AMGN - Earnings call 3 2023

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Operator

My name is Julianne, and I will be your conference facilitator today for Amgen's Third Quarter 2023 Financial Results Conference Call.

[Operator Instructions]

I would now like to introduce Justin Claeys, Vice President of Investor Relations. Mr. Claeys, you may now begin.

Justin Claeys

morning to good XXXX third Julianne, call. earnings you, and our welcome quarter Thank lead and and Gordon; the a will acquisition Therapeutics Bradway Bob call X, October of joined from XXXX performance following who the broader Dave be our by Griffith. Karnani, Murdo Reese; Vikram close; Amgen Horizon Peter review by followed

third from the quarter information do not results timing third our quarter select future for of Given sales provide any product the Horizon. contribution context. close, from will Horizon Horizon's Therapeutics acquisition Vikram include

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

like call Bob. would over to I the to turn now

Robert Bradway

Okay. to promising thank Thank biosimilar for and world EVENITY rapidly advancing as Repatha, call. It's of of of at for a well and exciting wave more through TEZSPIRE medicines medicines joining such around execute we're our many this our and you launches. Amgen you, preparing time serving pipeline patients here next number and an our first-in-class continuing with all Justin, the year,

of our call, first However, thought as this is of following our the Horizon might our earnings attention close turn acquisition we I Therapeutics, there first.

of base rare innovation. the Amgen overall additive significant expect which of a our our business. little acquired will a be of business more squarely we is strategy, The year heart growth acquisition, to ChemoCentryx, our a ago, with At we and our Horizon gives purchase coupled that from course, strategy than the within disease fits

medicines fit medicines diseases. a disease description leveraging suffering from These UPLIZNA can medicines process Amgen's early impact their perfectly, best-in-class inflammatory TAVNEOS, they'll in enough and cycle and patients by TEPEZZA, The we management for big this that Amgen's are our growth positively their from difference our make like portfolio development, manufacturing. life rare life decades and cycles of also benefit serious KRYSTEXXA that capabilities in experience diseases. in in First,

out And come Finally, decade medicines countries. rare we spent international today, disease so XXX now past footprint exclusively Amgen our in available from about the sales our or with almost U.S. the building

be we'll leverage to able quickly these presence around to to bring the So patients global our medicines world.

inflammation, business medicine hear more the commercial us who fourth Horizon Amgen's Karnani, businesses. a minute general and now of our the leading a Vikram is disease and from through You'll that in leg acquisition oncology newly created joined is alongside stool rare

our regions year Total share our X% our Turning Volume highlight growth, sales these, one in performance fourth quarter. and consecutive all XX% compared to quarter. geographic good financial the revenues ago. generated with in X% per up double-digit quarter, which sales the achieved the globally, a in balance medicines represents and our XX% up of areas. and growth quarter of BLINCYTO, third increased were delivered across of volume were Seven we earnings record of therapeutic and I'll which

guidelines it leukemia. as broad a in to as earlier of used BLINCYTO is and continued lines with range for see We increasingly acute patients of play treating are role potential the therapy practice can medicine upside lymphoblastic in this reflect updated

ESMO. Turning from therapy assets Three oncology opportunity with in FDA, our breakthrough tarlatamab, in Vectibix you and LUMAKRAS designations these potential the with to cancer. We first-in-class in pipeline. combination X colorectal discuss the are to had BLINCYTO of following recently

responses tumors. in trials PRMTX gastric progress for across solid which Xaluritamig prostate and bemarituzumab to also cancer cancer for in inhibitor our for generated AMG We continue XXX, has X

the drug and through considered to been efforts. AMG which XXXX we emerging leadership traditional of technology added multi-specific through New field but that I'll XXX Evolution, in of quickly that long was inaccessible acquisition have can proprietary address that discovery the pathways demonstrates library note our recognized identified just DNA-encoded drugs our it

cafraglutide, In formerly is for as accepted news, obesity other And known the biosimilar XXX. AMG a pipeline we've has finally, completed EYLEA. Maridebart study our FDA Phase in which our enrollment II BLA to from

at the feel we business, have Looking our good we across momentum Board.

We everything end and and to the portfolio, we have through attractive decade with the the and need the beyond. the sales growth deliver of people pipeline earnings'

colleagues diseases to execution on Amgen their want employees commitment thank for to some of focused I the new behalf the always, rare including around world, we As serve. X,XXX strong on patients

Murdo? now Murdo I'll over to With turn Gordon. that,

Murdo Gordon

strategy, our pleased quarter. quarterly record medicine, across I'm brands volume strong was Middle Volume our across general XX% X%. growth growth Asia with our and our to America, XX% inflammation continues and increased Latin Europe, Canada volume East across was X third the with fastest-growing Thanks, strength Product in our regions. portfolios. quarter. in growth expansion our volume Consistent Execution with year-over-year. sales was U.S. X% growth for with is sales hematology/oncology the with Pacific and volume in XX% performance region Bob. the business growth be region international and robust

quarter, patients patients. for price. by selling in in We the net the formulary more of Medicine includes Starting growth. than selling driven Repatha Prolia, record year-over-year. declining XX% by primarily U.S., products driven increased new of by lower year-over-year offset third quarter doubling Repatha, partially General business, X U.S., EVENITY a XX%, volume these the by growth and grew driven XX% new growth in with of volume for prices year-over-year commercial revenue saw the sales XX% with CVS which Aimovig. our net starting Overall in July third volume was number treatment by In coverage XX%

to our around investing And can meet to There U.S., Outside year. that growth strength challenge activated media direct-to-consumer force new we're still efforts. than drive more regions. awareness Repatha. volume this sales our to the physicians we patients who expanded executing XX% promotion we XX,XXX by saw significantly through and with across amongst more rising U.S., prescribers the In world and increasing patients also care patients. benefit from and have primary are many We're the

primarily grew growth and sales the in driven selling year-over-year third volume quarter, Transitioning health, price. XX% X% to Prolia higher net by bone

expect for this presented real-world fracture risk We to compared alendronate earlier Prolia treatment-naive reducing patients evidence supported that data when in in year postmenopausal Prolia's to volumes grow, superiority demonstrate osteoporosis. with by

low. U.S. and of EVENITY quarter, had patients million driven at XXXX, for record disproportionately Osteoporosis XX% rates these treated in a treated the be be growth. high of sales be expect and high-risk of $XXX at An impacts XX% will estimated patients will approximately million for X% the with will treatment women product. patients the X are those volume risk we postmenopausal patients very postmenopausal for bone-building treated fracture, but least In osteoporosis. by diagnosis of

important done, to work in much ensure XX% reaches and with EVENITY U.S. continue to role a plays EVENITY share in the market patients we'll the more share and be it. a bone-builder invest an Japan. There's in the XX% to need who

year-over-year, Part by net driven price, were XX% estimated levels, declined to price lower net and for to lower Medicare changes D sales U.S. inventory in X% expand and sales driven access unfavorable declines selling support higher and partially the rebates Otezla deductions by volume by Otezla patients. commercial growth offset

with treatment drug impacted programs Our that psoriasis free associated have U.S. options business Otezla by new has the marketplace. entered been

these We're programs access for to patients therapies. are drug of experiencing given as physicians beginning barriers and to see free authorization a reduced these requirements newer prior impact

initiation the conviction lack combined of To all this the administration. that We and of Otezla offers. oral understand systemically coverage, With psoriasis, profile, both have our realize Otezla. required have and physicians convenient ensure strong investment psoriasis for increased in potential, unique of and the profile an safety importance established to treating and testing efficacy patients severities growth we a that clinical potential indication of payer with broad

preparation Otezla force for benefits increased a patients. taking already patients increased sales website educational significant dermatology that positive growth indicate by number Otezla educate in seeing appropriate professional. investment, on the the discussion a We're XX% We've results to that physicians action also generally care and from requesting of information about with recently our including for health of the

expect we to a drive for Otezla. to return increased these growth With investments,

ENBREL sales in increased the and number XX% U.S. volume record the patients improved of reductions. third by coverage from quarter, the driven by decreased sales decline in X% safety Year-over-year an X% efficacy. treatment year-over-year, driven by of and year ENBREL's new to payer and estimated primarily track starting unfavorable changes X% increased XX-plus

For the patients will new remainder improved coverage our declining and XXXX, we of price. growth continued expect lead in selling net to

quarter. easy launch by of enabling driven the in third with to sales our of Food and $XXX access from benefited was the XX% now volume sequentially which pen, the growth the for Drug asthma. majority self-administration self-administered by of in We've convenient growth uncontrolled coverage U.S. million benefit Sales that prefilled, in quarter. show the the pharmacy TEZSPIRE single-use increased managers, approved continues strong with the first in pen with and U.S. severe patients Administration XX% obtained

As and the is expected, over by expanded both asthma year-over-year, TEZSPIRE patients TEZSPIRE In grow approximately of we the XX%. share of has XXXX, U.S. has number increased to market. asthma helped this on XX% biologics biologics penetrated new and market

growth. by over patients in Sales U.S., with with approximately of have In TAVNEOS million TAVNEOS professionals. XX% the quarter-over-quarter X,XXX care $XX been the X,XXX volume were now quarter treated health

patient rheumatologists increase awareness And We nephrologists. forms. continue an exiting saw increase in the to see of and by we TAVNEOS new an quarter, in start

vasculitis. quarter, to sales price. offset selling to bring AMGEVITA lower XX% XX% third price. expect the selling net by year-over-year we U.S. partially growth, with lower volume by ANCA-associated increased volume patients by offset sales increased driven driven net even forward, XX% by Looking XX% for growth, partially TAVNEOS more Ex

innovative business, and Moving guidelines additional hematology/oncology commercial KYPROLIS, products. year-over-year see BLINCYTO by lymphoblastic X broad May. BLINCYTO. to to from acute of patients data record study and $XXX for late that million prescribing these supported growth Vectibix, new E-XXXX execution for for therapy. presented XX% drove and potential growth BLINCYTO XXXX the year-over-year LUMAKRAS, NCCN the earlier a to volume we from our XX% sales compelling data clinical Strong issued in Volume was growth positive Nplate which Long registration-enabling following XX% significant quarter. lines third updated XGEVA, term, were leukemia grew of includes

driven reported $XX negotiations LUMAKRAS and decline was new by LUMAKRAS sales driven this opportunities the year-over-year. million of our for $XX future a launches see markets for ongoing program. clinical third of comprehensive million growth in We development XX% decline quarter, in France. by in global reimbursement

record million, driven sales by exchange price volume selling X% impact. year-over-year to the for unfavorable X% quarter net higher offset and growth, partially Vectibix $XXX increased third by a foreign

U.S. X% year-over-year fourth million government. we quarter, KYPROLIS driven expect from for And the growth. the XX% sales the $XX additional million primarily quarter, In fulfill $XXX by to resulting third Nplate the for volume order year-over-year, from increased government. grew XX% Nplate U.S. order by an

hematology/oncology presented Given the who around the our the at our of new on their exciting forward growth cancer benefit to our ESMO and more with And we're Overall, our oncology across to business, our strong therapies. of more excited driving execution positive many to performance look data patients and products our therapy. is patients strong helping we serving the expansion dedication serve portfolio, rare disease the demonstrating with patients. from world can pipeline,

turn over that, I'll Vikram. it And to with

Vikram Karnani

to Thanks, in excited capabilities. Murdo. inflammatory Amgen's biologic rare with pipeline diseases, world-class bring together and infrastructure history global Horizon's leadership disease medicines, We're and of expertise

For those will our familiar next medicines. providing rare portfolio, disease few as the with minutes on some I background Horizon's that not are spend

with representing quarter growth delivered indicators. sales third business the million Horizon's X% year-over-year positive sales $XXX of multiple in leading

for more of treatment sales in thyroid disease Let growth. in me of medicine quarter-over-quarter eye generated or regardless the the X% duration approved first the describe third TEPEZZA, $XXX and only disease of detail. representing million quarter activity

as have product make joined team, full to that confident patients. onboarded will time significant we now progress advancing are have over this and We we in the forces officially commercial important

the to disease build initiatives thyroid U.S. eye several driving market. are We continue to

quarter, number disease treat In of eye duration. the XX% regardless than we in by prescribers, April to thyroid or a supported patients third of FDA activity disease year-over-year label with the update the TEPEZZA saw greater increase XXXX

educate new spectrum full to pleased of clinical with across are the community data and this continuing patients. and indication progress physician the updated on TED are We

Second, date, are lives, large for this make to to year. and national changes payers of policy have which to later favorable changes year To U.S. policy obtained than next help regional favorable XX% eligible access greater TEPEZZA. take expected early continuing we covered effect and are patients

between identified a appropriate being As and patient's a lag treatment site time to have there's time minimize can for up patient for steps TEPEZZA, scheduled to reminder, the at to then form identification a time, complete, and a move treatment This take process. care. is initiated. initiation. an It several we takes of treatment the infusion patient XX and the enrollment authorization step be that Once patient TEPEZZA between through days to needs taken prior important being for process

Finally, base with activity we are patients score the the continue moderate-to-severe low clinical -- of the a opportunity with more to positive favorable majority see medical appropriate approximately U.S. for payers us the significant that by FDA's and U.S. TEPEZZA, potential in settings. of combined the These TEPEZZA's in policy XXX,XXX expanding gives these label physicians the update, to Therefore, disease with patients patients confidence in our growth supported underpin changes patients. trends execution by prescribing reach in

markets Moving outside the U.S. to on

of quarter received year. as first a see in ex to expansion its long-term continue We TEPEZZA, international approval for in Brazil second meaningful which the U.S. this opportunity growth

including Amgen's from we reported long-standing and in positive III OPTIC-J multiple Phase markets the particularly We ex-U.S. leverage presence the Japan, in excited to where major data trial. are Europe opportunity about have

We III a also or clinical thyroid TEPEZZA in Japanese with to trial enroll continue eye Phase chronic low activity patients disease.

both to reflected first approved at and record the for of XX% results all the segments. treatment. Sales and generation, the $XXX phases the in annualizing run journey, across billion year-over-year combination Performance now $X The only million for adherence in third XXXX. strong a quarter, uncontrolled a quarter delivered in of third driven rate. label growth. medicine were nephrology sales by the representing KRYSTEXXA, in gout uptake and Strong are approved execution methotrexate continued patient KRYSTEXXA's with stakeholder demand rheumatology change education July FDA

since We uptake have then. seen steady increase in a

the usage above patients an gout even the and third see of in the starts remained standard of the uncontrolled reach to redefine Immunomodulation XX% XXX,XXX as care of in patient more with new quarter. We U.S. opportunity methotrexate KRYSTEXXA over

France, underway in UPLIZNA Spain the International launched XX% quarter now UPLIZNA with multiple markets, Germany, sales Italy, $XX year-over-year also ex and to U.S. Brazil. expansion in million. increased third is including

development long-term potential and in in growth III Phase indications trials underway Myasthenia Additional also with disease support both IgGX-related UPLIZNA's Gravis.

million in PROCYSBI rare generated of see $XXX We for basket The the portfolio portfolio an Horizon's driven generate of rest to medicines, primarily opportunity ultra sales. our RAVICTI, quarter, to of and sales by robust this ACTIMMUNE. of products continue third

Before it a the over period maintaining I turn the patients my rare several disease Dave opportunity business to for colleagues in last Reese, focus I to take their to distraction want the over on throughout thank all months. of

excited even work ensure globally. and who medicines Looking by together Amgen to ahead, rare combined and Horizon's serious are we faster suffering leveraging capabilities our to reach diseases patients from more are

turn I'll now Dave. over it to

David Reese

R&D Vikram, Thank with the advance to We're our you, new integrating by and Horizon's everyone. begin like I'd welcoming from excited Horizon colleagues good Horizon. capabilities to promising be to pipeline. Amgen's morning,

of the therapy and our the with enrollment we high-quality progressed R&D, breakthrough important data on one designations quarter For completion third key readouts, execution studies. oncology was of innovative X of as pipeline addition

registration-enabling multiple rapid on our enrollment studies. advanced through also We pipeline innovative

medicine. general with Starting

Maridebart broad to properties the approach. XX-week the a Phase anticipate Phase We diabetes. goal with data provide Maridebart this topline study in leveraging potentially generate study The cafraglutide unique obesity We allow II or cafraglutide that will take have is to design XXXX. completed of a to us program, towards without III differentiated enrollment data could patients in with optionality of of that the end from study this of

separate RNA TEZSPIRE III we molecule Phase well. investigating is eosinophilic and best-in-class beyond studies with is polyps, enrolled chronic our The esophagitis. with small outcome nasal Phase III fully in very including asthma, Olpasiran, disease severe In study in additional are enrolling Lp(a) potentially which targeting of cardiovascular indications inflammation, interfering rhinosinusitis atheroscrotic

in COPD topline that with in is anticipated a and Phase high enrolled counts. fully XXXX. half a II have also with first the data including has recruited study low patients patients, study COPD of This eosinophil broad of in both We population

on a Our the being strong patients rocatinlimab, to moderate in a anti-OXXX start is III dermatitis, development monoclonal atopic investigated off antibody clinical recruitment Phase program. first-in-class ROCKET severe with to

now across over patients X,XXX the We randomized program. have

study excited Otezla portfolio from portfolio November. Phase XXXX acquisition Horizon syndrome, Dazodalibep in We the data from data data TAVNEOS, and from Convergence of KRYSTEXXA, are following and a II additional expanded present to rheumatology at broad of other including American of meeting College molecules along from our the Rheumatology with Sjogren our

I'll during last a of BLINCYTO therapy with on my we of review Phase see be treatment oncology B-cell from earlier earlier therapy. Philadelphia lines designation administration. FDA CDXX chromosome-negative, as and to oncology BLINCYTO and advancements detailed the week. of has remarks leukemia and given tarlatamab tumor phase We positive, therapy adult brief patients on our with granted the of for breakthrough lower plan E-XXXX of consolidation also study, burden. subcutaneous lines BLINCYTO precursor the the portfolio, acute lymphoblastic the Xaluritamig Based a future III for pediatric how progress growth rapidly into multiphase and blueprint setting into serves therapy

experts in late limited DeLLphi-XXX, presented a At encouraged field, in Along II very have a typically DLLX. setting impressive ESMO, targeting durability where BiTE very prognosis. of stage and the we molecule saw from where overall a in response options cancer we survival rates, lung tarlatamab, Phase patients our by data we and cell are poor with small response study

treatment to pleased after We or progression lung that are patients small FDA granted cancer of extensive the therapy tarlatamab stage adult these breakthrough has chemotherapy. on are disease FDA for the submitting and platinum-based with with data cell the designation

studies treatment are Given with into of our advancing Phase rapidly earlier multiple data, confidence III planned. underway we in tarlatamab lines these or

PSMA-targeting we'll are cancer. XXX, in castrate-resistant AMG efforts and metastatic Xaluritamig advancing rapidly data, clinical discontinuing emerging bispecific on focus on our Based prostate we

enrolled and patients the with prostate fully the be initiate additional Xaluritamig stage year dose end cohorts earlier to planning in We cancer. are to by expect studies expansion of

by seen in of cohorts. dose we've expansion inhibitor, responses profile enrolling MTA molecule XXX, CNS preclinical X a We're encouraged evidence now With small tumors, the across we're PRMTX manageable safety the all solid cooperative AMG and MTAP rapidly penetrant.

I'll that, things turn over with And financial for update. to the Peter

Peter Griffith

I'll Dave. our quarter review you, results updated discussing our guidance. Thank third XXXX before

revenues $X.X by per year-over-year. due third growth. shown revenues to results, increasing billion and quarter Slide driven sales X% X% was Total which of financial of growth The product in X% grew Turning year-over-year, XX. volume earnings are our $X.XX share XX% on to grew year-over-year non-GAAP

in basis expenses product and total X.X quarter growth opportunities We of percent as non-GAAP quarter XX.X%, primarily Non-GAAP pipeline sales higher cost the a on in decreased shares R&D a of lower expenses pipeline higher marketed margin X% delivering invested activities, a percent as operating product Third Non-GAAP increased X% year-over-year later-stage advanced by profit changes sales of to research XX%. while quarter programs offset early sales in in of non-GAAP in increased driven product in year-over-year. partially operating to the clinical products. a year-over-year percentage points and spend due and mix. our and by spend

non-GAAP spend products, year-over-year. due research increased Year-to-date, increased pipeline. clinical and early higher spend by quarter in Non-GAAP programs in X% to R&D partially SG&A in X% third the expenses later-stage marketed offset expenses and lower

prioritizing investments, million a We digitalization, Non-GAAP focus productivity continue third intelligence. key expense driving to the for $XXX on net use were and in artificial OI&E quarter. accelerating cases

accounting and primarily higher from favorability the was mark-to-market year-over-year impact in investments interest our The with results. methods GAAP driven the in equity to by only income included Beijing change

tax with percentage an income law XXXX. to tax that the XXXX to in Puerto excise rate the points beginning tax due X.X quarter third non-GAAP Rico change Our primarily XX.X%, tax increased replaced

continue to our execute allocation priority. We on capital

we from First, Maridebart third investments quarter, internal in ABP-XXX, we investments the in our to including on; cafraglutide, In rocatinlimab; call innovation. both Opdivo. continue and Mari I'll prioritize now it and biosimilar; external programs, TAVNEOS; increased to

in and the for of our our half for Second, construction business through facilities simultaneous Ohio our of excited state-of-the-art first We're of we in including investing XXXX. Ohio licensure the anticipated North in Carolina. long-term growth manufacturing continue facility

business Additionally, AI to we're of making investments generative our in power all of opportunities. the parts leverage

in generated and of quarter XXXX representing a billion in third The billion $X.X dividends of $X.XX the quarter, returning over company to the strong cash flow third paid XXXX. the our capital shareholders have XXXX. we third free of quarter third in of compared XX% per Third, a share $X.X record track increase with in the quarter of

We to will strong cash generate flows. continue

be the will tax patterns than However, timing expenses. QX and historical to cash payments transaction-related due flow Horizon lower of

of the results for for have updating include to Turning year on to the starting full the XXXX We're pleased guidance We're Therapeutics. outlook financial Horizon XXXX. Horizon our XXXX Slide XX. business closed October acquisition X, to

X So our exclude results QX week will results. approximately of Horizon's

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

$XX.XX non-GAAP $XX.XX $XX.XX are to range versus previous $XX.XX. earnings narrowing share, we For the per to guidance to of XXXX

We will add material non-GAAP dilution. Horizon's business into without QX EPS

our lower XXX planned pipeline Olpasiran QX expect non-GAAP than parts investments, including cases because innovative and of in consistent EPS in business historical This AI to EPS trends. do beginning all QX assets be our pattern including AMG we strategic with other increases non-GAAP However, business, business. and generative is investment key sequential with Mari, in use our of

to other billion. And range the of additional XXXX. expense billion $X.X to to the to now of We $X.X range in non-GAAP $X.X versus billion a XXXX as Important of expense. in the EPS remainder related revenue billion our to include be prior financing for of expect $X.X addition, model as interest consider you begin points QX non-GAAP Horizon the to will recognition

With for of previous the to X% from to expense approximately versus operating acquisition, XXXX non-GAAP Horizon full last we increase our now XX% anticipate year. estimate year

approximately X represents percentage increase. of this points Horizon XX% year-over-year

a the to year XXXX percentage XX%. as We of product continue expect to operating roughly margin be full sales

this points including our percentage continue points as percentage We XX% expect a about R&D X XX%. AMG are to our now The our to increase between XX% increase. XX% additional XXX. of Olpasiran of our percentage Mari, from innovative in planned and increase be expenses prior and of Horizon cost by sales non-GAAP year-over-year. guidance driven pipeline, X% to in non-GAAP expect X year-over-year approximately represents product sales to We investments of

percentage expect be slightly. year-over-year We to down a sales continue to as product non-GAAP of SG&A

to range up our OI&E from $X.X be $X.X non-GAAP billion, billion expect $X.X to billion. billion expenses now of prior the guidance to of $X.X in We

We Horizon expect financing, will our reflecting to non-GAAP effective $XXX QX to be results related October which OI&E expense the in included million interest about be X.

you is begin Horizon rate. the run model driven the we consistent XXXX $XX for average of OI&E XXXX, this by rate debt note This raised acquisition a of as interest X.X%. at be higher QX And with expect weighted to that to interest expense billion

We including expect to end billion of and and long-term portion XXXX $XX of debt, $XX of with the cash current approximately equivalents. billion it cash

we For anticipate non-GAAP XX.X% tax rate XX.X% a the of full guidance of year, to to XX% down prior from XX.X%.

We driven expect of This awards. the is be approximately awards QX. to outstanding shares XXX from in increase unvested million equity conversion equity by into QX Horizon Amgen

prior Our of now our approximately up projected to million, $XXX XXXX be million. from are capital $XXX expenditures guidance

The our objectives. against Horizon's further delivering growth rare confidence long-term our addition disease team strengthens of in

to financial continue concludes colleagues patients. at scale. We executing the And This our and serving our to of speed advance grateful capital mission update. to allocate I'm for at incredibly innovation now XX,XXX-plus successfully

our of Julianne, will the I Julianne? operator, please procedure ask their to participants lines our questions. remind Q&A open now the And for and ask

Operator

Instructions] [Operator

Our first from comes from Michael question Jefferies. Yee

Michael Yee

Horizon I guess, such around ever XXX under obesity David high a could and orals? wanted thing the leaders rock, would what and wanted a David, confidence for to Thanks and profile like you now, to be that other a the fit I bar your unless relative that commentary given how into I think ask around understand XXX around for to the the just we're all is hiding question details Reese. mean, I and to biggest transaction.

David Reese

Yes, sure.

stapled a for that we've with have molecule on based genetic discussed based with As by a we of product everyone compiled to peptide on that It's evidence the X we potentially differentiated Mike, bifunctional action. mechanism before, mechanism of largely the GIPR antagonizes action. us XXX, believe GLP-X to remind

I response we've II to well the these well different remarks, in give will forward. were pleased go things us as in response, that looking of as doses the I We at of the There different trial dosing rapidly will that data enrolled X kinetics as in as intervals multiple depth that as Phase the we explore And of the we As quite I think persistence. this forward. terms be optionality II arms going noted Phase trial. broad Phase are with are

So quite to that year, Phase full hard. and ahead be on will the the II which we're inform forward from trial steam next breadth of data contemplating, program, the it's which trial we're looking Phase this really could III

an terms determining or and in this year, of of is AMG we We're mechanism as In path data indicated anticipate action. presenting half the so orthogonal XXX, and XXX of data forward. we've through the bringing next those first

of years. also terms bringing based many note, that it's that them of few see to note, invest would this bar broadly of suite have in I and field, in we'd a give molecule you sort like we've got As high non-incretin of profile of the that. a the would next in us confidence molecules, to mechanisms action preclinical the we'll be forward over

an long-term a is to area it where this So expect be player. we

Operator

from comes question from Werber Yaron next Cowen. Our

Yaron Werber

guidance, going XX% XX% to Peter, X% be also mentioned The other that your income. on the R&D. above in year-over-year XX% year-over-year. of is including secondly, Great. million right where to down, increase just again, That's terms you not X% the you're mentioned slightly expected SG&A And us and increase, only, the to rate, contribution was of in just X% line then $XXX right, you what right? it because was just run for that to interest you, to remind sort expense recording Beijing

just that So was. what I missed

Peter Griffith

is $XXX everything. Yaron. Thank Right. million The you,

that and business on your our by continue as in-market on remarks, we said research, and R&D, offset full some that. do continue So the and the And we'll clinical slightly in we -- was but decreases invest rate. that's focused spending my in I to question run later the early in portfolio on to the spend

in see, stages. As we're Phase fortunate have III later significant the of a you opportunities can to number in

continue that's So differentially focused excited what and to on. stay invest and opportunities We'll innovation, in very the we'll that. we're about

Operator

Our Flynn Stanley. comes Terence from next Morgan from question

Terence Flynn

end. from from you any of I if revenue in But at again, a Maybe you through a characterize was the for lot contribution if well. the the that was ran from Peter, me all underlying for numbers there can coming other Horizon year, the just Peter Great. portfolio or raise know guidance business? of as two-parter terms there the base

And you about some to the pieces I there's a deal directional help any close. how have know question the rate, tax part just of from Horizon number as legislation, is then but moving then XXXX second with think the obviously of

can directionally, XXXX on just rate? tax help So you out us

Peter Griffith

Yes.

would guide note, be that whole is appropriate X, assured, implemented. the just the no something we on I framework tax everything year. how me at in with or of thinking optimize different minimum the think there's on the and the on I predictability beginning start So as tax We'll different do rate. I are know position Rest at say, just our I as look always doing XXXX OEC, rate, tax global you're let that Pillar countries to about like about we consensus that situations. going that. would

So we'll beginning give the next year. you of guidance at year on the that

the First question? part of

very to the products just record continue quarter Yes. in-line in in well. would really up note just hematology/oncology was we continue I see And XX% to year-over-year, business. with the down. perform portfolio we strength in XX%. the had to up Repatha that I very, had break the would we up On we we that don't sales revenue, our suggest and look, quarter. see X continue We see portfolio

of the looking about base we're very really that said, our that forward. having to base business. It business continues rare kind forward and is to the have We're is to excited So business. And fourth thrust now. disease perform as our everything stool well, we strong commercial of excited in

and in we'll more patients. seeing different just business around So the strength areas, get continue good more a and medicines to to we're

outside that volume I'd and fastest-growing volume growth really XX% XX% XX% important underneath our United underneath in the is States note volume growth that, the JPAC, region. growth

So that's we're looking be with how the pleased XX.X% the We're raise able to that. momentum, pleased to XX.X%. to we're and at

Operator

Sachs. Salveen Our Goldman next from from question comes Richter

Salveen Richter

expand to about assets a lever. closed, you you population other that regard for to the we patient Horizon the You here? With U.S. being just XXXX it's the that transaction and outlook TEPEZZA through ex the talked in growth now as look have initiatives to could walk

us Horizon? get walk guidance, and we maybe might through updated long-term that including Just when

Robert Bradway

Yes. Bob. just the you a going not Maybe this here can for of it's question guidance. sense to generally, whether when products on we look to long-term are And guidance things year. at parts, 'XX this in morning. provide exciting that clear we'll we'll we next into we're Salveen, us But of the heading take X give Obviously, those see

XXXX. In confident As ways track beat us more frankly, can established objectives focused XXXX we deliver occasions, through well. a we're now, meet we or that that on number you've on what we're heard some and as of for to soon remain be say on the we to XXXX

the So deep the outlook sense dive of a and ago initiatives respect the comprehensive Horizon pieces business moving with can first for is that a heading the are a we oncology that end the are in you business into TEPEZZA, decade. particular But couple a you which of now get the next that question, KRYSTEXXA, to turn portfolio that for good driving with that UPLIZNA. we through into to the way present so of different weeks depth reviewed the more let's underway, segments And you gave your and the in picture growth. may in of year seek to

you So Vikram, fire why away? don't

Vikram Karnani

question. the for Thanks Yes.

activity think get them market payers April low following a continuing in update continuing patients at policies the And now TED have with prepared to more leading XXXX we their duration. more and of I U.S. favorable us medical that the I we're business. look positive of that as remarks, to access seen in my or update. is more And are that clinical the as start score of the build we TED we've helps regardless to medicine FDA's that TEPEZZA, these make setting, label setting so what the or cash can lot the indicators said following TEPEZZA. low activity label update I disease patients, really that

And XX% from this endocrinologists newer finally, see an year-over-year as I think both standpoint, from ophthalmologists as increasing third prescribers quarter. execution well in we

positive these feel a And forces we of TEPEZZA together, the I as And have the we the in combined able are drive should and about with good forward. all be of for Amgen. So positive, way now business said, to indicators team. execution moving we

growth. is talking -- think I story international about -- TEPEZZA of one around also the

pretty of patients the can about the do company see talked we we for We've as well. trends we're in positive outside recently. a lot about While U.S., combined what a getting excited U.S. as approval Brazil

trial markets, we chronic many combined bring we ready previously. about enrolling Japan, markets talked we've OPTIC-J for to We've hope as -- got the company and other talking that's the getting now more we're finally, of our and medicine than to part chronic were about in as trial a

U.S. So very positive as TEPEZZA in both the signs well as globally.

talked those we've really UPLIZNA, KRYSTEXXA as about both medicines the really, results well. and performed And for

since being U.S. fastest-growing We driver since future. well spectrum the the biologic as That we in with in see both have it's year. uptake neuromyelitis update major into has NMOSD, We last to continue drive continuing label optica time. continued with as and see KRYSTEXXA immunomodulation And that the UPLIZNA, disorder, outside a the momentum or the that U.S. that

So at look have from overall operating when strength, with that expand of position -- can I the a Amgen. further and I even of the we we're we portfolio, now combination think

Operator

next comes Jay Oppenheimer. Our from Olson from question

Jay Olson

on technology your influence fronts. talk progress over so Congrats all may to AI on the about investments how your and Could XX years? discovery and you X drug next many development in the that

Robert Bradway

address to I'll Sure. Reese ask Jay. that, Dave

David Reese

development. to where drug change to unification or where area technology a think excited. this is affect moment together This biotechnology. seeing qualitative we're as drug discovery and the in an a over time like very Yes. going is the Thanks, really we're coming characterize how do I it Jay. we hinge I'd of and

is look we So interaction data large learning, in protein which everything in molecular that the data on largest real-world at AI then probably believe to evidence analysis structure across the sets only the protein-protein trials have data and data. clinical real-world machine I multiomic sets, from level prediction When extraordinarily or spectrum, prediction, tractable you through dense industry.

And so in to We'll over we for the data really the are insights about putting way the the tools then in place market. deeper biology and is going the have panacea, but a overhyped. most It's to of to this seen this in is more model an all it long talk we the out and those investment. long, mine it be be into foundational time. not And powerful be but absolutely area tool a can time, going

Operator

Raffat ISI. next comes Evercore question Our Umer from from

Umer Raffat

Dave, the question I X-part AMG have oral for obesity. a XXX, on

First, any dropped And noticed MTB? that Is love and into ideation to I not. portion I could tell ran I into your get be noticed color. also, exclusion the the Would guys suicide if were around of then criteria can't trial. because a cohort SAD reading in or you you intensified, we that

David Reese

Thanks, Umer. Yes.

think On I overthink all. at anything wouldn't the latter, there's don't I that there.

is a dosing in as everyone, that now. an data. And is that as just the clinical terms to remind into Phase forward incretin-based move have all of of the will the preclinical determine do, we're at trials XXX. go constellation We're we'll year, And we path we I target is potential this and AMG In through I think together the that as this not we next a target. that for that adjusted updated data look and taking always data, bringing indicated,

Operator

Robyn Securities. from Our from Truist next question comes Karnauskas

Robyn Karnauskas

follow-up just I a to actually. question Salveen's have

probably are of that confused reimbursement there's share. it's business because Can has the strength, grow grow of to work. TEPEZZA, levers that a in by given grow how can to space. the TEZSPIRE through I'm lot There's sorry, TED market so business, grow lot walk the actually company what and who Amgen whether gotten So that TEPEZZA. I think room could like that grow But me your or loss you help that it's, a make or hearing not -- you much room actually really

do you to that? do intend how So

Robert Bradway

you, Robyn. Thank Okay.

in in question may for it's think a We and I the tackle combination X Vikram there So parts, Murdo. TEPEZZA. X-part

ahead. start? Vikram, you go So why don't

Vikram Karnani

for like earlier, something Thanks the has think FDA year the to was question. Yes. -- that the I'd -- of one update. -- I this the that areas happened

making patients disease as that programs on widen sure the has label I'll working being endocrinologists when prescribers treated of updates focused available say prescribers our team many more from patients, launch. through that these original that's regardless are to education that that our of prescriber at and the Now activity we as treating or by started ophthalmologists. And duration, patients of of to these been set can the such patients physicians these treated where so base are

success going critical important to that base really is So forward. that understand the expanding it's prescriber a driver for

prescribers seen, XX% And as increased new we've have year-over-year.

they cash open to clinical low the we are to continue low need access -- these to up we medicine, patients, remember also the when this As that to have or prescribed work through activity payers medicine.

XX% patients policies. to for we that has what go This payers more to continue U.S. as So covered And next both on continue. are areas beyond. TEPEZZA their work these our make continue to open working team medical pretty of we diligently that been lives into more eligible have market year access update favorable early seen more policies. And will that or can sure and access with we is has of are than now to

as to I'll Murdo his well. turn to maybe comments it over add And

Murdo Gordon

of Robyn, there What way and a TAVNEOS. rheumatology add TAVNEOS, by that seen to of did to awareness acquired and when utilization, course, of corresponding we awareness reminder our of Vikram. was there increase we increase ChemoCentryx data same much was that covered I we've awareness we Thanks, broader would low Yes. level the a vasculitis sales messaging realized added driven ANCA-associated associated TAVNEOS a patients, the some of forces product. of with in we

who is I are are that personnel general awareness team I of think, field promoting endocrinologists Vikram attributes awareness work educating diagnosing and of a but the that for with treating the group disease great are broaden to broader diagnosing is product. under So physicians, Vikram's cover us there's happening thyroid and building the involved treatment community ideal core would product amongst opportunity in eye the the teams is talking augment be of of to teams eye disease the endocrinologists an thyroid and that Amgen leadership. about disease and of rare today still that who What the

example, for of of awareness, can Vikram language. speed number new of up describing where broadening building the was the and and the data the So that label of scale a just like there's that we things

launch original was intend in a we that the of The time. mentioned Horizon. also quite plan shorter and actually We've expansion. Vikram period increased ambitious the file for international of number to markets

that for the combined. of companies X the So additional growth would be strength now an opportunity given

Robert Bradway

kicking really in also, Robyn, the think events year of in, weeks on start to I of here, benefit described now flex we we Might just of that the ownership months. in add what can Murdo a back see of just the time few ChemoCentryx, of course terms that and last

add a board. product. of of over able time, been on we think new we've I And we to that takes to the respect period confidence will it but with the a find ways can rare similar value molecules to that we're that is distinctive little that while, disease So brought bit our hoping thing that happen

additive ways And So products. course like things the but are marketplace. combined rather in light it's the which and suddenly together, momentum in, we 'XX, a we'll on these the not in performing a come switch build organization flip that walk-ins, for I'm can of hopeful different see the identify be work track, the during on

Operator

Leerink question Our comes from David Partners. Risinger from next

David Risinger

Yes.

my obesity question development. on so And is oral

Phase of candidate consistently management has XXX, preclinical also that I it emphasized oral suite has products. a Regarding

wildcard point? And And away Amgen happen able start or be so oral 'XX another be for might until rather should Phase to you in to not we should at 'XX? more a of take this viewing something conviction in when has do that candidate we that expect as I than preclinical XXX that

product to in to significantly quarter? the quarter in Do And you work I fourth Horizon Horizon a fourth inventory in expect then separately, net just quick the -- squeeze financial constrain sales reported down wanted question. channel

David Reese

turn Dave things to then start over Yes. and David. Vikram. and Reese, I'll Murdo Thanks,

XXX, molecule, of obesity oral novel mechanism of terms Phase as I a I've a it It's said, has In action. molecule.

action. in we'll I Phase that and as get as it year look a with a data I wouldn't the -- new said, I should for I mechanism you of forward bringing molecule. as at than molecule we the asset we're that it a less So as make path anything or on view and novel view potential Phase a take a into and determination more a

file might guidance trials, terms launch give and and advances over as we'll that In molecules first-in-human of when additional time. portfolio INDs we

of as provide emanated to information move targets deCODE get towards long I'll we those playing our further Iceland, colleagues ready and that is the clinic. this many from the Genetics, molecules game. are Again, in But

If back, this infancy. is you step field in its

And the complex this of game, as metabolic of just there is understand XXst the is arrangements a obesity I've obesity. and challenges that long century. different to to work occur given We the do. lot to are public that play clearly intent with beginning There's forms of indicated, health one of here are major our the

commentary So let Vikram me and hand over on to now additional Murdo your question. it for second

Vikram Karnani

we're Look, Yes, David, on to wind I about was aspect. just think comment specific want question to don't inventory make sure and product that right, I your heard it down. that I going

and remains of team net our to patients. working growth. really focused our -- on focused where driving that's the demand And physicians think use appropriate TEPEZZA sales primary for expanding driver we're I them educate to of the as with and

Operator

Raymond from comes from Sandler. question next Our Piper Chris

Christopher Raymond

the just on you competitor dynamic I Otezla, talked on your guys strategy. commercial drug. dermatology about that's just free maybe And -- a specifically on with that question Presumably, scenario. SOTYKTU

you think I way. your the And that ask to portfolio maybe do Otezla drug increase offerings that sense volume volume? program to happens you today sort also Is I but the you XX% that some I implication that heard with you've force for this think calling dermatology been the the what's I'll should support its materialize, effort? issue time, or force, doesn't I say so. additional increasing in Or competitor it guys that another investment need increase? making of that sales once out derm of volume you're what you're heard free sales If added runs course

Murdo Gordon

Thanks for Murdo. the question, Chris, it's

to year, you So this that oral novel generous and as the SOTYKTU who launch free topical let's in At the generous not moved new effects topical the tried option same beginning drug the there There a products free a very normally with And were oral who one those happening very coming of a on market their free a have at on number new the launches, And basis. had of was patients treatments of a just well systemic would topicals novel recapitulate had X time, had Otezla. as what's had a every programs. market. into just first program. that of drug new drug

in those got basis biologic-naive and which first And topical sources squeezed majority of quarter into words, the on first coming of second the programs so its patients patients, the systemic, the market. from other Otezla, in new growth Otezla

in their and pulled What that topicals some have the we've back in the their offering. since drug is to seen events growth extent out X flattened novel have those market free on

The to drug. SOTYKTU therapy, other free provide continues oral

and a continues ideal signals have seeing given is new we we're agent. so -- Otezla. very systemic to growth And of bio-naive continue will that the will it this source happen What our from the that is early effect already to some we patients on patients, topical think Otezla the for

We access the ourselves in have with really strong market. established

XXXX access for us So to the And reduce better to of help should programs the is. almost to is Otezla. give cycle certainly free everybody including matures extent else to we drugs growth what able in the drug the don't expect the impact continue the oral, of competitors to that But market, for guidance will some other that need new program we be prospects the grow then on actual our the future. provide the and for and we see contracting we free as

we've investments quarter. really kicking in made are this The just

and the just force right was the team beginning XX%. was expansion the derm of QX. The in deployed So your by number field at

of only are in field they So as weeks. a few

So not for been quarter has direct-to-consumer performance the increased and brand our impact historical is in spend the that the well. fourth as of

able will very Otezla we are that of for on more to number forward. the better large a into as convert persist we candidates feel, really So build who when they here be you tell systemic go topicals But to to patients we'll given as continue agent, we market.

regardless a psoriasis. has that of just the the a only market And of severity in broad we're label reminder, product

why made we've and look our dermatology to as forward. we we'll add continue and go investments, we're portfolio to So enthusiastic, that's and these optimistic to we're

Operator

comes question from Wells Fargo. Bansal Our next Mohit from

Mohit Bansal

pretty maybe down. question seems seems to in on this there? like about about And be warned growth. Medicare I can talk thinking quarter product, accounts be second quarter, you it about it you but I should at every So we budget X even If government sequential the from going the look [indiscernible] that including third much quarter know little regarding call donut hole, dynamics how bit second the forward? for a

Murdo Gordon

Yes. every Mohit, I down. is don't think product

and I are those like Prolia, think had BLINCYTO from growth products Repatha, the long-term EVENITY, products posting we double-digit a significant in continue to in hemo of particular. we number expect growth products pretty our portfolio, that quarter,

seeing a priority growth some that did we expect the in were to net period of have number we adjustments our drive. in sales. What we're So on brands continue strength prior quarter to from

a So negotiations that in there based was on X we year-over-year particular was the LUMAKRAS have adjustment on which change reimbursement. on

an ATU early access LUMAKRAS program, temporary XXXX, an France $XX in price negotiations a million have took basis in accrual example, Since France. we on for quarter sales of So in having in has France, program. available for and we're the those been we the

entering quarter. that had a our price number events products. some we as And of the So like you in related we the to hole donut of mentioned, are for

select overall, products very impact. a on growth portfolio in of the think is a effects little bit I and price volume So donut few hole unit strong,

Operator

Our comes Capital from from RBC next question Gregory Markets. Renza

Gregory Renza

and to could Amgen markets. and and -- view but just for the ready curious is time time? morphing you again not being a But -- the the obesity best-in-class evolving back internally just prime anticipate just need be efforts, best Congrats obesity especially different the accelerate there progress. the being really how need team and a unmet on the you are across Bob, externally circling so look progress. on the program on if to things by quickly? from you would team see those how the to market I'm as focus and/or Congrats look market first and how

Robert Bradway

early we in emerging see about We're work from so excited obesity. our very what far

Reese, are going have time, to got go a to of think a probably this number Dave at you ways to sense disease. be from over I be heterogeneous likely of There it. is this to a different

us we an competition. of encourages But as is right versus for now profile what emerging our what think approach differentiated the

just we far to that Gregory do why the from remind gives Murdo, in a of in you good see want about and foothold so and the we maybe entering our competition differentiation think And for data market? that basis jump the us

Murdo Gordon

the way products what are I'd the like is was the and trying What going seeing like treatment not question as the that with to in I products in how left regaining we're entrenched Bob. just Thanks, lot of Yes. more weight. market. to much early [indiscernible] [indiscernible] people a is with and market we're gets then these sometimes you losing do And patients have is these framed the days persisting but seeing weight, unfold. their framed

strong market time we in rapid opportunity the sustained for about very long over both bring product dosing. can weight convenient that term with there So a and an think that is loss,

based here outcomes not to but the of based from what the durability extra time. able to we'll and sequelae seen over a weight, that to lose II trial, just cafraglutide of weight that Phase dosing product weight available the and of over convenient differentiate loss or think between the carry doses. from on life. of have We being the Maridebart I people in balance market of of has opportunity number really And in dosing And course who that where that's is that, sustain XXX right to goal we ability efficacy improve number the cohorts different the today. find course, to the the be think their is explored or We've an itself on

others in improvement in our reading out to We'll this next data medical like convenient see months. outcomes that's event congresses to is with pass and product we're And a highly hope starting few what about efficacious bring trials. see real with But as highly XXX. more

Operator

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

Geoffrey Meacham

there inflection. Phase Repatha commercial the market and I time IIIs you long coming among guess, wasn't the about It's guys do Or think point a been couple is force? interest a for tipping a ongoing the forward, Are is see How an current payers? do sure it I looking increasing you cardiologists? finally with hitting impact? guys from how how you of and

Murdo Gordon

cholesterol. more they a been efforts to didn't to patients, needed treating educate point Yes, do XX% question, do Geoff. Thanks we've convince I reached We a commercial payers. for the think covered. cardiology, now that and bit cardiologists LDL a their be it's the of in think aggressive point more COVID do a to journey and over in with and tipping us have we've I in help tipping our reached lives pandemic

really seeing to PCSKX our we're to category We primarily to starting share able anticipate being category, progress driven Medicare the XX% coverage move of now. by D Part continue our really, and that

Our patient growth world. around just new not volume is the but in the good, U.S.

with We more are patients. lower high-risk now seeing drugs in more and combination ASCVD in more LDL primary care other physicians aggressively using PCSKXs to

and adding now and care, for pretty prescribing are patients, mix. to affordability phases that established we'll primary campaign with now coverage clear. frequency into the So cardiologists be established Payer direct-to-consumer investment moving

So tipping that bullish a on both Repatha, yes, do I'm sales I to can and product, expand on from a and we point Geoff, further think what reached we've volume perspective. net

Operator

Our from from Schott JPMorgan. comes next question Chris

Christopher Schott

we I guess thinking guess, guess, a from of the Just large any or Horizon above guess I just versus slightly in here? as of target is considerations ramp about Horizon kind guess, potentially investment? or a including pipeline, obesity I and just studies be kind this balance, mind question how XX% directly, keep should company reasonable we over for we should range, on I XX% margins time. your post longer-term I margins. some the very with of

Robert Bradway

this from us We've industry. to specifically see would able to give not been pretty trail efficient what operating time. on I conclude clear our should guidance call, that we've like. we're the But Chris. Horizon over a we margins in Well, leading remaining on business about leading that. player differently to focused nothing updated think need going been margin the We're There's that achieve look in

R&D that So the Peter nobody made internationally III an of in-place a our years middle but process on be that advance get the that infrastructure have obesity in in number the we'll rate will run manufacturing expect And earlier, at capitalizing the and about we here that our full and have extent may that around. margins the margins reference to we the of that surprised spend in for trials moving hands. development so and into is of a time business of to for attractive Phase margins, decade Lp(a) products. That talk start to overall effect that on plenty obviously, that

ability pretty to cost manage the we're consistent a determined demonstrated business, structure to again, and something So the we've maintain. that of that's

Operator

question comes from next from BMO. Seigerman Our Evan

Evan Seigerman

So pretty impressive. is in growth prospect the

expectations compares gout. a run gout going this comes we concerned article Is seeing taking deal? Just this the back, space? broader about And are wondering $X for diabetes your How the how billion KRYSTEXXA? then use into we should that it when be JAMA saw step the the something you of in to rate mention meds to on with type X

Robert Bradway

in X this we'll Maybe take parts.

medical a there's and with marketplace well, say I'd performing believed the KRYSTEXXA large with we serving respect that need we unmet here methotrexate think KRYSTEXXA, is KRYSTEXXA to well. Again, First, tremendously and is it would. very

like in hand for cetera, available and in indication with chronic et Brazil hand that with that we the were we would to that thought things And that TEPEZZA, to forward the thought made working international things were now as say overall, is So I'd point. proceeding -- like we've that colleagues to trial we're the data we OPTIC-J in have we important have looking made like do. progress And to wanted this were sets it. business it our on the were those

also UPLIZNA in again, performing we line very much as expected And it would.

And be question business ways area. the the in I'll ask Dave. there growth add now to X So for on diabetes, then we Vikram running we and value opportunities see will rare to see with respect Amgen-based what to business our

David Reese

amputations, think for severe severity They I mean, patients is the disease. I Yes. are context of the gout. of because often These example, facing uncontrolled have broader here the important.

are the not served practice. there number a in currently market being so patients in these that of large And clinical are

focus our patients quite and effects quality quality is life. of improving and of in can that the reaching sort disease be drug on course of so quite the of the the significant dramatic those where And impediments life are improving

the focus that's now. So right

by potential I of the associations. wouldn't other And some get distracted

Robert Bradway

we calls here. I more Operator, log think in X have the

colleagues So we then with the why and we'll more, thank X day. get let and take on don't our them

Operator

from next Wolfe Research. Our question Tim from comes Anderson

Timothy Anderson

it look On early be The this or do start AMG all that interim the to XXX, guiding Phase III And maybe way an late topline the is sorts do that this trial would is in 'XX. date. XXXX? Phase you silly know II of I on you're primary main can in question, to but completion a at at for possible before

David Reese

Yes. I when 'XX, give mean on we expect the Phase we as go guidance through III launch. to we'll program

look. As is customary will in an interim will these programs, take we blinded. That remain

is guide FDA you externally study, will a least this our launch before but that at release certain the not because Phase recall that requires trials will a XX-week safety that III database help We thinking. Also here.

you And can able what III of more so Phase next studies be look and guidance and definitive when to give start have suite get conversations, might as program expect as the to year that like. to those of we into launch the we'll

Operator

from Our Bristow Colin last come will from question UBS.

Colin Bristow

XXX. Maybe follow-up just quick a on

as this commercial It's margin an think of from obviously in we antibody is that's to Just a be perspective, an this. just backbone. with going this achievable about injectable light the

think us help through Just that.

Murdo Gordon

than out could backbone. this was that on you the an of less is be much that antibody frequently dose you it The earlier, Well, current with obviously, Colin, properties market. therapies you I to already as have the can that, to alluding pointed

can possibly gain that we'll in the strong efficacy that that benefits, sustained they a establish and over risk, time loss the differentiation for the think, and reduction potential also cardiovascular tolerability treatment. so We improvement weight in rapid, outcomes they that manage position deep the need who in from can on given the market able be people to very

experiments, share But able said, that return we we and of a a the expect, on to be to good Dave market, investment will product develop in our Phase product. III to drive take this which as expect decent suite a across of

Operator

Bob turn call remarks. Bradway would the over closing back I for like now to to

Robert Bradway

joining But on appreciate you to an months forward and with to get support. having the look is Okay. report or enjoy Amgen, at year. trick quarter wherever go your in eventful opportunity you us we, hope to of we all few for again, the Well, we evening thanks. the treating It's for to you choice an thank and and doing me you of of let when and Many this afternoon fourth morning, that this new morning been are. the the regather we

Operator

This call. our concludes QX earnings XXXX

disconnect. now may You

Amgen (AMGN) 31 Oct 232023 Q3 Earnings call transcript