AMGN: NDR Recap: AMGN Highlights Key Growth Drivers And Reiterates Capital Allocation Strategy

Research evidence excerpt

AMGN: NDR Recap: AMGN Highlights Key Growth Drivers And Reiterates Capital Allocation Strategy

Amgen Inc.

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... from denosumab biosimilar competition and Otezla/Neulasta generics. The six growth drivers

(Repatha, Evenity, Tezspire, rare disease, oncology and biosimilars) contributed ~70% of Q1

product sales at a 24% aggregate Y/Y growth rate with Repatha, Evenity, and Tezspire each

growing >20% Y/Y in Q1. The rare disease portfolio is annualizing at over $5b, anchored by

an Uplizna franchise that is rapidly expanding indications. Imdelltra was recently approved in

Europe in the 2L+ small cell lung cancer setting and AMGN is actively pursuing earlier-line

expansion. On the pipeline, key upcoming milestones include: six MariTide Phase III studies

ongoing across weight management, ASCVD, heart failure, and sleep apnea; a MariTide T2D

Phase III planned for later in 2026; olpasiran CVOT data expected around 2028; two Uplizna

Phase III studies in CIDP and autoimmune hepatitis initiating in 2H26; a Tezspire eosinophilic

esophagitis Phase III expected to complete in 2H26 alongside two COPD Phase III studies;

and two dazodalibep studies in Sjögren's Phase III readouts anticipated later this year. On

the IRS dispute, mgmt noted that at the core is a disagreement over the value of AMGN's

Puerto Rico operations, a site of more than 2,500 employees, many with advanced degrees,

performing complex biologic manufacturing. AMGN's position is that this is genuinely high-

value, scientifically sophisticated work warranting a higher allocation of profits. Additionally,

the structure was in place for years and had been previously audited prior to the years in

dispute. On the case, AMGN noted two dispute periods. For 2010-2015: the case has gone to