Earnings call transcript Q1 2023

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Operator

My name is Julianne and I'll be your conference facilitator today for Amgen's First Quarter Full Year 2023 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.

Sood.

begin. now may You

Arvind Sood

Good our and quarter results Julianne. call of to to discuss for afternoon, you, welcome everyone, our XXXX. Thank the first

nicely hear the volume improved the These key unit growth you're sets of the Strong going that to that are some outlook today. of balance stage for themes the about year. up for

leadership review Chairman team. members remarks, followed prepared and with call some other CEO, Our by a Bob of broader the of performance Bradway, our will lead our by

received today, You our and that some have reminder to to should a course actual a slides just measures statements that we materially. link the describe results Through of forward-looking and vary our use financial have we'll posted. non-GAAP our performance discussion make can

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

Bob Bradway

Thank That two we beyond. let Arvind, our XX% the I'll thank begin you to year thinking when of in calling delivered remainder keeping and the volume call. of about and all illustrates the for the your points quarter. attention worth joining by in mind growth you, Okay. me first

the in on impact of front First, the turned have on system. health terms overall care its the on seem the page finally COVID pandemic to

routines prescription and year-over-year doctor example, diagnoses we've pre-pandemic specialties that's US, in visits the cardiology appropriate across For seen once enabling treatments. and news it with growth returning suggests their are to most because including again good and oncology, that patients

well bodes that something portfolio medicines. obviously our It's of for

driven growth of record XX% sales XX% KYPROLIS, challenges. example, delivered Second, medicines respectively. the resilient XX%, BLINCYTO Repatha, quarter, we're is macroeconomic the EVENITY despite that , by XX%, for in seeing current and and for strong the all volumes extremely in demand

these either, growth. over to volume many and a We patients medicines more reach the driven rather others time for potential growth phenomenon substantially our and as don't see long-term our in to this see portfolio as we quarter single this contribute

a for so at recommended high cardiovascular for period believe do upside time. insufficient risk reach We brief tremendous there's time Take patients only when still a opportunity Repatha or Repatha. their levels of never most LDL

health respectively. we public the players we can global quarter-over-quarter proven in of proven to system with we've have disease and part that be all The an TEZSPIRE demands that newest drive achieved a our solution. and growth TAVNEOS change, work Repatha, know the innovation US Two the essential in crisis and and volume of XX% together medicines, heart XX% of

patients of by ownership and pre-filled deep has and to patients who TEZSPIRE approved are enjoyed rheumatology in TAVNEOS, medicine US adoption us bring can it. our for we first-in-class enable and to that a self-administration. A quarters recently many this few recently our the pen in nephrology the from will more convinced gives pulmonologists benefit experience both allergists excuse option me, strong approved, into

like Repatha US, XX% patients the the China, generated more growth, in quarter. with than volume and of serve region and volumes number Outside ageing as world's particular, medicines we in nations two nearly rapidly expand grew the the we Japan most Asia-Pacific of In in the Prolia. we XX%

inflammation Amgen's XX% including medicines, are new the in That the investment in disease, R&D making Olpasiran cancer. reflects quarter. heart enabling potential first-in-class for was tarlatamab in Rocatinlimab growth up several bemarituzumab trials investments registration in and in we and

effect large are quintessentially much needed. new for medicines are of very four Amgen. molecules which sizes diseases against these treatments serious Innovative All that deliver

indications We of are new as pursuing BLINCYTO significant a TEZSPIRE, LUMAKRAS and number well. for

our the from mainly pipeline, to several in half the data readouts of second forward year. look We

the take position we technology continue of biology happening the invest a us see and past that We that early set heavily to research well of rapid over to in differentiated of today. we've built advantage where convergence capabilities decade

learning we've labs already yielded in ChatGPT, at giving have applied marvels world for development, time the us biologics and beyond dry proof and some when rates initial when capabilities machine time our to lab deploying research that, intelligence success a At reduced expectations. been our now, times artificial cycle

pipeline. time our of similar biologic to bring indeed announced the global we've the to capabilities innovation. remain Horizon's for Horizon and portfolio an become on to with bear more medicines optimistic we've and spent the presence first-in-class of about team We acquisition This our the excited TAVNEOS, exciting more at potential with Horizon, Amgen's is innovative time and its experience about

that their It's innovate I'm medicines commitment time us around the proven an the Amgen, and and been for At my to at to exciting ability world the grateful the all to to world. our business. is demand for never resilient to has patients growing around of time innovative Always, Amgen our be same for and greater. colleagues

Now, to let Murdo. me turn over it

Murdo Gordon

Bob. and strong medicine Thanks, our our volume saw globally. growth across patients brands. We XXXX to gains with first off of execution for strong innovative general kicked to brands hematology ten bring We the in with of millions quarter mission products oncology sales record

inflammation announced Horizon our and the and XX% important of Our and medicines growth and portfolio. growth quarter Volume Therapeutics area in the was US in growth the US our acquisition of TAVNEOS expanded soon XX% launch will therapeutic AMGEVITA TEZSPIRE US. to outside XX%, growth with of the with several first the add

XX% be volume quarter. growth fastest growing to with Asia-Pacific in continues our region the

the first sales exchange product grew quarter negative X% year-over-year. impact impact. X% sales foreign increased including X%, of exchange the foreign Excluding Product global

XX% attack has know is revenue for heart In includes risk these we factor Prolia, major first crisis. growing the a and Starting disease LDLC growth. attack for by the is stroke. or and someone Aimovig. a business, heart public seconds volume which XX% driven US Repatha, with every quarter, general products EVENITY XX our grew a four medicine health year-over-year in Overall, Cardiovascular

is risk state of shockingly However, ASCVD elevated cholesterol patients poor. the care LDL for high with

LDL reached However, we analysis of risk them FH levels. recommended fewer released recently of world million real their high that have Americans the XX% foundation XX from a showing than ever

address more of patients an from pleased growth increase in of and the first more volume benefiting therapies the now and and XX%. emphasize with are importance the to statistics we're medical Repatha sales These quarter to like in that leading Repatha need XX% of significant

erosion providers. by we the also quarter Outside strong cardiovascular crisis. of driven by adoption volume first done was clearly prior less increasing primary saw broad more In year. growth be of to to XX% international care There's than cardiologists the US, by our slowed health business. growth and XX% across the Repatha Price address this with and US, work adoption momentum in volume declined

and to to improve This the intensifying care of on identifying convened LDLC, the of goal. the focus solutions state we cardiovascular first Action annual risk American March in delivering cardiovascular leading at to College LDLC the US By by Summit patients. strategies address of highest Cardiology, together among on ever management ASCVD come in lipid lowering bold with Amgen stakeholders the have a a unite care coalition the

US. ambition have in cardiovascular of the is to By number events the our XXXX,

are We year-over-year that Repatha quarter, role the driven an health. by X% in first Transitioning confident sales growth. ambition. important grew volume will achieving X% this bone for play Prolia to

which volume record driven in had by EVENITY, for complements quarter, markets. Prolia across million our bond strong the $XXX sales growth portfolio primarily of

lower portfolio. quarter. inventory Sales and Now OTEZLA the volume by XX% in X% driven payer patient year-over-year, decreased to from declines increased mix. resulting levels inflammation and price our

and the XXXX. new been launched programs impacted topical these demand were expect competitors for be rebates Growth by to to has will quality our newly improve business provided programs of free systemic and we coverage. continue impacted also OTEZLA throughout drug Additional by patient of US

systemic prior requirements Longer Strong term, broad we with by therapy see authorization payer can more million its with the treatment coverage from well OTEZLA a oral strong milder and and topical safety given be and is than limited administration. benefit for indication remains of a positioned US profile. potential growth OTEZLA established help systemic addressed to with and OTEZLA. approved the a efficacy patients only systemic optimally cannot that like psoriasis X.X naive ease

to and in volumes sales supported years prior declines by unfavorable the quarter, Enbrel changes XX% related compared levels important to previous Several to deductions X% driven on decreased price, year-over-year, US lower selling reflecting X% coverage. quarter. Enbrel consider the in improved payer of sales inventory Global a in factors increased to performance when periods. by in estimated impact net the

growth low-single levels. well by and with The first a volume by quarter, $XX inventory recovery Going in progressing is in throughout pulmonologists. in and million driven net launch strong forward, US in declines TEZSPIRE selling the year-over-year gradual lower price expect in the XXXX we adoption digit sales allergists

worldwide biomarker limitations. profile differentiated severe, unique offers asthma any million TEZSPIRE's potential and broad uncontrolled phenotypic treat the X.X without to patients with

at and the which pen, use patients in administer quarter, Food TEZSPIRE the option to a prefilled US home. self-administration convenient for the Drug Administration During first single offers TEZSPIRE approved

first confirming XXXX Amgen's an has ANCA bring the the US allows the in In treatment treatment. patients, of substantial vasculitis. to new This million by in inflammation quarter-over-quarter, TAVNEOS patients in our for Sales improves in provides over now belief prescribed TAVNEOS $XX flexibility associated patients that XX% presence to US deep with patients accessibility in TAVNEOS driven options nephrology been market and and and United States. us experience more to volumes grew were more all starting increase quarter.

by In the X awareness AMGEVITA living biosimilar fulfilled first prescriptions by medicine rheumatologists. gastroenterologists of patients the saw we're million more US encouraged with and inflammatory being first patients the this quarter, AMGEVITA to and serious first quarter than We launched HUMIRA, to diseases. a as used the high among

in experience this Amgen and record of uniquely inflammation, with track patients medicine. equipped and of is decades biosimilar manufacturing our With to developing biologics

quarter Looking be US the AMGEVITA than first of in is QX our inventory build. sales stemmed lower AMGEVITA sales ahead, to QX we from US expect majority the sales in a

includes products and BLINCYTO quarterly the KYPROLIS for which with hematology Moving XX% LUMAKRAS, Sales quarter, for year-over-year these our Nplate oncology to and innovative six KYPROLIS, Vectibix, record BLINCYTO. achieving business, sales. volume and XGEVA, grew and

across community XXXX. hematology following enabling new the BLINCYTO in by supported EXXXX clinical in of presented from data the and study registration and XX% data. positive by supported grew Growth our strong business important academic sales first adoption December in was quarter, oncology centers,

data Vectibix increased superiority year-over-year chemotherapy. Phase by in driven trial with paradigm XX% over sales the the by for supported growth demonstrating first positive from Vectibix combination bevacizumab X XX% quarter, volume of the

year-over-year, its growth lower growth sales continued quarter strong with partially XX% million XX% offset volume price. in the XX% in by increase KYPROLIS volume first in driven reported by driven XX% selling LUMAKRAS $XX by and net quarter growth. a the trajectory

in price. launching been the our of reimbursement quarter, oncology actively net in and selling declined over has by in the countries countries. year-over-year XX first LUMAKRAS lower US, the we're Sales XX% remaining pursuing Outside biosimilars driven and markets XX in approved

While our the leading biosimilars hold MVASI KANJINTI for US. both and shares in

We and by additional and molecules declines driven launches. accelerating our in we increased driven competition. by to growth expect of business net biosimilars volume Over new long-term price be time continued expect addition selling deterioration the

well as of recent Given clinical LUMAKRAS positive the this future portfolio on look our I to and portfolio. development strong as of and ongoing pipeline. oncology oncology the forward of performance hematology VECTIBI our data potential BLINCYTO and the growth and

our XXXX, we As close with our first the in this internationally. of both I'm out across portfolio strong execution US quarter and pleased

with it And turn that, Dave. to I'll

David Reese

afternoon, Thanks, good Murdo, everyone. and

we multiple execution. registration For with advanced R&D, franchise quality high our enabling last medicine, cardiovascular molecules In studies quarter a one pipeline portfolio clinical general our obesity execution progressed we was of on in of track. innovative emerging with as focus on

Let's demonstrating study individuals Olpasiran. In than levels that disease outcome atherosclerotic in in of presented data Olpasiran X levels additional with baseline disease nanomoles irrespective Lp(a) XXX per and start reduced markedly enrolling March, liter. we Lp(a) greater cardiovascular concentration cardiovascular is with Phase atherosclerotic well.

Black collaboration in study Cardiologists in initiated atherosclerotic Medicine. also study the We Lp(a) heart individuals. with and association and of between the measure of the This XXXX Morehouse disease cardiovascular African-American African-American will Association School the

but European show of individuals, conducted white a average concentration research Lp(a) been in descent. Lp(a) than date higher primarily those has to African-Americans

We gap. are Heart to the collaborating on bridge Study this African-American

Turning AMGXXXin to without enrolling obesity, study obesity we X a with diabetes Phase and are patients with related rapidly comorbidities. or of

enrolling with investigate Phase XXX, of targeting different AMG will patients. small overall weight that regimens X pathways optionality goal obesity X study in and molecule loss. of deliver will program that data broad generating The will the trial A a dosing non-incretin is provide Phase to design a sustainable levels strong,

including mechanisms esophagitis. are of or action X In polyps are separate towards and advancing also in Multiple investigating Phase all with beyond severe indications additional with preclinical than multiple clinic. we studies molecules, therapies inflammation asthma, TEZSPIRE, GIPR based chronic nasal with different GLP-X eosinophilic rhinosinusitis the

The Phase two in one The other line chronic complete is is urticaria fully top the recruited patients anticipated broad patients, COPD in COPD. low has and X also data study counts. We a with mid-XXXX. CSU in trial and eosinophil with spontaneous population COPD both of and have high studies, including enrolled

the being that TSLP study involved exacerbations first-in-class to look moderate patients. XXXX. including severe half We is the atopic COPD inflammatory of first TSLP antibody of be this patients monoclonal a that and in in severe dermatitis. by may investigated driver forward in suggests the of evidence disorders, Emerging readout to potentially chronic experienced anti-OXXX COPD with Rocatinlimab key

to a the naive, of suite a including testing ROCKET X will is population and off groups the also a patients JAK program is efficacy studies monthly strong Recruitment on that biologic This Phase with dosing or and atopic establish including dermatitis, safety adolescents regimens, clinical and biologic start diverse of program. dosing. potential development or less in frequent ethnic seven different for broad experienced,

meaningful of results a were and encouraged TEPEZZA. significant We Horizon X report see top line clinically on to the trial clinical statistically from Phase

regardless disease score label As of treatment indicated states or the activity duration. clinical eye thyroid revised TEPEZZA is FDA disease for of

area cost that remains for field. to our in as were a enabled one systemic generate lupus data utilize adaptive more designs, development, These we these us effectively. futility. studies advance be area data drug for studies rozibafusp of SLE of in efavaleukin erythematosus us decision alfa sets to explore quickly, the will an challenging stopped for and and which alfa knowledge Phase further novel making Xb focus

survival the In XXXX to half efforts further In we Horizon in planned to global our inflammatory addition our B-cell second trial versus of standard ACRIN care of address oncology. significantly ECOG look upon are a in patients diagnosed chemotherapy disease. Phase the close newly incorporating EXXXX, overall adult care with demonstrating that led deal organic to pipeline, of to to forward for increased submissions regulatory enhance ALL. three molecules consolidation, negative the standard Cooperative addition Group, BLINCYTO MRD of by

chemotherapy into move to of treatment initiated Beyond standard lines molecule line administration. patient Phase study X with DLLX a lung of this through small BiTE convenience study, this BLINCYTO and targeting second tarlatamab, investing cancer month. to in comparing care we DeLLphi-XXX, are earlier be cell subcutaneous will improve

line top second lung heavily half the data and registrational We'll XXXX, Phase cell milestone patients small pretreated tarlatamab have from cancer. lung for with cell study in of small potentially patients with X of a cancer potential

As we with are you exploring combinations LUMAKRAS. aware, are novel

chemotherapy lung cancer third non-small with negative study with plan Phase in first line line half X enrolled of in LUMAKRAS study LUMAKRAS of the cancer combination anticipated readout XXXX. Phase to We second of Vectibix X colorectal data is patients. in a fully PDL-X and in initiate cell in

chemotherapy LUMAKRAS data At with care, in cancer will be of Vectibix and chemotherapy cancer. standard presented studies cell combination with and of of ASCO, from colorectal lung care non-small combination and in in standard

the also of We X code XXX Medicines dose EMA. LUMAKRAS and Phase break the to Substudy submission US data comparison or to from the completed with European FDA Agency along the data

XXX, AMG named targeting steep For a now one Xaluritamig. bispecific

first pleased half to biosimilars announce European to Commission and patients open cancer. cohorts in the We are marketing in the have To approved BEKEMV BEKEMV determined or doses data prostate and monotherapy disorder. the paroxysmal threatening EC adults we to to target our the second look with a for We our forward expansion treatment only by SOLIRIS advanced nocturnal growing to is portfolio, biosimilar with and is of for bone life initial sharing PNH, authorization of the add rare XXXX. approved that granted hemoglobinuria SOLIRIS. marrow biosimilar children

the product. US the submitted also have license to for this FDA Biologics application We

to concentration US in primary an of its formulation support endpoints. study the switching Additionally, endpoint the X met an similarity primary investigational using for high Phase interchangeability AMGEVITA pharmacokinetics designation of

relentless as meet would we to the world needs In thank around work we focus to patients for conclusion, the execution of the staff on serve. I their like Amgen hard

turn things over I'll Peter. to now

Peter Griffith

track and our remain against XXXX on year Dave. TEZSPIRE Thank BLINCYTO, deliver to driven term volume with pleased We're Repatha, longer and full products strong XX% our and including of by number objectives again TAVNEOS. growth a execution EVENITY, you, across

advance the we late of work complete to June. end and While the our pipeline of by stage acquisition Horizon

quarter XXXX results I'll our growth. our invest guidance. review discussing We long-term for continue first to before

outlook adjustments without for announced a reminder, As Amgen a Horizon reflect standalone results basis acquisition. on and any these the

of Turning deck. on revenue billion financial slide which year-over-year. to declined X% quarter at results, XX Total our slide shown the are first $X.X

exchange excluding and X% foreign impact the X% currency first However, versus sales were product unchanged negative rates, the of revenues quarter of increased total XXXX.

due from in four to expected was an percentage sharing revenue difference and our COVID-XX lower point decrease to with due The cost Lilly. other profit collaboration

increased First quarter benefit are a sales co-pay year quarter the product seasonally percentage as insurance re-verification the lowest and full to of changes, plan due expenses.

driven unfavorable by volume estimated offset and sales impact sales rates X% inventory levels price, quarter, increased growth, selling deductions, partially In year-over-year, X% by product to the X% of lower X% our X% mentioned. FX changes XX% net lower previously first

non-GAAP and stage quarter product spend in and X% year-over-year, program driven development. increased quarter and Discovery spending early support. later XX% the Non-GAAP increased pipeline year-over-year, research expenses First in higher operating by marketed total research investments with R&D and support.

a Non-GAAP as mix on profit due basis changes higher year-over-year increased of share to product sales primarily a points expense. and to percent percentage in product cost of XX.X%, sales X.X

Now, recall X% portion of that the first in year-over-year. with expenses residual increased in to million excise tax. inventory quarter of quarter in the quarter. the cost Rico of by $XXX first second That Non-GAAP was sales impact G&A impacted previously the a the Puerto was expected capitalized

recall the of income related to to OI&E key productivity. XXX on digitalization on of our statement. income and in benefited with Beijing GAAP investments, approximately driving and impact prioritizing from mark-to-market investment We higher the we gains Also debt focus our continue portion of now Non-GAAP million interest a our from included repurchase deleveraging portfolio.

quarter, first about pre-tax a billion. $X.X gain of In resulted GAAP the this only in

XX.X%, Puerto excise to tax income well due XXXX points increased interest change tax that primarily increased as an our XXXX expected, expense non-GAAP in existing beginning with tax law on as the our percentage the tax tax reserves. Rico As first quarter replaced rate X.X to

We committed our priorities. to capital are allocation

innovation continue we internal in and growth. our First, our drive investments that external long-term

in 'XX, and and globally. non-GAAP TAVNEOS 'XX Horizon and coupled best-in-class Our XX% Therapeutics will deliver over with increased of portfolio more of QX our further strengthen spending QX therapeutics first-in-class acquisition broaden our and of to acquisition patients announced R&D our of to

Second, art business driven in simultaneous expenditures in North continue to further of of are near growth. investing state construction peak Ohio and long-term the we Carolina. facilities levels, at our manufacturing Capital our by

completion the Ohio XXXX expect decline our annual licensing to starting our We expenditures capital of with in and plant.

third, And cash share the in dividends higher to and first rebates and four in was This per of Carolina paid quarters. increase quarter and as our the building incentives, XXXX $X.XX over by return of flow Ohio. to for capital a the that driven the we quarter. lower continue shareholders facilities pay of we capital represented each income the XX% lower Free in from expenditures operating North timing sales out of state-of-the-art

full We remainder XX%. roughly of year includes outlook margin of expect XXXX year operating strong flow our consistent cash financial the for with that a the non-GAAP

accounting treatment previously expected We growth as certain in deal quarter. our our of of expect well second QX the impact our in to costs closing an may in the items estimated acquisition and the financing to flow first due Horizon flow be quarter, free Horizon sequential announced although that restructuring expected the from and acquisition were all in the as free cash there cash

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

projections. any business the currently and Horizon guidance include does standalone is not provided Our Amgen on

previous $XX.X raising guidance. We versus We're billion billion of revenue to billion $XX.X raising guidance $XX.X XXXX are $XX.X to our billion. to XXXX our guidance

Bob and medicines Murdo our to and overall confidence our for underlying mentioned. conditions reflects improving the business market patients that access This our in the

share. also $XX.XX $XX.XX XXXX per $XX.XX $XX.XX share guidance non-GAAP previous raising guidance of to EPS are our to to per We versus

remainder 'XX. me as the mention of considerations a important few you model Let more

consistent the volume For a and first we growth with product at project portfolio sales, quarter. solid level

We price now million. and expect year XXX mid-single and We year sales portfolio digit decline of KANJINT MVASI approximately full million our for Neulasta combined approximately XXXX. a $XXX in project sales of full

operating We about expenses by year. year last to increase anticipate non-GAAP X% full over

expect a also a as to of quarter And We roughly operating be margin and of operating percentage margin sales sales XX%. of expect to be second product percent cost expect sales roughly and the be as XX% XX% our product XXXX also between we XX%. to

to decrease to of related Non-GAAP R&D expenses over Non-GAAP year ongoing estimated digitalization, year. increase X.X reflecting anticipate to be continuous the slightly repurchases our sales a to X.X percentage to and billion year-over-year, mentioned. productivity driven quarter of to unchanged in spend improvement and imperatives. product XXXX range deleveraging We the X% by to in X% is first OI&E I billion, the non-GAAP debt remain

the the the year's expense to remainder over split R&D three quarters. With evenly remaining be of

XX% meaningfully to rate expect XX%. to plan our We non-GAAP tax to increase We a dividend. of continue

million We repurchases $XXX continue share to expect in XXXX. to exceed not

remains Our unchanged million XXXX. approximately at capital XXX in guidance expenditure

strong Horizon. is to Our announced Amgen completing confidence for outlook the long-term and forward the our long-term We and acquisition growth. look of

appropriate We to the provide turn the as over all to That colleagues world our as future behalf patients. our Many concludes for patients I'll thanks guidance expect it on the update. over and to closes. plus transaction day updated XX,XXX Q&A. financial our Bob after always dedicated of executing each

Bob Bradway

get if has Okay. Julianne, could callers one you, for their a best know to to a process our so Peter. for of hold ask us. asking do each All remind already, to and had I who questions everybody them question. day our long right, to Thank one they've the you

Operator

go [Operator from Sachs. Salveen Richter Instructions] Goldman from question Our ahead. first comes Please

open. is line Your

Salveen Richter

my Thanks afternoon. Good question. taking for

comment For data X the highlighted the just TEZSPIRE you. the clinical given confidence Thank could and have the indications sets where next program on expecting year we're you you've broad year, you Phase in. and most this

Bob Bradway

Reese, over to you.

David Reese

Salveen. thanks, Yeah,

that underlay the behind those indications indications. urticarial mechanism eosinophilic some we're given that pursuing have part an in Chronic inhibition the is disease driven eosinophilic of pursuing as is thinking the mechanistic esophagitis. All T-cell basis. And of spontaneous

lavage briefly These mucosa. elevated in pollutants accumulating with showing smoke TSLP from COPD such infection, fluid that bronchoalveolar as the epithelium. patients are can from data -- triggers another TSLP particles mentioned viral and levels bronchial I've trigger as in example, is sputum, there that bronchial in COPD, consistent As are evidence release with

I is as enrolled. that mentioned trial fully so And

readout, in given wants data of of one a in patients the see year. duration therapy expect next these to the first that half We

mechanistic So clinical data and in really I think basis. waiting mode We're there's now readouts. good trial execution

Operator

Thank you, Salveen.

Our next Please from Michael from question comes ahead. Yee go Jefferies.

line open. is Your

Michael Yee

you. Thank

Following for David. on the pipeline maybe

you it's people obviously XXX enrolling just data treating think you Can what's and AMG interesting And are had AMG obesity now. in emphasizing I is XXX. talk you bit obesity? be given about angle about synergistic? little things why of you'd Thank excited that in an that with be there about, Is you. going that? to excited on think all that I Is the now a

David Reese

you is I If just end is in at said patients here, millions Mike, that's now what the you there are of everything think hundreds in what of globally. on the of second you think there terms step very a of know, magnitude we the for important, problem know, going and obesity. about back

never doing in world XXst century obesity that an an experiment done by crisis. are has We the creating the

but that. we disorder. buried subsets a heterogeneous call There Now obesity within undoubtedly a single are it complex, disease, patient is clearly

rooted human from well, And therapies. of benefit may environment. and different a our now in disorder know, function that's you This patients evolution different an is is

the And so XXX of our fact a molecules behind volume for very large the intends that on really both that follow program patients. to capitalize development there's will and for

disorder. heterogeneous It's a

multi-omic employ who subsets have know, this we, those you in for I is field a these profiling, help benefit infancy patient from using, chance know, will specific development programs. we in therapies database aggressively industry our you example, which a is to what of think intend are and leading to and its define that

a just I'll with That action. a conclude and XXX, of on AMG based mentioned mechanism non-incretin You is comment that.

very of think as is drug well And an that and area that will us fertile pre-clinically right for I a now. development be focus also it's

this early the health It's is for but of the So big thanks public of think that century. days, question. challenges current one the we

Operator

Michael. you, Thank

Umer Our question from Please go ISI. comes next Raffat Evercore from ahead.

open. is line Your

Umer Raffat

about Hi, taking numbers I'm guys. I'm my at. confused the for today little question. looking some of a Thanks

Abbvie's I for biosimilar. Humira So, well, example, went know, mean, you

You XX% guys are it reported ones launched AbbVie they're year-over-year. and the that down

magnitude Enbrel little year-over-year, that to biosimilar. so think the bit is is more more come And go I speaks I So OTEZLA, think like that the XX% of seem on than on happening. XX% channel The that about understand example, inventory love clarity issues don't sounds to company of three significant. you. down. Thank almost weeks' any drop how weeks, some of there. we'd think I so what in they worth which total being the down get of Enbrel And quite are reported, inventory drop guess work a did I about XX% and I three for the usually

Murdo Gordon

Umer. thanks, Yeah,

some You're on pattern. to of the fact

just of specifically. me go kind Let the elements of through Enbrel

we were in in quarter. the volume up off, First X%

quite in volume of additional year. So quality demand Enbrel good indicators that's benefit starting performance market, of in And leading function the look formulary product execution an win all good. the January the of a pharmacy strong for and the

So we throughout would expect continued low-single digit volume growth the course XXXX. of

The product. quality substantial. high pretty leading the volume is the that's of kind of inventory performance of component the So indicators

highlight, it specialty a levels as as you well wholesaler being of pharmacy. inventory down both is As function

to year. down of And we also through course I there the inventory was increase We levels fact would think it's a those partly levels the normal and of the return did throughout pretty to work a that have expect function volume quarter. inventory the significant

other unfavorable And an like Medicaid, ups piece prior prior period. things in, an the last some then as related adjustment price state out-of-period about as is of a of to from adjustment, And well true adjustments function Enbrel coming X% that's of period.

win. then to Enbrel to concession inventory as the being good, formulary in other a get little again, events and bit the year, are course improve of leading year quarter that are for prior the for But likely overall, digit low-single well adjustment. of the two the indicators price anticipated period volume the So over

Peter Griffith

that that's sales deduction quickly prior just adjustment. in jump to Maybe, an Murdo, estimated tax adjustment, mean, sales period I

Murdo Gordon

Thank you, Peter.

Peter Griffith

for just year-over-year clarify price as we're to erosion that and on too. Murdo said, So a that looking slowing

trends in favor got some here. So our we we've think

Murdo Gordon

period that Yeah, prior there for big that piece also that's PHS the given is program a running and of patients. we're PHS

We lower well. the to the course a as be year expect throughout of impact that

Operator

you, Umer. Thank

from from comes question next go ahead. Raymond Please Piper Our Sandler. Chris

open. is line Your

Chris Raymond

committed I'm might that of still launches. fairly other I specific business. you SOLIRIS, inventory give sure thanks. have of for in you here about strategically, not guys biosimilar Amgevita, EYLEA, given of revenue kind Hey, the the but like that been correctly I then not, STELARA to quarterly described. from on other biosimilar launches, or this expectations seem the guys given happening outlook especially sounds year, guys it know comments, more tempered frontloaded And space. don't Amgevita given the heard I have maybe think with pretty the with be the a talk that maybe bunch question But you Murdo's just I you granularity. a launches this have just rest business build

Just maybe a these expectations. similar talk maybe tempering won't of Thanks. why about see

Murdo Gordon

Chris. of Yes. Thanks QX from specifically, for lot primarily buy-in On the was revenue question, what IDNs. that would call a we Amgevita

buy-in been it's actual so prescription that how us see up hard fill. And much to for of has used in

could conservative So lower the that that based and be is our majority is than of QX estimate that that. buy-in revenues QX on

So for that's our estimate Amgevita.

launch patient. and patient building physician early very by physician in we're by the here. We're Obviously, demand

IQVIAs they world. some not necessarily that And data share don't to because of is the pull-through visible IDN of us with the

that's So Amgevita.

developing in But extremely we Amgen. at been successful overall, biosimilars have

to with do molecules We what able that or first are by successful developing we've either so launches. very are pleased wave been first far

on being plan wave products to continue we're We that first in biosimilar or targeting. first the

manufacturing We have the thanks chain the supply, work colleagues world. of to supply able around and continuously hard our to been

end 'XX strongly but providers, feel we think customers, comes to lot it XXXX we least, the double our that be biosimilars Xx will I manufacture. trust there's in not able Amgen last continue to both deliver a brand in our than on so approach business, sales when When the and to that the revenues. decade we of more biosimilars payers do the we institutional of by our Certainly,

that biosimilars. we to And by think we'll both of medical but medical and launch pharmacy the to do continuing be benefit biosimilars, majority is growth by going that driven benefit benefit

our deliver care it very forward. to people business, So value part to move still and a the that important continue system as health work on the of we

Bob Bradway

on generating look we're an this The our I'd efficiently, earning at that business, that, attractive running when is this that the cash and business add thing only we're we're think Chris, shareholders. to we we return for very

we think order again, to of in those And with continue And the biosimilars, in with launch BEKEMV we in succeed you can return the execute plan again, continue effectively. us the for to do and see our to progress would Amgevita, we reiterate, to attractive earning as shareholders, some quarter of to in we're for need biosimilars. do we an I what commitments. So

Operator

Thank you, Chris.

comes next from ahead. Our Mohit go question Please from Wells Fargo. Bansal

Your open. line is

Mohit Bansal

question. much you Thank And question also for related Great. to my my biosimilar. is very taking

here? be Humira, look the comments about and next do far suggest it would you also that slow that that your advantage not is losing Amgevita ticking to Given are -- for do this a demand mean up so way on rather you Because quarter more be first the may doesn't think here, side it just launch more is parity? cutting a than be there could like Or year a parity preferred be mover next not it could it formally yet. seems of

Murdo Gordon

Mohit. question, the for Yes. Thanks

That's particularly think definitely channel. first where mover, of advantage be. I with we've the will of initial lot the taken a uptake IDN really the

biosimilar that Amgevita. medical in there base I both rheumatology Humira and the to that deployed are cover teams biosimilars out other and here customer having building differentiated think demand versus have right the manufacturers gastroenterology now in that and we effectively sales awareness quite we're also do for

pull we've that that Amgevita. to we parity across the access large in are say of three I that would a given got PBMs, through position be able good very lot Lastly, to

gradual be this would have in still build time this of I that product. wisely to think able saying use the for we to that think competition demand. been that ahead we we we were uptake And have clear a

Operator

Mohit. you, Thank

Jay ahead. Oppenheimer. go comes Olson from Our Please from question next

open. is line Your

Jay Olson

you. evolve how TYKX questions. about expect TYKX for and mostly OTEZLA taking you And how -- pricing the drugs right expect to evolve dynamics the for the pricing especially Curious following now. paid of in to sort do of you over the context of customers? Thank Thanks to transition course X OTEZLA the year,

Murdo Gordon

Jay. you, Thank Yes.

actually we're on the beginning is the year have D at I coming plan We add Optum with Part coverage of very additional the broad with coverage online. pleased think good access we we coverage. Otezla, United have did what

being year. access we've to got bit beyond maintain to able for little that in the But to XXXX. a forward we good do there's of concession look that, and so that in And stable XXXX, price

So I decrement price. don't see on more

negative saw think and should beyond. effects you price QX QX we bit a -- the In in price abate in fact, little will

market is So patient topical that's agent. systemic you probably thing coming in interesting their that that's little XX% a that get softness overall a program very new from stable. mentioned OTEZLA our about our first have competitors The think disruption We demand. that, patient of one the free right new receiving bit goods of in patients I out causing there. the do of systemic growth bit now naive a as that's

programs and way a growth that to I be easy I agent. a for those the impact. seeing. different that I think And that that, when of a we're market to will new used once be is think contract that's for novel free likely some XX% sometimes free in you that's patient good try taking very do have prescriber competitors market, access, think to goods that their a away

Operator

Jay. you, Thank

Our from from Colin Please question UBS. next ahead. go Bristow comes

open. line is Your

Colin Bristow

Hey, the and afternoon, good quarter. on congrats

this for one change just So thoughts Mirati? the you. wondered, -- TEPEZZA this of We've you pricing the kind your LUMAKRAS. on opportunity? sort now competition got any I Thank net and And versus was then of much give your quarter chronic in from the weakness us How the view could way does size quick one a data. housekeeping on of the commercial of on Murdo.

Murdo Gordon

important take has journey it's for Horizon eye performance way as if on enrollment is the patient start the actually demand to pattern which disease track The patient initial Thanks, be disease that team the just patient at will, I would you a on could because a Colin. there a with the analysts in unfamiliar actually call TEPEZZA. on the for because Maybe how TEPEZZA. it are called bearing minute something thyroid on the request, a works. forms, thyroid quite eye And which look few they TEPEZZA

while not It days. way That prior Then XX to against that for in patient take to need process policies then medical through that takes you place. move payers up to enrollment form that can This schedule oncology evenly the first quite administration. can that is where disease, patient's do thyroid relatively more infused distributed like in drug oncologist eye lot there's throughout a concentrated. a in country have it's And its a authorization clinical the infusion.

the for takes be first to it infusion the patient care while of so to to a receive their of right site TEPEZZA. And referred

adds time. So also that

enrollment think indicator is a form, between at, quite through while That So in flat to occur. first look flow that we see leading that important that's case, keep that patient a will enrollment enrollment there's infusion the which for this you in I net while TEPEZZA strengthening forms. in sales. And tracking and patient or, to lag really mind patient demand starting early when form when will either into take

that So would prefacing my be comment.

that, patients can excited, for of a I said, score Now TEPEZZA care my and that besides And announced. executing with clinical we're and were to team about the this category. broader Horizon as trial benefit the chronic a think for truly recently cross-section need really activity the data high-quality chronic how Dave in congratulations highlighting lower showing entire

think I that's fantastic a accomplishment. So

they're just is to over has the providers help and and their think then the simultaneous the expand on label this and of really even to last to U.S. this new product spent of think great product has lot that regulator the a and medical conviction And expanding few that utility the And label I commercial the their the a in take use the nod team Horizon I about which capabilities payers this to months data, to good shape is capabilities. disease. change time of in

our course, being of world other markets excited future in TEPEZZA launch also this growth around we're of quite the the So optimistic about to we about side, we're able close TEPEZZA. And once transaction. from then,

capabilities globally the scale several Amgen's footprint structure the that been we've the and years. have last and the given expanding We over

has we're to grow so that to closely do that over work Horizon to And ready we'll TEPEZZA go. so with time. opportunities And multiple

On quick. a year. the last bit LUMAKRAS, increased inventory in of of see just did quarter fourth little We real

is the actual year-on-year more is say, from demand QX quarter-on-quarter or compare QX. should through. So The about I flat compare, coming inventory pretty that to really

so competitors been despite the And we've in hold nicely able on to quite market.

Operator

Thank you, Colin.

Our ahead question Yaron from Cowen. comes from Please go . next TD Werber

line is open. Your

Brendan Smith

much Hey, guys. Thanks question. on Yaron. is Brendan for taking for This the very

midyear specifically one Just a is maybe the impact positioning bit one, the little do of Our the in a its CSU. here? is where players TEZSPIRE. target, for give understanding you of of of cells this are really another Just on maybe see bit in And CSU? mast sense Can of expectations here follow-up for readout very that key Thanks quick Maybe a course? X in if see relative you us data. gauge maybe the and kind how TSLP a disease much. broader Phase to the understand you trying bar

David Reese

Look, Thanks. enrolled. bringing Yes. the We're data. trial fully is in

in the I to think hand. we're a going few have data within months, set

as outlined I've mechanistically serve data just set. this to one could inhibited, be the think if -- being a I think point, that, upstream disease. TSLP really triggers it's why of I could therapy At the for getting the

Operator

comes Markets. Seigerman ahead. Please go question Capital from from next Evan Our BMO

line Your open. is

Evan Seigerman

Thank accelerate demand you we've are the playing OTEZLA, much that so noted quarters, from kind over could we several that Hi, of On commercial questions. issues Anything my a do can know perspective you maybe year guys. or help drug more out. off from taking growth we have tapers the even kind to seeing? in come growth free we're programs until do really next you. some that Thank Or light of brand? the wait of see to

Murdo Gordon

that the primary to targets X.X of our a as market to obviously pool, dermatologists pool who's not be increased moderate Yes. tend addressable and therapy more frequently are to Evan. actually commercial patients, care promotion the primary milder the quite perspective. severe patient We've physicians today, of it's bit care of in doing a breadth as on million care the patient the include that given from to under Thanks, large We're referred currently patients. topical a much

treat novel bit more footprint and that the in you So seeing And bit of a is higher-end care our patients. we're see where complex we've primary quarter-on-quarter care that's actually agents practices pressure in some Where dermatology little increased a seeing expect kind primary or of little the targets. tried. growth we're pressure to would of being our of

still take will a our direct-to-consumer where areas think that that's mild and also to symptoms. our do population resolve most to to place. but take We'll that of patient to going might it expand seeing a the patient or presence, topical, be continue year other really expand whether be to on symptoms their scalp hands, time, due working primary psoriasis, those over I to efforts the moderate face, stabilize to So to but care we're unresolved wants

growth many putting capture strengthen to increase milder there's expect FOR expect would overall, that, we So to will And bio-naive we years come. OTEZLA see new the systemic-naive market into our the over for a our course and year, or the patient. that that in good that we're bit quite to patient growth of

Operator

Thank from . comes Our you, Truist Please next go ahead Evan Robin question Karnauskas from Securities.

is line Your open.

Nicole Germino

the -- for should Robin. there you the Amgen Can forward? should Neulasta and the we Thanks or help for devices competitor franchise? and that taking How plans is going think question. How in think on share about Nicole a other our on auto how This with maintaining through there's see us franchise market? we devices biosimilars much competitors are injector pressure with given

Murdo Gordon

to we're defend Thank do our syringe concede price been to to the has And to that. the some been for to had Obviously, you, some under pleased We've franchise pressure. volume the date. Nicole, with the been able side we've able successfully. really on what question. we've Look, do Neulasta volume with prefilled

pricing is continued market share very with currently battle done well. But for this if with And commitments established on than held I'm different pressure available. on think Neulasta we've they device to contractual team has that's some substantial continue Onpro competitors as overall, expect with We I a Neulasta indicated. the there, to very pleased we we'll with device, we've good what the think and year. to come And we've done we've there. working

Operator

you, Thank Nicole.

Our from Please go next ahead. question Renza RBC Capital comes from Gregory Markets.

open. is line Your

Gregory Renza

the medicines identified, the you for Congrats And my team. was it my four Amgen. your of taking R&D quintessentially about described you and quarter thanks top and spoke you just call, is and the question. I that At question on the think, for as

look also not other today? but from underrepresented the are portfolio, perhaps benefit in Thanks that your Amgen areas, think there capabilities or could portfolio across in As specific much. you areas represented so are of opportunity that you externally your

Bob Bradway

David and I can tackle that together.

general what been that particular, think areas very in opportunities we've looking the we're And in or value. molecules for in medicine. and add first-in-class, be big we think And for our we the strategic where clear in oncology about effect can we in interest size a in have fit and of I patient outside, populations strength. look look inflammation in which we think and we medicines could that, are for best-in-class have that where again, we

So to opportunities looking areas, we're three we're and constantly those attractive for any emphasize business in of looking. Dave? I need development exposed we always particularly or don't one think early but particular feel we're like late. we

David Reese

technology And briefly in his remarks machine component use would artificial platforms. and Bob mentioned the add, opening learning. intelligence is Yes. the of I other

quietly become leader area. we've this in think I a

want. attributes here protein of spectrum labs the forward We of the that has are new pleased design been success in than using that success effect learning now molecular molecular shorter frames being from higher on engineering, dry R&D extraordinarily with that much artificial the molecules machine going achievable it's time in -- silico defined are rate, engineering as were we've previously with much, across a where or and the a candidate intelligence you

it trial the are in arena site other of clinical aspects design. extensively example, and for selection, trials We using for

drug something where course sorts to is in of advantage an drug to of time of in be we and what about go a the us of development. think qualitatively us through that these to to more move positioned But union absolute will the we're this going tech and this hinge platforms lead is technology I'll biotech forward as the take I this year. union. very different well discovery And moment So I industry think talk

Operator

Gregory. you, Thank

Wolfe comes Anderson Tim Our next ahead. go question from Research. Please from

line is open. Your

Tim Anderson

had wondering different in you you I'm very some in years. you psoriasis penetration OTEZLA, On on segment, that where or coming segment. if very making the performance share approval have of you're guessing metrics X.X I'm mild much. Thank you've up the have specifically, any market idea for

Murdo Gordon

Yes, the isn't there Tim, difficult which. we is thanks because between and Unfortunately, that determining for for use as good moderate is can coding surrogate mild the which question. really a differentiation

and that was last being So treatment a systemic-naive we look infer at prior what milder our are we they topical. from is that of they've business which been what percentage sourced that to OTEZLA on their is patients,

now And from post-topical coming growth pre-systemic right the is XX% of our type. new patient patient

as making securing. able where and earlier, definitely mentioned right effort expect we're of grow doing progress. to promotional treated we're our are we're is targets are to that we we So What these I be scaling patients that now, patients volume the being

you'll the X%, of in and note, OTEZLA that. the on grew expect we quarter improve to to be we As volume able by

Bob Bradway

I know already Julianne, hour. we're half at past the

a that has and colleagues to those then But question. as the later for we any we So next had the of the evening. time more our We'll available let's questions try to through to that's this asked anybody is if questions the queue. in couple our go set But aside custom for call. get have be

Operator

Certainly. Tim. Thank you,

Bank Our Meacham America. next from from comes of question Geoff

Geoffrey Meacham

one like? good really queation you the to the opportunity the overall that later quarter. eth bone out look here as Murdo, stands for cycle of progression of Thanks past then products franchise years, on guys. And think about each in your do close does you how launched Afternoon as had new get Great. LOE? few long-term management What the EVENITY life a

Murdo Gordon

as in good an we that well what And performance is The clearly with U.S. the done Bob with with recently ultra-aging Thanks, the Prolia UCB. really the job doing there. Amgen the franchise a for an remarks, have exceptional with just say along that, EVENITY. for legacy I product. we this And extremely is is of do leading opening helping his was think question, and building bone Geoff, in would have could noting I partnership Yes. of I society mentioned Japan. in team EVENITY our And product. the indicator in

early that the penetrate from a really builder like millions would to EVENITY. we're ability think bone our I of So in benefit patients

return nice a very these also there a here really Prolia see go let's and of We nice both busphosphanate have you and fracture, a your patients where, XX franchise care, so Prolia for denosumab a you or you continued EVENITY. EVENITY months, on say, then with Prolia you're like opportunity product a for to continuum for care on and or is

we're as early And that still forward. annualizing are growing the as population we enthusiastic opportunity at us and It's see be. growth $X addressable very in could we an extremely possibly being for product, large, obviously as billion. now going we over And exciting

Arvind Sood

-- take will make one closing after take question, which last some Bob Julianne, comments. let's

Operator

Our question James. Leone Raymond Dane comes from ahead. go from Please next

open. line Your

Dane Leone

As still call. we guidance two - the for updated me contemplate to the on are questions the competitive probably unclear year,

view how competitive dynamics the a the with highlighted had to really in Repatha. class Firstly, you you've great Leqvio some in your thoughts traction gaining for Love in the U.S. PCSKX week, inclisiran, around the Thank the you. of declined the year. Novartis momentum Earlier or finally hear then from LUMAKRAS was remainder secondly, curious just the And KRAZATI I impact quarter notice Mirati. of competitive of a in if kind in did And the note, Q-on-Q saw any similar agent on first you U.S.

Murdo Gordon

Yes, I'll with too around answer early to impact. really thanks. Maybe it's flip Mirati tell -- the

question, seeing earlier response from in -- What volume for year Q-on-Q flat inventory pretty quarter-on-quarter. some I the is QX an end-user is land actual workdown think inventory treated, pretty QX but LUMAKRAS, this a of to flat. in the what mentioned we're to I've patients actually sales of actual

not So Mirati. a seeing yet we're big from impact

for on to which LUMAKRAS additional remarks. Dave covered therapy, focused LUMAKRAS, through we're of earlier into in and lines And additional his data course, move really indications of growing

now. and are I i.e., way, deep what As cardiologists way Repatha a more their frequently really in in for see enthusiasm we a think more from We using ASCVD prescribing we look patients. excited at more about practices we're seeing Repatha, and broad in

primary the here. What presence this is promotional change actually we're step XX in effort the it, of care. sales call of another care size last, over our care primary increasing making at course months, increasing by the our we've year, primary doing And commercial force Repatha been

the trying the in look millions right more are frankly, much the to very ASCVD a my goal. Repatha from millions maintain than patients, at class. Patients But LDLC of their So patients that's XX% moving benefiting ASCVD penetrate of They PCSKX of is of tens the lower need not team looks it. share to We what direction. quite at. that

their our And from remarks, and as I data, of not XX% patients, mentioned than of organization in less at family LDLC opening patients that's goal. the less my heart than XX% that's data are

we like is feel Repatha. important We millions a serve in work. like medicine to to this to we've continue expect to So great feel and this years many product We've we come. of globally got patients the coverage, best-in-class over got grow

Bob Bradway

us thank you, the to of And question. that all joining let response Murdo, you Thank me Okay. for call. your again for on

year, opening I here in way my quarter you of important said first Obviously, remarks, and the Just up thoughts. for good the can in quarter the setting to a in quick the than the we're off a more couple far term. see itself long us results as as is it's the start from

it things that being to about to as on we've deliver products for important strategy, our you talked the if being us, perform. growth starts long-term think with our So having back to growth able

in quarter, growing Murdo driving And said, important saw as brands you share, record achieving had brand. we happening penetration. performance XX what And growth with that's performance. we means the now growing see As our

building year. trends for we deliver And need in to for to in United outside the our the think here really have volume good international order over that to We're long early see in platforms of successful growth we've got is thing other medicines be the kinds I to said the year perform States. we that the you the The us are long-term markets. again, the in term,

to said We be we And this need leading new the to biosimilars long for growth launch new launches. in we as that, execute time and a that an do to market products bring competitor, a of in that, is we lot order in to term on our be important think call. countries. on about need means wave us them to first talked contributor that and We've and we

that Once cetera. consistently of with our further quarter, again, points to BEKEMV this launch the Amgevita, of proof approval able of see do the you being et

So we're capitalize to opportunities. and business we a on well there the think positioned competitively, biosimilar

course, whether or rocatinlimab. look tarlatimab And the then, of registration-enabling very trials, always advancing, bema on our excited at pipeline you is and is rapidly pipeline particularly the how critical, we're or about

of lot products portfolios attracting important as that a some work and mid-stage have We like quite XXX or of products results are from underway, we're to registration-enabling excited start well now -- generating attention portfolio in those a that pipeline. the bit of as of our

opportunity a about And meanwhile, enthusiastic long the start in their to close looking all-in-all, have regulators So to off having we're term. work. in remain Horizon we're and on forward transaction the the we quarter, good the once an completed very to

of So thank you for in with tuning in and all we look forward you to being back August.

Arvind Sood

and around a be for while. everybody, Thanks, Great. we'll

again. to Thanks you have if out to free me any questions. feel So reach

Operator

XXXX Year Conference Call. Financial our concludes Quarter This First Results Full

disconnect. now may You

Amgen (AMGN) 27 Apr 232023 Q1 Earnings call transcript