thanks some when EOE, I [Indiscernible] Phase biopharma. how wanted increasingly about your the it's around question. attractiveness to caught change tezepelumab taking up you. bit, alongside And larger the Should about Maybe Great, given Thank that the to a be versus talked disclosed and orphan II extension you little EOE attention Phase move here?

David Reese

diagnosed number we forward is increasingly a previous with Thanks, field given on biomarker carrying makes Reflux X decade, given some we've Carter. mechanism and based of with X it's or diagnosed seen to a Eosinophil [Indiscernible], the studies in on who tissue. this data action been now esophagitis what Patients lot of of now target in of over as that are acquisition tissue are called recognized with This those off the depletion would've eosinophil of based Phase condition. is the Tezepelumab, have have EOE, heartburn our partners, our Phase generated. in and like asthma, an fair why typically the that into sense, we in

So across I think that. here the supports the evidence that molecule package

Arvind Sood

don't we Erica, [Indiscernible] more take as why getting of close to the one Bob concluding question after we're ask top comments. to the make hour, some

Operator

Your final question comes from Guggenheim. the Michael Schmidt with of line

Kelcy

on approval other maybe Hey, maybe setting question. the of Michael. to is lung the or you way for our your latest thoughts cancer? path opportunity in the kind when thanks have for for Kelcy you. this a I forward Thank just taking clear expect of around kind FDA. potential accelerated you from one Could discuss And might front-line

David Reese

first-line required. generally The question. the setting, randomized the in has been data that FDA clear are for Thanks Jim

data, with general trials in randomized line we'll we if phase appropriate the discussions trial those we not results, II data significant patients we that expectation where front regulators. saw We inhibitors available, Of is are, course, expect cancer. negative conducting as or interesting in a with and/or effective. checkpoint I X, indicated, particularly have are low think tumors I But would the lung When have barring STKXX PD-LX

Kelcy

Thank you.

Bob Bradway

starting [Indiscernible] the indicated trial of and we thank have our for look all to quarter. Let a be by programs, and report New the Again, joining then. for as new expect we for of obviously Phase in for the to III and a of label the between Year to on fourth opportunity followed the we we having now number with We me forward happening expanded meet when -- launch call call. Tezepelumab, exciting again of you lot beginnings label things Otezla you on you

you So, Again, forward Year. thanks a support. to time for with in us, for exciting the look your New gathering

Arvind Sood

everybody. Thanks, Great.

Operator

Amgen's call. XXXX this financial third conference results concludes And quarter

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