AMGN - Earnings call 4 2023

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Operator

My name is Julianne, and I will be your conference facilitator today for Amgen's Fourth Quarter 2023 Financial Results Conference Call. [Operator Instructions] I would now like to introduce Justin Claeys, Vice President of Investor Relations. Please, you may now begin.

Justin Claeys

Thank you Julianne. Good afternoon, and welcome to our fourth quarter 2023 earnings call. to the our be Vikram time performance Bradner, I'm lead broader by Karnani, on will joining who of is call review by pleased Griffin. our Bradway quarterly call the and followed and a Jay us earnings Bob for and Peter first welcome Murdo Gordon, Dave Reese during available be the Q&A will also session.

October acquisition and Given the Horizon X press as release slides shown contribution results business timing of onwards. from close, the in the Horizon the include Therapeutics from our

course the financial this also sales our measures discussion will non-GAAP reconciliations this For October, first for doubt, will use describe we to the within of be the will provide accompany our including products have context week avoidance this results. of as the Through the of further provided financial today, call. basis for quarter, performance full information in our also and his that information, appropriate filed for these supplement materials fourth the remarks. To Vikram

will qualified statement. by statements, that our which materially. also are actual harbor please note And forward-looking safe make We can results vary some

that, With you, to Bob. over

Robert Bradway

world. a disease October our Prolia, now which geographies. of manufacturing, alongside and Horizon, leveraging UPLIZNA. us and acquired potential XXXX stands me another medicine, life of world-class to EVENITY, Thank We reach our all delivered these volume of presence. end the Justin, biologics completed and businesses. of the beyond. joining acquisition X patients year, significant at extensive anticipate history and advanced our of also a year of products I'll the we of by across a well cycles medicines and positioning KRYSTEXXA including touch pillar inflammation our Last with it's growth. a call. record X our Amgen's BLINCYTO, year. to and few. The Amgen, around fourth medicines across growth for -- gives diverse growth and as many more Okay. we in experience you double-digit growth in are XX significant you, balanced of business over for Last oncology with global on We pipeline milestones TEZSPIRE, most early leading we decades general all thank through believe inflammation our the further The annual have promising generated rare let quarters development and and molecules very in performance us progress pillars all sales that Repatha, pipeline their new year, attractive products stages deepest this on was growth X, deliver the all decade dozen of

this of obesity generate addressing a of our course, be for case, cancer same In bite number and the Tarlatimab no oncology, cancer. have in We're in tumor with complete about FDA in has we'll now data small T shown lung another take a cell diagnosed first we general as the new major [indiscernible] successfully lymphoblastic the with third-line very prostate its this cancer. zaleritamig with done our that over treatment in and been excited, and moved of major for tens studying priority which solid of assets first acute fullness treatment cell BLINCYTO, decades II early-stage lung medicine, cell serve yet earlier a Phase asset. molecule, for learn to be has this We've this engager world. we'll a which bispecific of more approach BiTE date earlier tarlatimab promising there lines is the year for Maritide, steadily and of one the review treatment the thousands in to into effective -- hope able to around for markets of we being this treatment advancing leukemia, the also patients to in we're of year present. tarlatimab to In PDUFA space. in We're U.S. lines each time small

and time have from are the the and more dermatitis needs in in IgGX-related global data delivering, medicines have when the In rare III of from gravis with for trials data rocatimlumab And we pipeline. market Phase X disease. population the promising in we'll At now disease, program. III inflammation, aging Phase atopic medicines have what in our myasthenia new that ROCKET both we'll Amgen are is today a a with in innovation, first the in advancing rapidly luplisma

Head work joining President for oncologist Biomedical the leader Jay the Dana having was the also Farber served accelerate Novartis of our We're that have this our for rapid Research. previously Institute a is Institute. faculty generative of and by business. Chief We've for a Technology many to decade just hinge we're Dave for and a rest also Amgen's long-term the more and on is of named and than not Amgen as practicing that Dave more prior intelligence, artificial seasoned moment Officer do of of Reese to at patients will ever quickly years at recently capitalizing of he good innovate School R&D us the enabling delighted and Jay Jay technologies excited innovation confidently. served is the first which Medical to Succeeding scientist team preparing for a our and Amgen R&D for as but the ensure Harvard been a across Bradner. at is the convergence together Dave by biotech to like Jay Cancer tech, member We're growth entire as excited and company. R&D, physician and in on board to

their ask And our talk I that, now our many with me XX,XXX the our for in employees to contributions And performance want to XXXX. world success. commercial to let Murdo thank about around

Murdo Gordon

volume for Full growth Execution and record was across strong volume was X% XX XX%. the pillars and XX% business, region across in I'm our resulting was XX%, our of brands regions. our growth sales in performance Canada East robust was year-over-year. increased U.S. volume Latin year year Volume growth XXXX. Middle Thanks, and in Bob, with Europe, very product our business. in America, and the across pleased the growth with strength sales

Asia portfolio to X XX. be XX% December fastest-growing of Pacific results sales These October include our the continues region the of with Horizon million period through $XXX volume legacy growth. from from

for growth I'll lower Repatha primarily fourth increased the revenue sales new U.S., Prolia, volume in starting growth start with coverage. with across net by X our year-over-year treatment. In by growth, partially products, and General Aimovig. the increase number XX% selling the decline XX% Overall and the quarter business, full year, saw year-over-year Repatha, U.S., selling driven We respectively. patients offset in XX% for which price the with by driven includes XX% strength in by we and the XX%, of price. new volume volume EVENITY our regions. formulary saw net fourth the XX% of XX% quarter, volume XX% a in was growth these XX% Outside Medicine of U.S., a driven in of

selling coverage which price. will We to growth, lead net than volume strong declining offset more expect to additional this

tirelessly it volume to patients their the driven it. [Audio the of will U.S. the and bone increase Gap] our the In both an physicians the $XXX patients women we can need with EVENITY which In many, ability XX,XXX for in will [Audio continue of bone is continue ease apply the million effect XX% the addition, an all this builder U.S., strong who patients, of [Audio risk care [Audio we're educate than EVENITY, that work prior sales Gap] body's and growth important who and by recently works the LDL-C see is events. remain record the it activated had some lowering We We in for also we'll bone bond in prescribing formation with in of payers only settings. experience to importance decrease And have on committed therapy. to to the physicians new some Repatha. progress access Gap] reduce urgent for to further while quarter, more XXXX Gap] proven removed reaches to and more natural ensure potential to primary for health resorption. growth patients to the around with authorization many patients cardiovascular need cardiology pleased world the

alendronate sales supported grew was to the $X.X year-over-year high for XX% real-world by patients superiority at to a risk treatment-naive postmenopausal XX% in record fracture. with Prolia Prolia's in fourth a risk billion compared of growth of when reaffirming quarter. reducing fracture osteoprosis evidence Volume

Nplate the sales primarily induction a both year-over-year broad year-over-year KYPROLIS XX% new prescribing grew grew year-over-year XX% oncology volume coming growth. for driven quarter fourth markets the Volume quarter, the $XXX with our volume X% orders. Legras related these part X year-over-year volume for term, X% consolidation year increased Vectibix, increased BLINCYTO the by as to for fourth front additional partially growth. of and XGEVA. to fourth including the Nplate orders U.S. BLINCYTO, growth Sales by see indications. quarter. to growth launches driven for XX% frontline Long by million U.S. X%, sales utilization regions. fourth supported significant line growth our potential offset from grew decreased KYPROLIS, LUMAKRAS, volume includes year-over-year leukemia Vectibix fourth patients XX% opportunities X% we products Full X% treatment. XX% increased record for decline treatment. acute government and We in XX%, government, in placed to with by growth. driven for grew LUMAKRAS year quarter, volume sales timing see sales innovative Full from BLINCYTO and across sales future sales the for the which by Moving earlier lymphoblastic in quarter. play growth, by was volume of business, of year-over-year, sales by of driven growth

grew for Nplate fourth orders, for the government U.S. X% the XX% and year-over-year year. sales full quarter Excluding

driven estimated Full Transitioning lower changes sales and growth. deductions year partially lower and lower offset sales levels net to by selling fourth by offset sales driven by decreased X% Otezla and volume X% to our X% inventory the increased selling for favorable quarter, by volume levels, inventory partially year-over-year growth, lower price. net X% business. price inflammation

programs the execution severities Competitor to positioned an clinical by starts testing lack indication impact lower and grow had patients deductions drug the from X% net New XXXX its fourth increased decreased quarter, in a Otezla for and X% a in quarter, fourth quarter, combined X% strong beyond, impact of Canyon patient as all oral and increase volume investment. free a the established uniquely initiation coverage. a by reduced quarter. result payer price. and is estimated Otezla of driven unfavorable selling required driven the psoriasis, broad Enbrel of in improved in an coverage, grew given grew with for fourth sales by in for to supported year-over-year for treatment administration. new X% starting sales payer changes U.S. profile,

Going mix. changes in rebates and decline broad forward, we to year-over-year continue selling to net expect first-line to driven maintain by coverage higher payer price patient

TEZSPIRE in increased continues with Sales quarter a and for strong year. fourth launch $XXX XX% million full the in sales trajectory sequentially. the $XXX million

us single-use growth successful year to expand higher allowed Our pen patient to benefit as launch new managers pharmacy with XX%, prefilled coverage over major of a contributing self-administered the progressed. to

coverage we $XX more million with quarter million and asthma. TAVNEOS in even Sales the $XXX of to forward, were for help expect patients will expanded uncontrolled allow this XX% the quarter-over-quarter severe the Moving care with In have fourth over growth been health treated we now quarter, year. professionals. TAVNEOS Approximately a patients U.S. X,XXX saw full volume X,XXX by the TEZSPIRE in

foundational patients. expect growth and launches. growth. us in Looking strong more fourth our expertise addition execution The our commitment benefit around patients X% for ANCA-associated and to time, continue year, business, was leverage our This to therapies. growth our and to Overall, innovative biosimilars be we of serve underscored volume the vasculitis. price will the XX% pillars additional new even nephrology to forward, volume the from is TAVNEOS position by portfolio for driven we by long-term in patients XX% selling the inflammation portfolio grew of Sales our decline. full molecules the bring serve and business offset for across our with net many driven world who Over year-over-year partially more by well our biosimilars quarter X to by XX% can

disease rare with who I'll over to portfolio. And our turn Vikram, cover that, it will

Vikram Karnani

Thanks, share due rare update X Murdo. business that an are we to disease I am now close. months glad our past on

We are as operating of activities with now fully part ongoing. Amgen integration

of wanted be long-term make that Amgen's to growth. October excludes X are sales occurred has excited deal we the to release $XX to full Bob which in I This not first fourth to in October before, quarter $XXX As week pillar million. close. that reflects mentioned slides press are of sure the prior million onwards and of and from we you're aware sales reporting

TEPEZZA starts fourth This unique driven indicators, U.S. quarter, For representing number the TEPEZZA our the with of forms million, sales growth. positive prescribers, quarter, growth. growth representing disease $XXX is row I growth a antibody product XXXX. entire monoclonal sales. of for largely during the patient my TEPEZZA a brands remainder full and the leading with sales $XXX Throughout by record generated X% patient of total and for patients rare reference in of of quarter-over-quarter of X% third from IGF-XR million full product thyroid Horizon number year-over-year delivered remarks, quarter We enrollment disease the including sales the quarter-over-quarter will saw

to for lives, Additionally, able we to generate to changes of XX% this greater we've policy efforts, continue throughout expect favorable our XXXX. and U.S. than been medical thanks covered momentum

continue to settings. severe benefit who see in majority with patients of in We with low could TEPEZZA, activity the moderate approximately the clinical disease from to score patients XXX,XXX these U.S.

is leading for execution some progressing is also and approval indicators we a and International while unmet high there lag our see efforts and in meaningful growth realization expansion additional numbers. TEPEZZA. are between towards U.S., long-term in opportunity positive the growth Brazil, a countries. need, remains in for we of Given opportunity long-term the patient also increased recognizing time approved TEPEZZA TEPEZZA

with in Our expansion and priority and review filings Europe underway the regulatory in both throughout Japan a high year. is EU Japan into the

engagement delivered the Sales $X patient million was commercial annualizing continued driven in Performance an uricase $XX XX% NMOSD, driven and rate. KRYSTEXXA, million growth, record across fourth billion all record now a UPLIZNA expansion to in execution gout refractory now the manage sales antibody, stakeholder the with fourth monoclonal with treatment. pegylated is which generation, journey, enzyme execution. in for growth. $XXX year-over-year entire is entire quarter, quarter, multiple now by XX% markets. of anti-CDXX for sales a International a biologic also representing UPLIZNA, patients year-over-year underway adherence ex the chronic by fastest-growing are launched representing in to run delivered for U.S. strong phases

Ultra generated portfolio driven primarily of sales Our PROCYSBI for entire rare and the quarter, RAVICTI, medicines, remaining Ultra ACTIMMUNE. rare million $XXX fourth by our

XXXX leveraging decades world-class at capabilities, in Amgen's extensive by global of experience ahead and Looking biologics inflammation presence.

before. We are ready to reach more patients than ever

I will over to turn it now Jay.

James Bradner

I'd all convey our and the team. best-in-class Thank portfolio me business in service, organization his industry, R&D remarkable development, expert first-in-class at commitment, you, sense and to take in authoritative afternoon, the of to minute like impact creativity the Amgen the shared discovery most appreciate join everyone. clinical I of known and now the joining. facing expedited organization serious a of illness, staff our Vikram, thrilled the conviction money potential of good before how research, growing to and were this biomanufacturing the like well to the and and leadership medicines. medicines strong on the But Amgen, I our patients am

weeks. Sjogren's patient In with general with XX-week syndrome. line assets cancer patient in previously X highlights pipeline, to II XXX pivotal transform and and In XXXX. of year as across achieving in cell of in weight breakthrough part top data small Maritide non-small beyond Key the data III weight enrollment along of Phase from with medicines key and in care. to LUMAKRAS disclosed, in added cell by designations XXXX, cancer, I the a observed medicine, lung [indiscernible] the executed durability explores portfolio XX II, initiated delivery speed colorectal Leveraging expected Phase the XXXX oncology. in study data studies the loss clinical from late we cancer, therapy across included lung of is key enrollment XXXX excellent study, tarlatumab for in we durable We promising for loss the X Phase readouts the in X recently this as enjoyed potential Phase rapid which oncology attainment programs. with our significant [indiscernible]

remains a Our program planning Phase track. indications III on for comprehensive across multiple

have Phase seen R&D from that preclinical data. provides Amgen Metabolism may the Maritide a that nature you manuscript I integration of Lastly, yesterday, of published and

obesity Maritide, strategy assets Phase encompasses Beyond preclinical XXX additional our with in several assets AMG I and advancing.

more accomplished to The year our RNA in sites approach targeting to patients III countries care demographic potentially Our best-in-class XX in cardiovascular X,XXX meet this regulatory and the medical Lp(a) initial the across innovation X to of deliberately is and rapid tailored target to enrollment disease globally. interfering expanded We've a longitudinal potential study This representation the and over treatment, impact commitment over field. molecule interest enrolled small in has Olpas. underscores Olpasiran, of demonstrating needs Phase strong enrollment than outcome in comprehensive patients access patient of dynamic from and requirements. atherosclerotic obesity X,XXX just XXX community's regional X,XXX ensure are

We are in of enrollment first the to 'XX. on half track complete

study blinatumomab in evaluate the Philadelphia effectiveness allowing also physicians. to this us half with more treating to potentially in in with subcutaneous XXXX serve of to evaluate alternating patients the older We're adults diagnosed enrolling high CDXX-positive we're XXXX. focused granted sizes. large review for targets that in with differentiated announce patients approaching BLINCYTO oncology, priority Gate conviction B-ALL In Phase June The a III We're with therapies pleased the of on Golden intensity BLINCYTO XX, here initiation anticipated date to ongoing PDUFA planning with chromosome-negative for to early-stage B-ALL. effect administration low of of second study FDA chemotherapy is amend

study Journal a phase to agent seal relapsed highlighting rate, in our Of B-cell well Lastly, manuscript with dose we're pretreated of release heavily Ib a treated, patients XX Hematology from tolerated no response patients observed data with syndrome. subcutaneous the negative. MRD blinatumumab Subcutaneous blinatumomab adult the expansion XX% published announce ongoing of today, fleet as Phase X which we factory pleased was evaluable of ALL. cytokine that American of just grade were XX% an observed

date tarlatamab, into a a results of first-in-class promising DeLLphi-XXX trial where XX, to treatment, -- XXXX. Turning advancing molecule II review FDA DLLX-targeted rapidly June clinical Phase tarlatamab the Xaluritamig, the following continues plan PDUFA cancer lines last from and the BITE progress earlier prostate priority X We're XXXX. granted first have we Phase in the of being first-in-class initiated presentation studies third to metastatic a studied molecule STEAPX Phase data to castrate-resistant in of half and III initiate following I bispecific encouraging fall. a of

We are expect range ahead therapy We've weeks. dose and monotherapy are monitoring coming combination in the with to of finding schedule dose opened reduced hormonal novel combinations. complete significant and in with progress a studies the expansion in enrollment cohort making

MTAP first For is null oral XXX forward malignancies, -- across gastrointestinal and XXXX. seen protocols of studies responses moving AMG tumors. MTA the proximity platform. of terrific thoracic by cooperative medicine master plan combinations targeting a and swiftly synthetic AMG clinical We're solid in X expansion with exploring induced enter encouraged care lesality example X a inhibitor of first in genetically a now and and half our to standard translation PRMTX we're we've dose XXX a of with defined

in explore where are second half eosinophilic we top In polyps, chronic asthma, in nasal well esophagitis. TEZSPIRE of indications severe beyond with expected including separate line Phase data continue XXXX rhinosinusitis as III to as the studies inflammation our in portfolio,

on Phase first XXXX. remain II half to present track COPD in data also We of the

moderate an to successfully program III antibody dermatitis. over severe to patients the introducing X,XXX ROCKET has to both asthma prurigo study II atopic with We're flooring and the program seek anti-OXXX potential enrolled Our planning eighth rocatinlumab, and ROCKET III first-in-class monoclonal Phase for the Phase rocutinlumab. broadly are year Phase a injector, to auto in nodularis in this explore study we study initiate as of we to the

of in low Lastly, in TEPEZZA patients in III clinical received where Phase disease. Japan, opportunities. pipeline the orphan new thyroid of TEPEZZA several additional designation we for a we've application in study also mid- our a drug chronic serve December, Japan to are underway recently advancements submitted activity drug disease the a disease have setting encouraged In by late-stage score. with eye To we rare

and Beyond Japan, experience administration a this plan patient to thyroid to and increased year. III disease drive we TEPEZZA are Phase in adoption progressing study eye improve subcutaneous initiate

inhibitor IgGX-related and Phase data we UPLIZNA, With this patients data a II across III to entered we readouts has make unmet an Sjogren's diseases encouraging for year real myasthenia Both follows have III Phase need This with syndrome. with disease. difference patients. the CDXX-ligand protein important fusion anticipate Phase efficacy and significant rare second for antagonist track where Dazodalibep, of pulmonary in potential gravis moderate severe data efficacy high demonstrate disease with Fixalparant, being to patient out patients Phase in we're to a readout with in excited latter burden. first about symptom is Closing half our II fibrosis, population. systemic the in an and Dazodalibep this XXXX. on for efforts, studied tariff proof-of-concept the LPARX disease innovative idiopathic

milestones closing, In important our pipeline now through sharing made progress we turn forward the I'll and report to to I'm Peter. over more looking delighted XXXX. innovative advancing you, it I'm pipeline, to on

Peter Griffith

Thank with year-over-year strong grew XX% fourth and quarter, of XXXX. in and you, the fourth revenue pleased We're Jay. non-GAAP grew the full $X.XX quarter and execution billion total of the EPS XX% for year-over-year. $X.X In performance year our

delivered of the revenue $XX.XX, non-GAAP and total growth billion, year, year-over-year. EPS we $XX.X For of X% growth full X% year-over-year

week QX results X, from Horizon's results when X results. the fourth and a and Horizon's full details our financial quarter shown for results XX The Slides discussing slide to exclude XX before on of As outlook October results reminder, of I'll financial year are the the of deck. quarter beginning review the year will closed, our XXXX. our full our results approximately acquisition fourth results both financial include so

of by total growth of by driven saw of year-over-year, net our sales billion. We price increased to quarter product selling offset fourth XX%, volume $X.X X%. Turning XX% revenue decline

collaboration X%. Horizon, decreased X% volume Other Full XX% X% sales Lilly sales non-GAAP primarily year-over-year, growth of COVID-XX product year of revenues a profit year-over-year, the impact margin sharing $XX.X driven year-over-year. operating billion increased increased percentage by grew for lower with in volume XXXX. expense total Strong growth. of our Excluding discipline X% of full to and from product Product the by XX% sales XXXX. year-over-year due revenues in driven resulted cost a year XX% as

our focus on and to continue our and in investing in sales Horizon. we $XX.X at both pipeline in of With acquisition extension, billion billion internal While volume $X.X growth product XX% QX full and still we the increasing the full non-GAAP expenses operating year the while business. operating expenses XX% XX% for efficiently non-GAAP year-over-year, year, operating manage expenses of QX increased X%.

Excluding increased Horizon, cost sales operating operating QX the full On on a year X%. of basis, impact non-GAAP non-GAAP increased product was expenses expenses as X% of basis non-GAAP year-over-year of at percentage and XX.X%. a sales QX flat a

Non-GAAP pipeline, and XXXX. including the product support, year-over-year in investment tax as cost to spend profit acquired marketed year, in the an acquisition partially from spend full Rico product by was X.X percentage increase our later-stage increased of increased share programs primarily and changes product offset Puerto sales the our full clinical percentage The income replacement higher excise spend the on full in Horizon in year-over-year driven the the beginning and for continuing Maritide. primarily including year points tax For XX.X%. by to quarter and with of higher X% XX% due R&D of by programs on sales a fourth mix. year

the for expense were Full $XXX to for non-GAAP increased expenses acquisition. the method a year by driven a gains the product year quarter, by X% QX investment year-over-year, debt million BeiGene change expenses accounting commercial was to related retirement, the the Horizon OI&E to primarily year-over-year, SG&A value commercial driven Horizon non-GAAP the primarily increase by and by Non-GAAP fourth about primarily increased debt to early non-GAAP related interest issued by expenses Horizon driven and increased primarily acquisition, $XXX year-over-year, $XXX expenses partially in and related driven G&A year-over-year, spend. expense. in net Full OI&E SG&A decline mark-to-market marketed other fair offset higher interest million related in million expense acquisition. the partially in favorable by the by offset XX% G&A to

$X.X tax in tax previously. the non-GAAP costs The points payments percentage The in for flow change law Puerto XXXX XXXX. with full points Rico year, and billion mentioned higher X.X generated and repatriation by and to integration due cash Horizon the year-over-year quarter X.X free XX.X% expenditures. XXXX decrease primarily to fourth percentage is Our compared the rate tax to XX.X% increased billion transaction in company capital of the higher driven $X.X year-over-year

continue generate flows We our capital addition efficient the return expect to and plans to cash of the end Horizon by with of on structure deleveraging XXXX. to with track our are to strong

execute we capital summary, In to continue multiple on our allocation priorities.

continue we First, to and external in innovation. prioritize internal both investments

strong development, and 'XX, expect continues non-GAAP XXXX. increase of R&D our moving to X% Therapeutics increased spending pipeline with R&D With we to late-stage forward Our and acquisition non-GAAP continue Horizon the 'XX over strengthen to our of portfolio broaden through innovative in coupled our balanced in across therapeutic areas.

our Ohio, final facilities for North our years we received our drug after investing has new Carolina. operational Second, state-of-the-art manufacturing packaging we and the plant broke continue just in plan in Amgen, Ohio business growth, acceptance innovative and assembly FDA in in including long-term X advanced expected roughly construction the commercial under ground, our and XXXX. North from production is January, by product license in for Carolina

XX% artificial in In a to in growing over innovation, per the that positioned of paid including And generative in through dividends $X.XX increase leveraging intelligence. quarters. XXXX the X the organization third, quarter. to accelerate This share each return including we represented addition, power shareholders we've investments capital

Turning for to the business the for XXXX. outlook

extent some is granularity our the be in additional don't First, guidance, the because we're impact we first in same this Horizon, full year incorporating of which expect to the the future. providing

revenue expecting we're earnings and billion $XX.XX of to XXXX, billion non-GAAP per $XX.XX. share For of to $XX.X $XX.X

meet We integrate closing accretive XXXX. we target XXXX. to track to of million As acquisition we're communicated to previously the the we in cost synergy X or continue to by least at expect after and non-GAAP in EPS year Horizon, pretax be $XXX on in

our outlook our reflects range revenue opportunities pillars. across growth numerous area driven Our by X strong therapeutic

sales, Consistent industry our products, price recent product Horizon in in and XXXX. in BLINCYTO, volume-driven our legacy Prolia we TEZSPIRE, of year for continued full a we record decline Otezla, EVENITY, portfolio priority trends and will growth expect mid-single-digit with We Repatha, our expect history,

As insurance a to to model product year you historical quarter charges. the percentage we of our and trends, and increased a reminder, expect quarter be as due lowest co-pay consistent as benefit changes, first plan of the XXXX quarter full sales first the reverifications with

the XX% revenue to XXXX quarter grow roughly we first expect So of total year-over-year.

the to billion. we we other expenses. continue For to in business efficiently range revenue approach be And disciplined to full to expect operating approximately managing our run $X.X through billion year, the the of $X.X

we're our R&D incremental realized. ESMO late-stage the including are on support and of Furthermore, the promising XXXX, programs, October of In XXXX plan, timing oncology given investments as has rapidly following an margin the advancing operating addition programs including discussed Verizon to when other impact our Maritide. making in synergies

we sales each following a growth Note full for project accelerate of first As year be there reasons product quarters roughly to percentage margin primarily operating to non-GAAP quarter, the in operating X the non-GAAP a of margin result, as the we XX%. are expect that this.

the of I in product each as quarters. following sales and First, typical mentioned in lower above, QX,

realizing which are portfolio on Second, the the second bone addition brands increased the building third, at spend and And Repatha, stages Horizon, our XXXX, half QX for will in acquisition synergies the the October OTEZLA made commercial EVENITY we X. given of of just XXXX close of beginning date investments and on of including reflects our continue we of Prolia.

for would and strategically innovative XX% the XX% tarlatamab. to expect to that in operating pipeline, the We related we be pipeline non-GAAP to XXXX Horizon to also and XXX, margin percentage We quarter. full rocatimlumab expenses of to quarter. roughly staff cost ahead investments of the long-term for I quarters of as each now sales see account year expenses, Maritide, the we margin expect to is Taking with a the into we advance accelerate to we non-GAAP of the value project the potential XX% increasing year. approximately XXXX range in assets, AMG year-over-year. R&D operating including opportunities it unlock in non-GAAP significant increase be invest in growth following expect our create key XX% reiterate fully So first patients, shareholders. product and first that sales of in important

We we OI&E percentage And in to product sales spend, be between to SG&A billion range billion. $X.X $X.X a expect XX%. anticipate full of for year and XX% to as XXXX amounts the of non-GAAP non-GAAP be

on our of debt As billion Horizon guidance mentioned includes interest the for QX 'XX rates acquisition. to expense the 'XX $XX call, related the the

of expect to a XX% rate non-GAAP We XX%. tax

Our being by X primarily driven factors. guidance is

entity rationalization the in mix transaction. year the jurisdictional fourth of income, the to legal benefits Horizon part the headquartered is associated Horizon the our with entities first The in undertaken legal structure. of including integrate existing XXXX quarter entity the and full into U.S.

trial. planned payment past as we in advanced accrual the prepare as the the belief is is on merits second of IRS for positions. IRS benefit the with stop as legal to to the from the of in interest arguments our an a The tax There done we've deposit in no our uncertain change

the radar rate Once those cash the no the any clarity, interest the flow affects funds our to we're us of If rules Therefore, litigation, closely in our is rules additional the landscape by for to Based take environment, also effects of of in don't we our but court minimum this bitrage new framework our an tax merits guidance the the watching the considered Given in impact includes accrue deposit on XX% impacts significant any case. adoption XXXX, belief The 'XX. by and certain income. in this deposit upon OECD, returned continues individual effect. of the change out tax global makes payment future tax our the footprint, would jurisdictions represents the capital. of use resolution of new abundance jurisdictions. anticipate of be of the interest as although prudent of a the negatively again,

years. for multinational revenue taxes We world, to that around continue higher more expect to coming large result tax in the in the sources including States United of the corporations governments look from could

expect now million share exceed to we XXXX, in repurchases $XXX to Similar XXXX.

expect increase dividend. continue We our we will that to

with We and and pillar. business, our I mentioned into billion including priority rare in XXXX, expect disease invest in approximately the capital of capital expenditures ahead Carolina to allocation the consistent North $X.X our facilities Ohio

strong of another in year XXXX. delivered results we financial summary, In

One of Amgen for will pillar source strong, pillars long-term is the our new of our the in disease confidence rare Our of important believe financial and of XX,XXX our growth the concludes This additive we an X around growth commitment to mission that efforts thanks update. to the My my Amgen their plus approximately tireless their and at company. for colleagues world serving XXXX. patients in be

it for Bob I'll Q&A. back to turn

Robert Bradway

Okay. Thank you.

remind questions our callers. so questions everyone. the through here get them take why don't efficiently procedures of you we these for Let's open And line, the we'll can Julianne, from and

Operator

[Operator Instructions] Our from question from Yee comes first Jefferies. Michael

Michael Yee

and to that Jay level question And maybe I had your most AXc, the some talk could of profile talk kind the Phase publication I could scrutinized on We just talk feel obesity. your for -- results good of good about markers, guidance. for thing. On example, blood and XXX, course, was But maybe to you of all interpretation maybe like about publication. lipids, you the confidence had versus of it competitors. pressure Thanks a yesterday. the

James Bradner

appreciate lot, a report Thanks paper community. Michael. the to I Phase Yes. is consideration We from these receiving really the data. exciting It's the

who obesity pleased those dose cohorts, and looking it, safety, ascending quite haven't XX single dose, patients to X monthly placebo-controlled the PD, cohorts, at ascending And randomized, study, multiple a patients doses, we seen was X migrated double-blind, XX. with PK, outcome. X were For this with

off loss only all XXX the at XX.X% durable example, to weight as quite effects. was of relatively dose medicine moreover, highest an the at side study, days, that dose XX. gastrointestinal out Looking coming XXX-milligram day And with mild which

to the medicine data, possible suffering last pleased work Phase the I quite first, community from our so question be of patients which share And we obesity. ongoing answer we're benefit this with greatest the develop to of to your find supportive to to

of from numbers some of caveats, conclusions to hard pressure would I draw very caution all rather small around lipids, and of I questions this directionally just while Phase all with asked you've blood and lipid, And But like labile Now blood a is short. measurements the treatment that those pressure are the are the trial. duration on is measurements AXc. even favorable. much that small especially numbers, The study,

have -- study. whatsoever we we no measurements from take the those so concern on And

Operator

Salveen from Sachs. Goldman question Richter comes from next Our

Salveen Richter

here on one the Another program. obesity

tolerability? So you post the that Phase are data. evaluated about on to the II similar GI Is I in dose published study How Phase in range the thinking being differentiation Phase I?

James Bradner

this well. Yes. the as question. Thanks for take one I'll

As placebo cohorts II we'll controls. enrollment. not you gain dosing us will less to experience that different more to study, may schedules added And the We've in a present dosing ways. an even by chance level a may study, just which is a dosing explores have ongoing beyond test to well, weeks or enabled with very at going durable relevant through dose Phase XX dosed recently and part XX these will with exposure longer know to study frequent weight rapid go on allow explore this X loss and to monthly. And that than cohorts even very Maritide

III carry and II even clinical of dose to And efficacy instructive to so strongly investigation. be a year, Phase these finding tolerated Phase into data end as will and safe by

Murdo Gordon

a is Yes. thing basis cadence monthly we're I a The starting schedule. and add of dosing only would from

first to GI aspects further toxicity weekly. data now. that some the of day potential clear program. the II of Phase dose all that as there's of improve dose an titration. further intervals and in potentially program. our look we've studied effect described, which to But out GLP-Xs, tolerability the of profile beyond are clearly being And in And Jay here the and in kind so the generally part spread the market of dosing got dosing opportunity different are schedule the And in see the or cohorts side related dosing the side monthly. We the GI of right GI at of pretty would The are dosing additional effects same dosed

Operator

Jay comes next from Oppenheimer. Our from Olson question

Jay Olson

progress, on see months? dosed you on every another or you XXX from Talk rate or Part this whether about do the the could X from later be it's if year the Part And will think of not X? X could we comment that patients rollover patients also, on X of just include Congrats XXX. And that twice X study? possible to

Robert Bradway

at here asked Jay, catch Jay on up you was broken could some beginning. of the that what

James Bradner

little of Part a of was question. X I bit Part then your a frequency And did broken better hear third part. I off explanation not dosing. your of heard

Jay Olson

rolling comment X? of If X the rate you just from over on to Part Part patients

James Bradner

for question, Yes. Jay. the Okay. you Thank

the beyond XX X them. durable this to loss help really is me study give that I intent on look weeks. a Let little think bit context will Part X, of Part answer weight In at

XX weight the durable weeks. X, loss, by eligible for so which of begins end And patients Part at

rerandomized We frequent this to less And will they'll X this to And dose will again, That medicine. schedule. test be responding even be cohorts. then level. dosing

because so the schedule. not will ADC, the core established environment. to the opportunity this have antibody II much this is Phase over But use to of competitive patients We a X study rate less the continues it as to granularity for Part we're like disclose on the dosing therapeutics This of chance afforded many immunoglobulin the meritide, year. allows progress frequently. be The rolling

Operator

JPMorgan. question Schott next from Our from comes Chris

Christopher Schott

of over like Amgen about your seems to growth. to But just the of come get kind little just owns I'm now grow you Can XXXX? talk It base more dynamics question. the What a back that do for to a TEPEZZA And bit top products has how and sense the the a pivot Just asset kind about are maybe you for trying it. priorities? think continuing patient here? with of time to to

Robert Bradway

it Chris. But we'll thoughts of share a Sure, take Maybe parts. couple Vikram, first. in your

Vikram Karnani

Yes. Thank you for the question.

increase and number unique TEPEZZA little forms driving we in the patient you are on enrollment if growth, capacity think focus a saw record that saw are of We I a patient factors [indiscernible]. starts. what bit an underlying

supports that's progress significant now increased pretty lives made seen of coverage, lives. greater important payer stakeholders of we've indication, it's some it full what model. And educating uptake our covered to on covered drive to across as service patient updated And continues U.S. holds robust that the patient we've all the have finally, together, on addition, access. XX% TED this data In a patients. clinical really than of new spectrum of those

there approximately U.S. forget leading to that towards for is penetration one important -- medicine shouldn't I make progress the this in and eligible alone. that XXX,XXX still indicators the and we execute low of patients of think we be these each can continue

just all of before, the increased these we've point as the that noted of numbers. to be a and time is continues Now, one efforts of here execution last lag between there patient realization

once year. and the take XX actually said happy of for coming that execution can of we we patient last for is a indicators have identified that days to patient seen with all we're up therapy our But pretty before, it to out leading therapy. As on get

Robert Bradway

only his about I characterized well. innovation that prepared ongoing patients. in opportunities the I on the would we excited opportunity as in building TED And And Chris, what think thing you what previously. And well also we're excited as the said remarks, we're see about add invest international for benefit of is Vikram to

feel that the I all, in established and it. TEPEZZA excited will about rare pillar we've play in role all the disease So that

Operator

Our Evan next from from comes question Capital Seigerman BMO Markets.

Evan Seigerman

that Dupixent? need And given make on trial to this comparison? I harder be the be do data in it should might pretty wanted TEZSPIRE nuances in COPD. data specifically Are efficacy an that apples-to-apples looking to to bar? differentiate competitive you planning touch so at investors are to this an there from from How clarified how

James Bradner

Yes. add for I and don't Murdo, start And the question. on. you why then thanks

this severe COPD. and expect big question, triple on of So data patients, being exacerbations therapy. Phase timely first moderate was of half year. to a COPD study, They're XXX having II study TEZSPIRE, we despite This the in

of so for on the track broader studying Dupi slightly totally like of We is need This current that here. than for COPD. the here. inadequacy reflective we're quite And unmet population therapy we're mechanism patients readout. the with a

they Type biology. many is. to airway with of We this lavage We slip upstream disease, TSLP And basic chance nature. serum TSLP the on signaling. we the biology really and hit types see airway have a factor You in population signaling upstream, than as an cell just it this response. of did looking By our from the released we at a really It's impact by fluid. by Murdo? and that medicine bronchiecoza TSLP of so patients to IL-XX pointing with have disease out block Dupi, elevated this modulating must think the TSLP hitting a of a unique IL-XX, by lot in X the figure bronchioalveolar responder can broader know biotherapeutic. epithelium. who signals blocking There's we works

Murdo Gordon

to Evan, than bases. the this, just I therapies. described, all with who and the can therapies, also we and there currently that recognize buy. available covered to those we be the you've And understand are perhaps as available to we add currently population mechanism, unique of Jay want patients treat would obviously patients would think responders they hope we broader differentiated refractory that I are if a would test

our including this like I to got capabilities, commercial positioned strong a partners think AstraZeneca are market. product into with successful III. Phase at we've well and take the We're in

Operator

Umer ISI. from Our Evercore comes next from question Raffat

Umer Raffat

as on to well, question. wanted touch up XXX I X parts AMG

episode? the you to the perhaps the And dose, know you I arm liver finished X enzyme of case one liver of the XX full a in not discontinuations part X a discontinuation of the relative dose, of second was with patients, done high reported. rate Could patient not speak Could digital the separately, speak of the to also this study, out elevation with secondly, this COVID. high-dose the was This XXX-milligram duration tools. the paper. but was which there's First, is XXX on arm? enzyme also know this of not we that Is to which of XXX a had there at but mg timing elevation the bid

Murdo Gordon

question insights to time, X do I but was I'll I Phase in patients. your at the out Phase the I this dropouts won't speak X dose, able I provide report. of the be the of level appreciate your to study patient XXX-milligram the Umer. interest at Thanks, and Yes. the which to

XXX the X weight group experience high that benefit of receiving the First, was the ascending dose day clinical XXX. that after were decline it's multiple The out This doses reasons. proved notable in for largely Four in the loss, to the other logistical dose comparable other study. real these XX.X% participate quite to X all study doses. actually the of real say monthly patients in subjects setting this characteristics durable to to AEs and cohort

question it group. do I Dave, don't in to that. second the the digital Now around you? have

David Reese

I to that reported mean that the No. we on I back in we rate. those don't know discontinuation data that. can get -- you

Operator

from Our comes Colin UBS. question next from Bristow

Colin Bristow

Maybe a more couple Maritide. on

provide over by are or the like insight you infusion X at X I into takes doses. milligrams Repatha pretty consecutive XXX we large these could if dosing? injections. minutes And First, some look mean, obviously,

And Maritide give the affinity terms much I was insight than more any have Glip, wondering blip molecules. teams versus of could preferentially relative So if favor GI in for there. you competitor then

the to And the is ultimate profile so do GLPs. think clinical more versus that competitor GLP-X you closely going long-acting resemble

James Bradner

regard I here. dose drug Yes. XXX every such ratio of the X:X, I'm start well to on the medicine community very biotherapeutics for an every antibody new And tell have and attention necessary the organization. as a these antibody other seems a doses especially arrived sophisticated so or product. to this to is saying patient appreciate time, don't we deconsideration whichever paying conjugate close schedule this I'd at don't milligrams I I all a in capabilities Thanks, we and close this deliver Colin. modern high. biotherapeutic at. with a these the side, molecule, need just for of X that Amgen that's by But peptide scope biotherapeutic manufacturing

for me there concerns whatsoever. no So

invoke to in data experimental mechanistically Regarding opportunity populations. observed genome-wide we mass reduced it. inhibit just as very feel to receptor, that our antibody variance that very populations by our receptor these pharmaceutical large signaling the of have correlate the of the peptide companies. inhibit agonize BMI body GIP receptor medicines that a secure in between balance do a inhibits by pathways of to with choice studies pure whereas that the and pharmacology, level to index you gift difference the medicines deliver of namely other core association and downstream need, an in with pointed finest in meratide supported nature available the developed lower large experiments receptor medicine

was suggests both. receptor GIP balance between and in the we humans, doses very agonism which GLP-X, the these are that that difficult but our of you that achieving to and are exposures modeling inhibition measurements of asked observe to we make As therapeutic

Murdo Gordon

with other I device it's and done a And simple process from that on and Amgen on monthly from one our biologics. least specifically, learned to add and development, patient lot would dosing we've and team, from from Colin, this a has improve we Murdo. patient experience And at we've learned a that, a work positive Repatha of patient world-class very experience lot perspective, there's and we biologic to a manufacturing continue and a experience we've follow to a just schedule, anticipate Repatha lot work but injectables. more on

Robert Bradway

go know the question, me as we're actually observe aside Just I that all in few still we we have the to hour the set that almost we questions to let a next because up quite queue.

that's us, still waiting questions I here stay have through know for question through per So of to to the and rather we'll will may try you queue drop. get one get but some calls or caller of

forward, let's Justin. So move

Operator

Werber TD next comes Our from question from Cowen. Yaron

Brendan Smith

All Brendan right. is This Great. for Yaron. on

thinking feedback of paradigm UPLIZNA. one growth Just you from the about from see how understand heard, so some you've MG into maybe quick potentially this seen a the maybe do of you're there, given expansion indications opportunities, to all but on based Just is and data to physicians how that different autoimmune far you you've given longer-term us, maybe on the Where all UPLIZNA pursue? point, competition treatment you there. kind see actually, the trying fitting kind could the more

Robert Bradway

combination just or NMOSD all, other of First other potential Jay the ask about address the in right now of then don't product to performance talk we applications. and Dave can a and Vikram, the activities of

Vikram Karnani

growing for thanks actually nicely and in Yes, the NMOSD. Yes, question. UPLIZNA quite quite fun

the you NMOSD. As fastest-growing biologic is it now know, in

months I of we within the see we're to appropriate competitive NMOSD execute operate product or and positioned growth as for patients fronts. of versus existing we've continued variety We continue last even that this make even newer environment the across And nicely -- XX with mean, and it's prescribers. we a so, continuing maybe with over depth more prescribers significant drive to longer to in. progress

do And think hope to Maybe, want question? to NMOSD. well. Jay, second to talk we this the in medicine good continues deliver product on about the execution to I So you -- continue

James Bradner

No, Yes. to. happy I'm

cells. therefore, terrific CDXX As on diseases there's you plasma expansion, potentially really be think with may unmet with considering target. cells CDXXs not indication real through benefit far as of This that in need large know, the a our presently. patients and lost expressed a all a the UPLIZNA B to indication B target subset could of just It's of on prevailing spares, team, is a hematologist, application cells approached and I is the number asked, we're beyond expansion you've that of working priorities

Operator

Our question from from next comes Wells Mohit Fargo. Bansal

Mohit Bansal

a question regarding subcutaneous delivery I of have the TEPEZZA.

about are can talk a a are you a for technology? initiate You this using preexisting Phase something which using? you to Is development? technology have Or with III the you Halozyme bit plan this do study, little as

Robert Bradway

understand trouble Sorry, question. the had I

Murdo Gordon

of subcutaneous using Question for TEPEZZA. the form injectable is what technology we're

James Bradner

the forward not we're on that this I'll the just in. going just point jump Maybe with said subcu. at Mohit, provider. commenting we're We

Operator

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

Geoffrey Meacham

to going think know about out the this it potential need? of III you'd II wanted program, hand? informs of XXX? When it to the Or Phase that And the you're on have after? Phase that, Another of want one do I differentiation just could the that risk? Is indications that you is something sort to for next go the XXX. you unmet on sort Is data what roll in timing think you

James Bradner

Yes. really it. Geoff, appreciate question, Thanks the for

over Americans payers obesity a failure the X chronic weight The is third-party to demand so BMI heart long can sleep burden are chronic and with know, kidney apnea, disease costly, loss. global that diabetes, you massively disease. cardiovascular and XX that quite and These type obesity-related list major a societies. medicines health from public conditions expanding As durable huge obstructive deliver disease is and of really NFALD NASH XX% maybe crisis, and

we strong these as strong And obesity-related GIP rising offering insights. really II to Phase And program, on a so have we locked obesity know. diseases on we And genetic inhibition component. think based genetic for a you in our has

the space is large. opportunity So quite

requisite what where can data, when question we'll we III the public track And what asked the and we dual And all actively indications But due health. course. in even perhaps Phase we mechanism an intend You for all program. expansive sequence. remark this planning are have in and indications on improve

Robert Bradway

of to regulatory want the piece it. -- Dave, And in terms you add of

David Reese

I we're III Phase -- think Reese. I just Yes, very would Dave this planning add Geoff, that a is program. expansive

can you body And we you're of data, we III as those see to a will trials, aware, So discuss launching indicated, Phase multiple addition, Jay expect authorities then data certain move around to before safety indications launches. see start And world the and parallel. forward. as we'll require them. regulatory as in begin

approval. that. with our quickly regulatory so we And to goal is III possible. the Phase set will of course, we But be have launch as once as compliant requisite and data

Operator

comes Our David next Leerink from Partners. from question Risinger

David Risinger

Yes.

impacts and add lipids specifically on expectations XXX, metrics? you whether for Phase your have more some on the anticipate the on please. pressure Could on those I blood AMG efficacy II, question color So you tirzepatide-like in

James Bradner

to I time. David. Thanks, Yes. we're and that at try of to not going the I'm outcome forecast mean pharmacology measurements making this

that this I our of end in medicines think well it's tolerated, measurements. part seen the data your Phase of try the of program, and you've end some early towards durable I first As significant the Phase have without question, all just II to the and calendar loss we'll of delivering of answer too excursion to benefit weight year. at those

David Reese

you is take look that. can just preclinical at have from best I extrapolation that the to And published, were urge the data a that you

Operator

Our next from Michael Guggenheim Securities. question Schmidt from comes

Unknown Analyst

of path? agents Xaluritamig. Can potential and How prostate about of the year current on about other based disclosure quick think mechanisms Michael. such thinking talk as registration for on A [indiscernible] AR do emerging different some on one this cancer? your the your in this you the of or to agent ADC data you degraders plan relative positioning on

James Bradner

for bispecific. call. STEAPX a Michael. interesting And question, for exciting is molecule on and outstanding those CDX is Thanks Xaluritamig a very the This Yes. this

studying in cancer. this prostate advance castrate-resistant been have We

novel I a novel Phase the reduce the we're agents exploring We opening and We're combinations in integrators, expanded as with you monotherapy. modulators in well have that cohort as to existing monitoring receptor invoke androgen reduced well. the as for priorities can the to The just to monitoring. of reduced reach important monitoring. looking This all at patients are will domain the who program benefit. right establish now be We're feasibility

great combination medicines these is we path thankfully, worn, in The experience case-resistant and course. the well the to cell deliver bispecifics The outpatient present there. as cancer no there. to therapy. plausibility be in path engaging will well regulatory and will of with how have approach T surprises There We alone with ultimately, patients bring to to prostate due as know

at about more of radioligand xaluritamig. medicines oranges rates comparisons, we differentiation are meaningful disease, asked like encouragement study the are quite gives offering had that patients on patients The patients. other such and seeing on in the as of to have our to really and the often clinically advanced apples of as response great medicine few the even looked next really we we're graphics years. the therapies. develop us than that, to These the mechanism disease ambitiously treated And course, reported on You medicines. advanced more

Robert Bradway

of in do data Dave, want to share... the you terms sharing,

David Reese

availability. Data

at provide the of when or to nearly year data, as probably in either mentioned, next forward next into those have but year, later Jay over the data next we'll data look get dose terms roll might of the we're course early that that's the expansion at complete meaningful look this As we year. roll a of guidance and we'll as set

Operator

question next comes from Research. Wolfe from Our Anderson Tim

Timothy Anderson

the comments. to few published a weighed express or the view, GIP couple read in yesterday. add wondering, of best on and those anything they Eli antagonism comments to Is of of continue or anything agonism quite their as in as sets this Lilly versus you antagonism. they you points, data incorrect heard to there any actually I'm they And made topic is So about which refute because today or agonism and the also that's is much way not context that a covered

James Bradner

contribute open is who the the scientific highest this wants studied don't comes antagonism in engaging variation patients that to this believe else up is this. million anyone receptor data. that I'd inhibitory, is lower. genes associated I across it among Jay. in that GIP say who Rather, for this narrative. experience the yes, from dialogue argument the is to variation I'll those with populations The to the much the have around to that Tim, BMI X level pathway, directionally where of human as with just

pharmacology this hoping And with great in medicine. about replicate so domain. to the We this feel offering that we're

Operator

from Securities. Our Robin from Karnauskas Truist comes next question

Nicole Germino

for This is Robin. Nicole on

level for competitive talk landscape confidence target business, So and of in safety from expect term ILTX see the targeting [indiscernible]? this light can on your of daxtilimab, we to you in and near do about

Robert Bradway

and Sure. Dave? Jay

James Bradner

Well, patients, it's early with the earliest from support but strong Yes. and preclinical this very medicine. phases the very is preclinical landscape, of this published a There's days for our nicely investigation. a competitive own clinical It's work. literature

to stand the based this the approach benefit to with underlying. patients total that going medicine the the best on biology we're bring so And [indiscernible] and to

David Reese

are Yes. I some of being would the think all I the that the data. at of investigated this point, that say diseases drives towards efforts control clinical one mentioned, signaling the autoimmune it's central target, And is as generating that here. you helps some

Operator

Our Shin Bank. Deutsche comes James next from question from

James Shin

Jay. in antagonism versus it to for of XXX-milligram but piggyback fades, differently kind one versus get there. to wanted does literature alluding the thoughts was antagonism your it like your too it early chalk the Just up a seem that has blip agonism, agonism to. looking to have GIP view? I at I slight what is paper The on Tim XXX triglycerides behaving agonism. want just a from looks in antagonism it for to Is dose [indiscernible] little like eventually

James Bradner

answer short versus it it's agonism. up too to is agonism early The check

stage early study is X indirect said had This of doses that meant lipids these I pharmacology. labile I biomarker before this medicine. of it, are or the and an that As monthly X and

II. And we from are anything active Phase all reading this conclusively the the are so we making lipids into in not measurements trial, these

Robert Bradway

more, Great. think for we one have Then Julien. I time

Operator

Our Carter Barclays. last from question from will Gould come

Carter L. Gould

sort what's seems any let maybe driving kind take taking how you're walk what's Maybe time exactly just patients. setting a long there? enroll And like me it could there? It of to if delay Maybe you expectations XX -- you one on sort back. Can of on it's first, outline through of XXX. color driving the

James Bradner

your thank you No, Sure. for question.

data, is group, target AMG disclosed fine. to in is we've The Phase This . expecting broader this out read an increasing this of first obesity. of of and oral the just For for XXXX. developed I readout progressing medicine half We've study cohorts, not and half track the on that year. for the collecting dose we're is pathway. or completed not is XXX initial being first the as analyzing escalation yet It

Justin Claeys

going Great. Bob turn to And some remarks. Julianne, to we're it for closing

Robert Bradway

all Okay. Thank joining the you call. for

with to of our as advancing pipeline. on and plan As growing our connection February And rare those well that the we as to you we we of you we're oncology rare heard, X some pillars, that give in introductory an our business in medical an the market Last inflammation look rare are information late meeting. across of have in-depth at do see already for through oncology, about medicines October, we excited about our the diseases shared pillar opportunities review disease. the general disease that all in medicine, more

call about we them we're those So we're their encouraged the heard by questions excited this molecules, that about and prospects. and on

So look meantime, Rare which Day call. next again, In thank forward to and the will your to opportunity. you. we'll results having the I Disease to Thank forward for host our you first at days or over here few share the a we talking look that at you quarter support, you call, with and

Operator

earnings XXXX our call. concludes QX This

You may now disconnect.

Amgen (AMGN) 6 Feb 242023 Q4 Earnings call transcript