Q1 2025 Amgen Inc Earnings Call Transcript
Key Points
- Amgen Inc (AMGN) reported a 9% year-over-year revenue growth, with a 14% increase in volume, driven by strong demand for its innovative medicines.
- The company's biosimilars portfolio delivered over $700 million in revenue, marking a 35% increase year over year.
- Amgen Inc (AMGN) launched three new products or indications and initiated four new Phase 3 studies, demonstrating robust pipeline progress.
- Repatha sales increased by 27% year over year, with significant improvements in patient access and a strong growth trajectory.
- The company received FDA approval for UPLIZNA in IgG4-related disease, expanding its rare disease portfolio and demonstrating its leadership in innovative treatments.
- Amgen Inc (AMGN) faced a 6% decline in net selling price, which partially offset the double-digit sales growth.
- Sales of TEPEZZA and KRYSTEXXA were adversely impacted by changes to US wholesaler inventory levels, affecting the rare disease portfolio's performance.
- The company anticipates fluctuations in quarterly sales for WEZLANA in the US, with no expected sales in the second quarter following a large first-quarter order.
- Amgen Inc (AMGN) is navigating uncertainties related to tariffs and taxes, which could impact its long-term business strategy.
- The company expects non-GAAP R&D expenses to grow approximately 20% in 2025, reflecting increased investments in late-stage pipeline assets, which may pressure margins.
My name is Julianne, and I will be your conference facilitator today for the Amgen's Q1 FY 2025 earnings conference call. (Operator Instructions)
I would now like to introduce Justin Claeys, Vice President of Investor Relations. Mr. Claeys, you may now begin.
Good afternoon, and welcome to our first quarter 2025 earnings call. Bob Bradley will lead the call and be followed by a broader review of our performance by Murdo Gordon, Jay Bradner and Peter Griffith. Through the course of our discussion today, we will use non-GAAP financial measures to describe our performance and have provided appropriate reconciliations within the materials that accompany this call. We will also make some forward-looking statements, which are qualified by our safe harbor statement, and please note that actual results can vary materially.
Over to you, Bob.
Okay. Good
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