Q4 2025 Amgen Inc Earnings Call

February 3, 2026

Casey Capparelli: and be followed by a broader review of our performance by Jay Bradner, Murdo Gordon, 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.

Speaker #1: Followed by a broader review of our performance. By Jay Bradner, Murdo Gordon, 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.

Speaker #1: 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

Speaker #1: you, Bob. Okay.

Robert Bradway: Okay, thank you, Casey, and good afternoon, everyone. Thank you for joining us today. Today, we'll cover full year results for 2025 and provide a preview of what to expect from us in 2026. Amgen delivered strong operational performance across the board in 2025, and you can see that in the breadth of our business. Note that 14 of our products achieved blockbuster status with sales of $1 billion or more, 13 products delivered double-digit sales growth, and 18 products achieved record results for us. The strength of that broad portfolio enabled us to post double-digit growth in revenues and earnings per share for 2025. Looking to 2026, I would highlight 6 areas of momentum. Three of these, Repatha, Evenity, and Tezspire, all grew by more than 30% year-over-year in 2025. These medicines have a few important things in common.

Q4 2025 Amgen Inc Earnings Call

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Q4 2025 Amgen Inc Earnings Call

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Tuesday, February 3rd, 2026 at 9:30 PM

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Robert Bradway: First, they're highly effective, innovative therapies that address important public health needs. Second, they're leading products in their fields. And third, while each of these products represents a multi-billion dollar global franchise already, they address areas of large unmet medical need where there are millions of patients yet to be treated. In this sense, they represent growth drivers, not just for 2026, but for the rest of the decade. In rare disease, our portfolio generated more than $5 billion in sales in 2025. Here, too, many of our medicines are early in their life cycle and positioned as leaders in their respective categories. Growth has been fueled by reaching new patients, expanding into additional geographies, and launching new indications. We see further opportunity ahead as we scale these therapies. Uplizna exemplifies this growth opportunity with approvals in IgG4-related disease and generalized myasthenia gravis in 2025.

Robert Bradway: 2026 will be a year of disciplined data generation from a number of exciting phase 2 and phase 3 programs that will pave the way for long-term growth at Amgen. Our confidence continues to build in MariTide as a differentiated treatment for obesity, type 2 diabetes, and obesity-related conditions. In a field featuring dozens of potential daily, oral, and weekly injectable medicines, MariTide stands alone as the only therapy in late-stage development to offer the paradigm-changing prospect of strong efficacy and favorable tolerability at monthly, every other month, or even quarterly dosing. In addition to MariTide, we remain excited about Olpasiran and what it might represent for patients with elevated Lp(a), a heritable risk factor for cardiovascular disease. We see Olpasiran as an opportunity to build on our leading positions in cardiometabolic disease.

James Bradner: Thank you, Bob, and good afternoon, everyone. Q4 capped off a year of strong, disciplined execution across R&D. Throughout 2025, we advanced multiple late-stage programs, delivered five key regulatory approvals, and strengthened the evidence base supporting our marketed medicines. Taken together, these contributions demonstrate real scientific rigor and illustrate the breadth of opportunity ahead. Let me begin with MariTide, which continues to develop in meaningful and very encouraging ways. The MariTide phase 3 program is rapidly advancing, with strong enthusiasm from investigators and participants. Both of our phase 3 chronic weight management studies are fully enrolled, and our ASCVD and heart failure outcome studies are progressing well. In parallel, we continue to expand the clinical landscape of MariTide across obesity-related conditions as we begin enrollment of our two phase 3 sleep apnea studies in adults with and without positive airway pressure therapy....

James Bradner: Altogether, we now have six global phase 3 studies underway with MariTide, collectively designed to deliver a comprehensive evidence base. In addition, as we shared last month, we've completed part two of the MariTide phase 2 chronic weight management study. We also completed the first 24 weeks of the phase 2 type 2 diabetes study that enrolled participants with and without obesity. Results from these two studies further increase our confidence that MariTide can represent a new paradigm in obesity, type 2 diabetes, and other obesity-related conditions. We believe MariTide has the potential to expand what's possible for patients, availing an opportunity for monthly or less frequent dosing. MariTide's strong efficacy, infrequent dosing, and excellent tolerability at target dose have the potential to further enhance the patient experience, and therefore, treatment persistence, a major unmet need in the field.

Jay Olson: Altogether, we now have six global phase III studies underway with MariTide, collectively designed to deliver a comprehensive evidence base. In addition, as we shared last month, we've completed part 2 of the MariTide phase II chronic weight management study. We also completed the first 24 weeks of the phase II Type 2 diabetes study that enrolled participants with and without obesity. Results from these two studies further increase our confidence that MariTide can represent a new paradigm in obesity, Type 2 diabetes, and other obesity-related conditions. We believe MariTide has the potential to expand what's possible for patients, availing an opportunity for monthly or less frequent dosing. MariTide's strong efficacy, infrequent dosing, and excellent tolerability at target dose, have the potential to further enhance the patient experience, and therefore, treatment persistence, a major unmet need in the field.

Jay Bradner: Altogether, we now have six global phase III studies underway with MariTide, collectively designed to deliver a comprehensive evidence base. In addition, as we shared last month, we've completed part 2 of the MariTide phase II chronic weight management study. We also completed the first 24 weeks of the phase II Type 2 diabetes study that enrolled participants with and without obesity. Results from these two studies further increase our confidence that MariTide can represent a new paradigm in obesity, Type 2 diabetes, and other obesity-related conditions. We believe MariTide has the potential to expand what's possible for patients, availing an opportunity for monthly or less frequent dosing. MariTide's strong efficacy, infrequent dosing, and excellent tolerability at target dose, have the potential to further enhance the patient experience, and therefore, treatment persistence, a major unmet need in the field.

James Bradner: These data clearly demonstrate that intensive LDL-C lowering with Repatha can meaningfully reduce the risk of a first cardiovascular event, reinforcing its role across the full continuum of cardiovascular risk. Turning to Olpasiran, our potentially best-in-class small interfering RNA medicine targeting Lp(a), the fully enrolled OCEANA outcomes study continues to progress. As previously discussed, this is an event-driven study, and the aggregate endpoint accrual rate remains lower than initial predictions. As this study matures, we will update on the date for primary analysis as appropriate. Our conviction in Olpasiran to reduce cardiovascular risk conferred by elevated Lp(a) remains strong, grounded in compelling genetic and epidemiologic evidence that establish elevated Lp(a) as an independent risk factor for heart disease. Moving to rare disease, Q4 was highlighted by important regulatory momentum for Uplizna.

James Bradner: In November, the European Commission approved Uplizna for the treatment of adults with active IgG4-related disease, and in December, the FDA approved Uplizna for the treatment of generalized myasthenia gravis in adults who are anti-acetylcholine receptor or anti-Musk antibody positive. These approvals built on strong phase 3 data, demonstrating durable efficacy, a steroid-sparing benefit with every six-month dosing. This research further extends the impact of CD19-directed B-cell depletion across serious autoimmune diseases. More broadly, in B-cell depletion, where we have a number of proof-of-concept studies underway, we expect to initiate two pivotal studies this year. The first is for patients with autoimmune hepatitis, a serious disease characterized by persistent liver inflammation that can lead to progressive scarring, loss of liver function, and ultimately, liver failure.

Jay Olson: These data clearly demonstrate that intensive LDL-C lowering with Repatha can meaningfully reduce the risk of a first cardiovascular event, reinforcing its role across the full continuum of cardiovascular risk. Turning to olpasiran, our potentially best-in-class, small interfering RNA medicine targeting Lp(a), the fully enrolled OCEAN(a)-Outcomes study continues to progress. As previously discussed, this is an event-driven study, and the aggregate endpoint accrual rate remains lower than initial predictions. As this study matures, we will update on the date for primary analysis as appropriate. Our conviction in olpasiran to reduce cardiovascular risk conferred by elevated Lp(a) remains strong, grounded in compelling genetic and epidemiologic evidence that established elevated Lp(a) as an independent risk factor for heart disease. Moving to rare disease, the fourth quarter was highlighted by important regulatory momentum for Uplizna.

Jay Bradner: These data clearly demonstrate that intensive LDL-C lowering with Repatha can meaningfully reduce the risk of a first cardiovascular event, reinforcing its role across the full continuum of cardiovascular risk. Turning to olpasiran, our potentially best-in-class, small interfering RNA medicine targeting Lp(a), the fully enrolled OCEAN(a)-Outcomes study continues to progress. As previously discussed, this is an event-driven study, and the aggregate endpoint accrual rate remains lower than initial predictions. As this study matures, we will update on the date for primary analysis as appropriate. Our conviction in olpasiran to reduce cardiovascular risk conferred by elevated Lp(a) remains strong, grounded in compelling genetic and epidemiologic evidence that established elevated Lp(a) as an independent risk factor for heart disease. Moving to rare disease, the fourth quarter was highlighted by important regulatory momentum for UPLIZNA.

James Bradner: The second studies chronic inflammatory demyelinating polyneuropathy, or CIDP, a disabling immune-mediated neuropathy that damages peripheral nerve myelin, resulting in worsening strength, worsening sensation, and for many patients, substantial impairment in daily activities. With Uplizna, we are targeting these diseases at their root cause by depleting pathologic B cells that drive disease through secreted autoantibodies. Given the strong efficacy of Uplizna in other settings, we're excited about the potential to bring a meaningful new option to patients with these two devastating conditions. We are also advancing dazodalibep, our CD40 ligand-targeting biotherapeutic, with both phase 3 studies in Sjogren's disease now fully enrolled and study completion expected in the second half of 2026. We're pleased today to announce positive phase 2 data with daxdilimab, a first-in-class plasmacytoid dendritic cell-depleting monoclonal antibody targeting ILT-7, or the immunoglobulin-like transcript seven protein.

Jay Olson: In November, the European Commission approved Uplizna for the treatment of adults with active IgG4-related disease, and in December, the FDA approved Uplizna for the treatment of generalized myasthenia gravis in adults who are anti-acetylcholine receptor or anti-MuSK antibody positive. These approvals built on strong Phase III data, demonstrating durable efficacy, a steroid-sparing benefit with every six-month dosing. This research further extends the impact of CD19-directed B-cell depletion across serious autoimmune diseases. More broadly, in B-cell depletion, where we have a number of proof-of-concept studies underway, we expect to initiate two pivotal studies this year. The first is for patients with autoimmune hepatitis, a serious disease characterized by persistent liver inflammation that can lead to progressive scarring, loss of liver function, and ultimately, liver failure.

Jay Bradner: In November, the European Commission approved UPLIZNA for the treatment of adults with active IgG4-related disease, and in December, the FDA approved UPLIZNA for the treatment of generalized myasthenia gravis in adults who are anti-acetylcholine receptor or anti-MuSK antibody positive. These approvals built on strong Phase III data, demonstrating durable efficacy, a steroid-sparing benefit with every six-month dosing. This research further extends the impact of CD19-directed B-cell depletion across serious autoimmune diseases. More broadly, in B-cell depletion, where we have a number of proof-of-concept studies underway, we expect to initiate two pivotal studies this year. The first is for patients with autoimmune hepatitis, a serious disease characterized by persistent liver inflammation that can lead to progressive scarring, loss of liver function, and ultimately, liver failure.

Jay Olson: The second studies chronic inflammatory demyelinating polyneuropathy, or CIDP, a disabling immune-mediated neuropathy that damages peripheral nerve myelin, resulting in worsening strength, worsening sensation, and for many patients, substantial impairment in daily activities. With UPLIZNA, we are targeting these diseases at their root cause by depleting pathologic B-cells that drive disease through secreted autoantibodies. Given the strong efficacy of UPLIZNA in other settings, we're excited about the potential to bring a meaningful new option to patients with these two devastating conditions. We are also advancing dazodalibep, our CD40 ligand-targeting biotherapeutic, with both phase III studies in Sjogren's disease now fully enrolled and study completion expected in the second half of 2026. We're pleased today to announce positive phase II data with daxdilimab, a first-in-class plasmacytoid dendritic cell-depleting monoclonal antibody, targeting ILT7, or the immunoglobulin-like transcript 7 protein.

Jay Bradner: The second studies chronic inflammatory demyelinating polyneuropathy, or CIDP, a disabling immune-mediated neuropathy that damages peripheral nerve myelin, resulting in worsening strength, worsening sensation, and for many patients, substantial impairment in daily activities. With UPLIZNA, we are targeting these diseases at their root cause by depleting pathologic B-cells that drive disease through secreted autoantibodies. Given the strong efficacy of UPLIZNA in other settings, we're excited about the potential to bring a meaningful new option to patients with these two devastating conditions. We are also advancing dazodalibep, our CD40 ligand-targeting biotherapeutic, with both phase III studies in Sjogren's disease now fully enrolled and study completion expected in the second half of 2026. We're pleased today to announce positive phase II data with daxdilimab, a first-in-class plasmacytoid dendritic cell-depleting monoclonal antibody, targeting ILT7, or the immunoglobulin-like transcript 7 protein.

James Bradner: This study in patients with primary discoid lupus erythematosus met both primary and key secondary endpoints with an attractive safety profile. Encouraged by these data, we are working to advance daxdilimab to the next phase of development in this setting. In inflammation, the Tezspire phase III program continues to advance, with ongoing studies in chronic obstructive pulmonary disease and eosinophilic esophagitis, where we expect study completion in the second half of this year. We recently announced the decision to terminate the rocatinlimab development and commercialization collaboration with Kyowa Kirin. With significant breadth and depth across all four therapeutic areas, we took a portfolio decision to focus resources on other late-stage programs. Rocatinlimab will return to our partners at Kyowa Kirin, who will assume full ownership of the program....

James Bradner: Turning to oncology, in November, the FDA granted full approval to Imdelltra for the treatment of adult patients with extensive stage small cell lung cancer, with disease progression on or after platinum-based chemotherapy. This approval represents a meaningful advancement for patients facing a disease that has seen very little innovation for decades. To extend the impact of Imdelltra, we are presently advancing this medicine as combination therapy in frontline extensive stage small cell, where we observed unprecedented survival in early phase clinical trials. Further, we are also advancing Imdelltra with an ongoing phase 3 study of limited stage small cell lung cancer. It's a joy to see Imdelltra, like Blincyto, becoming a standard of care in the management of advanced cancer. Our first-in-class, STEAP1-directed bispecific T-cell engager, Xaluritamig, continues to advance through phase 3 development in prostate cancer.

Jay Olson: This study in patients with primary discoid lupus erythematosus met both primary and key secondary endpoints with an attractive safety profile. Encouraged by these data, we are working to advance daxdilimab to the next phase of development in this setting. In inflammation, the Tezspire Phase III program continues to advance, with ongoing studies in chronic obstructive pulmonary disease and eosinophilic esophagitis, where we expect study completion in the second half of this year. We recently announced the decision to terminate the rocatinlimab development and commercialization collaboration with Kyowa Kirin. With significant breadth and depth across all four therapeutic areas, we took a portfolio decision to focus resources on other late-stage programs. Rocatinlimab will return to our partners at Kyowa Kirin, who will assume full ownership of the program....

Jay Bradner: This study in patients with primary discoid lupus erythematosus met both primary and key secondary endpoints with an attractive safety profile. Encouraged by these data, we are working to advance daxdilimab to the next phase of development in this setting. In inflammation, the Tezspire Phase III program continues to advance, with ongoing studies in chronic obstructive pulmonary disease and eosinophilic esophagitis, where we expect study completion in the second half of this year. We recently announced the decision to terminate the rocatinlimab development and commercialization collaboration with Kyowa Kirin. With significant breadth and depth across all four therapeutic areas, we took a portfolio decision to focus resources on other late-stage programs. Rocatinlimab will return to our partners at Kyowa Kirin, who will assume full ownership of the program....

James Bradner: Beyond prostate cancer, we have recently initiated a phase 1b study in relapsed or refractory Ewing sarcoma, a rare malignancy with high STEAP1 expression in patients in an urgent need for targeted therapy. Across Imdeltra, Blincyto, and Xaluritamig, we continue to see meaningful long-term impact from our bispecific T-cell engager platform. We remain committed to bringing transformative and innovative therapies like these to patients with cancer. To close out oncology, given the previously announced results from Fortitude 101 and Fortitude 102, we have decided not to pursue regulatory approval for Bemarituzumab, our FGFR2b targeting monoclonal antibody in first-line gastric cancer. Though overall efficacy did not meet our expectations, we observed an emerging signal of putative survival benefit in a subset of biomarker-defined patients. We expect to share these findings with the scientific community in the future.

Jay Olson: Turning to oncology, in November, the FDA granted full approval to IMDELTRA for the treatment of adult patients with extensive-stage small cell lung cancer, with disease progression on or after platinum-based chemotherapy. This approval represents a meaningful advancement for patients facing a disease that has seen very little innovation for decades. To extend the impact of IMDELTRA, we are presently advancing this medicine as combination therapy in frontline extensive-stage small cell, where we observed unprecedented survival in early phase clinical trials. Further, we are also advancing IMDELTRA with an ongoing phase III study of limited-stage small cell lung cancer. It's a joy to see IMDELTRA, like BLINCITO, becoming a standard of care in the management of advanced cancer. Our first-in-class STEAP1-directed bispecific T-cell engager, Xaluritamig, continues to advance through phase III development in prostate cancer.

Jay Bradner: Turning to oncology, in November, the FDA granted full approval to IMDELTRA for the treatment of adult patients with extensive-stage small cell lung cancer, with disease progression on or after platinum-based chemotherapy. This approval represents a meaningful advancement for patients facing a disease that has seen very little innovation for decades. To extend the impact of IMDELTRA, we are presently advancing this medicine as combination therapy in frontline extensive-stage small cell, where we observed unprecedented survival in early phase clinical trials. Further, we are also advancing IMDELTRA with an ongoing phase III study of limited-stage small cell lung cancer. It's a joy to see IMDELTRA, like BLINCITO, becoming a standard of care in the management of advanced cancer. Our first-in-class STEAP1-directed bispecific T-cell engager, Xaluritamig, continues to advance through phase III development in prostate cancer.

James Bradner: As with rocatinlimab, we took a portfolio decision to focus resources on our other late-stage programs. Across biosimilars, both ABP 206 and ABP 234 biosimilar candidates to Opdivo and Keytruda, respectively, have completed enrollment in each of their comparative clinical studies, supporting continued progress of the next wave of our biosimilar portfolio. Before closing, as described in our press release, we are engaged in an ongoing dialogue with the FDA regarding TAVNEOS, our medicine for the treatment of a rare and severe disease, ANCA-associated vasculitis. We will update you on those discussions as necessary. Now, let me finish by saying that 2025 was a year of consistent execution, real scientific progress, and disciplined decision-making. We expect 2026 to bring another year of strong execution, disciplined data generation, and new scientific advances as we continue to progress our robust pipeline.

Jay Olson: Beyond prostate cancer, we have recently initiated a Phase I B study in relapsed or refractory Ewing sarcoma, a rare malignancy with high STEAP1 expression in patients in an urgent need for targeted therapy. Across IMDELTRA, BLINCYTO, and Xaluritamig, we continue to see meaningful long-term impact from our bispecific T-cell engager platform. We remain committed to bringing transformative and innovative therapies like these to patients with cancer. To close out oncology, given the previously announced results from FORTITUDE-101 and FORTITUDE-102, we have decided not to pursue regulatory approval for Bemarituzumab, our FGFR2b-targeting monoclonal antibody in first-line gastric cancer. Though overall efficacy did not meet our expectations, we observed an emerging signal of putative survival benefit in a subset of biomarker-defined patients. We expect to share these findings with the scientific community in the future. As with rocatinlimab, we took a portfolio decision to focus resources on our other late-stage programs.

Jay Bradner: Beyond prostate cancer, we have recently initiated a Phase I B study in relapsed or refractory Ewing sarcoma, a rare malignancy with high STEAP1 expression in patients in an urgent need for targeted therapy. Across IMDELTRA, BLINCYTO, and Xaluritamig, we continue to see meaningful long-term impact from our bispecific T-cell engager platform. We remain committed to bringing transformative and innovative therapies like these to patients with cancer. To close out oncology, given the previously announced results from FORTITUDE-101 and FORTITUDE-102, we have decided not to pursue regulatory approval for Bemarituzumab, our FGFR2b-targeting monoclonal antibody in first-line gastric cancer. Though overall efficacy did not meet our expectations, we observed an emerging signal of putative survival benefit in a subset of biomarker-defined patients. We expect to share these findings with the scientific community in the future. As with rocatinlimab, we took a portfolio decision to focus resources on our other late-stage programs.

Jay Olson: Across biosimilars, both ABP 206 and ABP 234 biosimilar candidates to Opdivo and Keytruda, respectively, have completed enrollment in each of their comparative clinical studies, supporting continued progress of the next wave of our biosimilar portfolio. Before closing, as described in our press release, we are engaged in an ongoing dialogue with the FDA regarding TAVNEOS, our medicine for the treatment of a rare and severe disease, ANCA-associated vasculitis. We will update you on those discussions as necessary. Now, let me finish by saying that 2025 was a year of consistent execution, real scientific progress, and disciplined decision-making. We expect 2026 to bring another year of strong execution, disciplined data generation, and new scientific advances as we continue to progress our robust pipeline. I want to thank our colleagues across Amgen for their continued focus on patients and their commitment to advancing innovative medicines for serious diseases.

Jay Bradner: Across biosimilars, both ABP 206 and ABP 234 biosimilar candidates to Opdivo and Keytruda, respectively, have completed enrollment in each of their comparative clinical studies, supporting continued progress of the next wave of our biosimilar portfolio. Before closing, as described in our press release, we are engaged in an ongoing dialogue with the FDA regarding TAVNEOS, our medicine for the treatment of a rare and severe disease, ANCA-associated vasculitis. We will update you on those discussions as necessary. Now, let me finish by saying that 2025 was a year of consistent execution, real scientific progress, and disciplined decision-making. We expect 2026 to bring another year of strong execution, disciplined data generation, and new scientific advances as we continue to progress our robust pipeline. I want to thank our colleagues across Amgen for their continued focus on patients and their commitment to advancing innovative medicines for serious diseases.

Murdo Gordon: Thanks very much, Jay. In 2025, we delivered 10% sales growth, with 13 products achieving double-digit or better performance. Fourteen products exceeded $1 billion in annual sales, and 18 products achieved record sales. These results underscore the strength and growth potential of our portfolio and demonstrate the disciplined execution of our teams serving patients globally. Starting with general medicine, Repatha sales grew 36% year-over-year in 2025, surpassing $3 billion. This performance was driven by growing urgency to treat patients in both secondary and primary prevention. Today, more than 100 million people around the world still need effective LDL cholesterol lowering, and Repatha remains the first and only PCSK9 inhibitor with outcomes data for patients in both high-risk primary and secondary prevention.

Murdo Gordon: As Jay mentioned, the landmark VESALIUS-CV trial showed a reduction in the risk of first major cardiovascular events by 25% in high-risk patients. These data strengthen Repatha's position as the most evidence-backed therapy in the PCSK9 class and support this critical role in earlier and more intensive LDL cholesterol management. Given these results and our leadership in this category, we believe there's now a clear opportunity to update clinical guidelines and quality measures. We expect these changes will encourage cardiologists and primary care physicians to manage LDL cholesterol more proactively, alongside lifestyle modification, and reduce cardiovascular risk in both primary and secondary prevention. In the US, we continue to improve patient access to Repatha with broad formulary coverage and the launch of Amgen Now, our new direct-to-patient program. Amgen Now offers a simplified, lower-cost, cash pay option for patients to access Repatha.

Murdo Gordon: Thanks very much, Jay. In 2025, we delivered 10% sales growth, with 13 products achieving double-digit or better performance. 14 products exceeded $1 billion in annual sales, and 18 products achieved record sales. These results underscore the strength and growth potential of our portfolio and demonstrate the disciplined execution of our teams serving patients globally. Starting with general medicine, REPATHA sales grew 36% year-over-year in 2025, surpassing $3 billion. This performance was driven by growing urgency to treat patients in both secondary and primary prevention. Today, more than 100 million people around the world still need effective LDL cholesterol lowering, and REPATHA remains the first and only PCSK9 inhibitor with outcomes data for patients in both high-risk primary and secondary prevention.

Murdo Gordon: Following a successful launch, we've announced plans to expand this program to additional medicines, and we're excited to make our therapies available through TrumpRx, helping improve affordability for Americans. Evenity sales increased 34% in 2025, reaching $2.1 billion in sales. Evenity remains the only treatment that simultaneously builds new bone and reduces bone resorption, a dual mechanism that is proven to rapidly reduce fracture risk in the post-menopausal women. In the US, Evenity sales grew 41%, driven by higher volumes from both established and new prescribers. Evenity leads the bone builder segment with over 60% market share and is now growing faster than the category overall. To date, approximately 300,000 US patients have been treated with Evenity, with a 33% increase of new patients in just one year.

Murdo Gordon: As Jay mentioned, the landmark VESALIUS-CV trial showed a reduction in the risk of first major cardiovascular events by 25% in high-risk patients. These data strengthen REPATHA's position as the most evidence-backed therapy in the PCSK9 class, and support this critical role in earlier and more intensive LDL cholesterol management. Given these results and our leadership in this category, we believe there's now a clear opportunity to update clinical guidelines and quality measures. We expect these changes will encourage cardiologists and primary care physicians to manage LDL cholesterol more proactively, alongside lifestyle modification, and reduce cardiovascular risk in both primary and secondary prevention. In the US, we continue to improve patient access to REPATHA with broad formulary coverage and the launch of Amgen Now, our new direct-to-patient program. Amgen Now offers a simplified, lower-cost, cash pay option for patients to access REPATHA.

Murdo Gordon: Following a successful launch, we've announced plans to expand this program to additional medicines, and we're excited to make our therapies available through Trump Rx, helping improve affordability for Americans. EVENITY sales increased 34% in 2025, reaching $2.1 billion in sales. EVENITY remains the only treatment that simultaneously builds new bone and reduces bone resorption, a dual mechanism that is proven to rapidly reduce fracture risk in postmenopausal women. In the US, EVENITY sales grew 41%, driven by higher volumes from both established and new prescribers. EVENITY leads the bone builder segment with over 60% market share, and is now growing faster than the category overall. To date, approximately 300,000 US patients have been treated with EVENITY, with a 33% increase of new patients in just one year. Increased investment has helped accelerate this growth, which we expect to continue.

Murdo Gordon: In December, Uplizna received FDA approval for the treatment of generalized myasthenia gravis, marking an important milestone for patients with this chronic debilitating disease. Early physician response has been strong across both bio-naive and switch patients. Prescribers have noted the benefits of Uplizna's upstream B-cell mechanism, targeting the root cause of the disease, and it also has demonstrated safety profile and the convenience of its twice-yearly dosing. Uptake of Uplizna for use in IgG4-related disease continues to grow. Since the launch in the US, nearly 500 specialists, including rheumatologists, gastroenterologists, among others, have prescribed Uplizna. In addition to the more recent launches, Uplizna continues to lead in NMOSD and remains the most prescribed FDA-approved therapy in the US for this condition, supported by consistent new patient growth and strong adherence across treatment cycles.

Murdo Gordon: Despite strong progress, nearly 90% of the 2 million women at very high risk of fracture remain untreated, presenting a clear opportunity for Evenity to drive growth and impact. Prolia delivered $4.4 billion in sales in 2025, an increase of 1% year-over-year. In 2026, we expect accelerated sales erosion, driven by increased competition as multiple biosimilars have launched globally. Our rare disease portfolio grew 14% year-over-year to nearly $5.2 billion and 19% in the quarter, with strong performance across the portfolio. Uplizna sales increased 73% year-over-year to $655 million, reflecting growing patient demand across all three approved indications. In December, Uplizna received FDA approval for the treatment of generalized myasthenia gravis, marking an important milestone for patients with this chronic, debilitating disease.

Murdo Gordon: Despite strong progress, nearly 90% of the 2 million women at very high risk of fracture remain untreated, presenting a clear opportunity for Evenity to drive growth and impact. Prolia delivered $4.4 billion in sales in 2025, an increase of 1% year-over-year. In 2026, we expect accelerated sales erosion, driven by increased competition as multiple biosimilars have launched globally. Our rare disease portfolio grew 14% year-over-year to nearly $5.2 billion and 19% in the quarter, with strong performance across the portfolio. UPLIZNA sales increased 73% year-over-year to $655 million, reflecting growing patient demand across all three approved indications. In December, UPLIZNA received FDA approval for the treatment of generalized myasthenia gravis, marking an important milestone for patients with this chronic, debilitating disease.

Murdo Gordon: Early physician response has been strong across both bio-naive and switch patients. Prescribers have noted the benefits of Uplizna's upstream B-cell mechanism, targeting the root cause of the disease, and it also has demonstrated safety profile and the convenience of its twice-yearly dosing. Uptake of Uplizna for use in IgG4-related disease continues to grow. Since the launch in the US, nearly 500 specialists, including rheumatologists, gastroenterologists, among others, have prescribed Uplizna. In addition to the more recent launches, Uplizna continues to lead in NMOSD, and remains the most prescribed FDA-approved therapy in the US for this condition, supported by consistent new patient growth and strong adherence across treatment cycles. TEPEZZA grew 3% to $1.9 billion in 2025, driven by higher net selling price. Over 25,000 patients have received treatment since launch in the US, with growing interest from both new and returning prescribers.

Murdo Gordon: Early physician response has been strong across both bio-naive and switch patients. Prescribers have noted the benefits of UPLIZNA's upstream B-cell mechanism, targeting the root cause of the disease, and it also has demonstrated safety profile and the convenience of its twice-yearly dosing. Uptake of UPLIZNA for use in IgG4-related disease continues to grow. Since the launch in the US, nearly 500 specialists, including rheumatologists, gastroenterologists, among others, have prescribed UPLIZNA. In addition to the more recent launches, UPLIZNA continues to lead in NMOSD, and remains the most prescribed FDA-approved therapy in the US for this condition, supported by consistent new patient growth and strong adherence across treatment cycles. TEPEZZA grew 3% to $1.9 billion in 2025, driven by higher net selling price. Over 25,000 patients have received treatment since launch in the US, with growing interest from both new and returning prescribers.

Murdo Gordon: More than 7,000 patients with ANCA-associated vasculitis have now been treated with TAVNEOS, with over 4,000 healthcare professionals prescribing the therapy since its launch in 2021. ANCA-associated vasculitis is a serious, potentially life-threatening disease that can cause significant organ damage, if not well controlled, and has limited therapeutic options. We remain confident that TAVNEOS is an important and effective medicine based on clinical data, real-world evidence, and its favorable benefit-risk profile. In inflammation, TEZSPIRE sales grew 52% year-over-year to nearly $1.5 billion for the full year. TEZSPIRE is well-positioned to reach more patients in the United States due to its differentiated TSLP mechanism that targets multiple inflammatory pathways, driving severe uncontrolled asthma, including in those with coexisting chronic rhinosinusitis with rhinosinusitis with nasal polyps. TEZSPIRE substantially reduced the need for surgery in this population, reinforcing its value in eosinophilic disease.

Murdo Gordon: We continue to see increased prescribing by endocrinologists and a broadening base of specialists. In Japan, approximately 1,200 patients have been treated since launch, reflecting growing awareness of the burden of thyroid eye disease among both patients and prescribers. We plan to launch TEPEZZA in additional markets in 2026, expanding access to this important therapy globally. TAVNEOS sales were $459 million in 2025, an increase of 62% year over year, driven by strong volume growth. More than 7,000 patients with ANCA-associated vasculitis have now been treated with TAVNEOS, with over 4,000 healthcare professionals prescribing the therapy since its launch in 2021. ANCA-associated vasculitis is a serious, potentially life-threatening disease that can cause significant organ damage, if not well controlled, and has limited therapeutic options.

Murdo Gordon: Tezspire is now the leading therapy for new-to-brand patients among allergists in severe uncontrolled asthma, fueled by strong prescriber confidence and continued expansion across respiratory specialties. Otezla sales increased 7% year-over-year to nearly $2.3 billion for 2026. We expect sales erosion driven by unfavorable pricing in the US and generic launches, particularly in the EU. Our innovative oncology portfolio, which includes Blincyto, Imdelltra, Lumakras, Vectibix, Kyprolis, Nplate, and Jextova, grew 11% year-over-year, generating $8.7 billion in full-year sales. Imdelltra delivered $627 million in full-year sales, fueled by strong clinical conviction and rapid adoption across care settings. Over 1,600 US sites now administer Imdelltra, with the majority of doses provided in the community setting.

Murdo Gordon: We remain confident that TAVNEOS is an important and effective medicine based on clinical data, real-world evidence, and its favorable benefit-risk profile. In inflammation, TEZSPIRE sales grew 52% year-over-year to nearly $1.5 billion for the full year. TEZSPIRE is well-positioned to reach more patients in the United States due to its differentiated TSLP mechanism that targets multiple inflammatory pathways, driving severe uncontrolled asthma, including in those with coexisting chronic rhinosinusitis with nasal polyps. TEZSPIRE substantially reduced the need for surgery in this population, reinforcing its value in eosinophilic disease. TEZSPIRE is now the leading therapy for new-to-brand patients amongst allergists in severe uncontrolled asthma, fueled by strong prescriber confidence and continued expansion across respiratory specialties. Otezla sales increased 7% year-over-year to nearly $2.3 billion for 2026.

Murdo Gordon: Imdelltra was granted full FDA approval in Q4, supported by compelling data from the Phase 3 DeLLphi-304 trial. NCCN guidelines also recognize Imdelltra as the highest recommended therapy, and it has become the standard of care in the second-line setting, reinforcing its leadership position in small cell lung cancer. Blincyto grew 28% year-over-year to over $1.5 billion in full year sales, driven by broad prescribing across both academic and community settings. Blincyto is widely recognized as the standard of care in combination with multi-agent chemotherapy for patients with Philadelphia chromosome negative B-cell ALL. Our biosimilar portfolio delivered another strong year, with sales increasing 37% to $3 billion. Our expanding biosimilar portfolio provides meaningful top-line growth, durable cash flow, and broad patient access to high-quality, cost-saving biologic medicines.

Murdo Gordon: We expect sales erosion driven by unfavorable pricing in the US and generic launches, particularly in the EU. Our innovative oncology portfolio, which includes BLINCYTO, IMDELTRA, LUMAKRAS, Vectibix, Kyprolis, Nplate, and XGEVA, grew 11% year-over-year, generating $8.7 billion in full-year sales. IMDELTRA delivered $627 million in full-year sales, fueled by strong clinical conviction and rapid adoption across care settings. Over 1,600 US sites now administer IMDELTRA, with the majority of doses provided in the community setting. IMDELTRA was granted full FDA approval in Q4, supported by compelling data from the Phase III DeLLphi-304 trial. NCCN guidelines also recognize IMDELTRA as the highest recommended therapy, and it has become the standard of care in the second-line setting, reinforcing its leadership position in small cell lung cancer.

Murdo Gordon: We expect sales erosion driven by unfavorable pricing in the US and generic launches, particularly in the EU. Our innovative oncology portfolio, which includes BLINCYTO, IMDELTRA, LUMAKRAS, Vectibix, KYPROLIS Nplate, and XGEVA, grew 11% year-over-year, generating $8.7 billion in full-year sales. IMDELTRA delivered $627 million in full-year sales, fueled by strong clinical conviction and rapid adoption across care settings. Over 1,600 US sites now administer IMDELTRA, with the majority of doses provided in the community setting. IMDELTRA was granted full FDA approval in Q4, supported by compelling data from the Phase III DeLLphi-304 trial. NCCN guidelines also recognize IMDELTRA as the highest recommended therapy, and it has become the standard of care in the second-line setting, reinforcing its leadership position in small cell lung cancer.

Murdo Gordon: BLINCYTO grew 28% year-over-year to over $1.5 billion in full-year sales, driven by broad prescribing across both academic and community settings. BLINCYTO is widely recognized as the standard of care in combination with multi-agent chemotherapy for patients with Philadelphia chromosome negative B-cell ALL. Our biosimilar portfolio delivered another strong year, with sales increasing 37% to $3 billion. Our expanding biosimilar portfolio provides meaningful top-line growth, durable cash flow, and broad patient access to high-quality, cost-saving biologic medicines. PAVBLU, a biosimilar to Eylea, continues to gain momentum, reaching $700 million in sales in 2025. Adoption continues to build among retina specialists who value the product's ready-to-use, prefilled syringe format and the reliability of Amgen's manufacturing and supply chain.

Peter Griffith: Thank you, Murdo. We're pleased with our execution and performance in the Q4 and for the full year 2025, and we remain on track with our long-term objectives. The financial results are shown on slides 34 to 36 of the slide deck. Murdo's covered our strong revenue growth across the portfolio. For the full year, we delivered a non-GAAP operating margin of 46%. We continued to invest in advancing our pipeline, with non-GAAP R&D spending increased 22% year-over-year for the full year to a record $7.2 billion. This reflects increased spending on an unprecedented number of opportunities in our late-stage pipeline, including continued investments in MariTide, Otezla, Xaluritamig, and rare disease. In addition, we closed several business development transactions in the Q3 and Q4, resulting in roughly $300 million in incremental R&D spending.

Peter Griffith: Thank you, Murdo. We're pleased with our execution and performance in the fourth quarter and for the full year 2025, and we remain on track with our long-term objectives. The financial results are shown on slides 34 to 36 of the slide deck. Murdo's covered our strong revenue growth across the portfolio. For the full year, we delivered a non-GAAP operating margin of 46%. We continued to invest in advancing our pipeline, with non-GAAP R&D spending increased 22% year-over-year for the full year to a record $7.2 billion. This reflects increased spending on an unprecedented number of opportunities in our late-stage pipeline, including continued investments in MariTide, Olpasiran, Xaluritamig, and rare disease. In addition, we closed several business development transactions in the third and fourth quarters, resulting in roughly $300 million in incremental R&D spending.

Peter Griffith: Our capital expenditures reflect significant investments across the United States, including Ohio, North Carolina, Puerto Rico, Rhode Island, and California, to support continued volume growth in our commercial brands and to prepare for pipeline product launches, including MariTide. In addition, we returned capital to shareholders through competitive dividend payments of $2.38 per share in the fourth quarter, representing a 6% increase compared to 2024. Let's turn to the 2026 outlook on slide 37. We expect our 2026 total revenues in the range of $37.0 billion to $38.4 billion, and non-GAAP earnings per share between $21.60 to $23. Our revenue range reflects continuing strong performance from our 6 key growth drivers, Repatha, Evenity, Tezspire, our rare disease, innovative oncology, and biosimilars portfolios, positioning 2026 as a springboard year for future growth.

Peter Griffith: Our capital expenditures reflect significant investments across the United States, including Ohio, North Carolina, Puerto Rico, Rhode Island, and California, to support continued volume growth in our commercial brands and to prepare for pipeline product launches, including MariTide. In addition, we returned capital to shareholders through competitive dividend payments of $2.38 per share in the fourth quarter, representing a 6% increase compared to 2024. Let's turn to the 2026 outlook on slide 37. We expect our 2026 total revenues in the range of $37.0 billion to $38.4 billion, and non-GAAP earnings per share between $21.60 and $23. Our revenue range reflects continuing strong performance from our six key growth drivers: Repatha, EVENITY, TEZSPIRE, our rare disease, innovative oncology, and biosimilars portfolios, positioning 2026 as a springboard year for future growth.

Peter Griffith: For total company revenues, we expect lower mid-single digit year-over-year growth in the first quarter. For the full year, we expect other revenue in the range of $1.6 to 1.8 billion, reflecting our commitment to investing in the best innovation, while also driving execution excellence, efficiency, and prioritization across the organization. We project the full-year non-GAAP operating margin as a percentage of product sales to be roughly 45% to 46%. This guidance does not include any potential business development transactions that may occur throughout the year. We expect non-GAAP R&D expense to grow low single digits, excluding the roughly $300 million of business development transactions in 2025. We continue to execute 6 global Phase III clinical trials for MariTide, advance additional late-stage assets, and invest in the best innovation while maintaining disciplined resource allocation.

Peter Griffith: We expect this growth in 2026 to more than offset anticipated declines from increased denosumab biosimilar competition, price declines for certain other products in 2026, and continued increases in 340B program utilization. As you model Q1 2026, consistent with historical trends tied to the annual United States health insurance cycle, we expect a seasonal headwind to sales driven by benefit plan changes, insurance reverifications, and higher patient co-pay obligations. We also expect Otezla and Enbrel to follow their historical pattern of lower sales in the first quarter relative to subsequent quarters, and expect additional impact from denosumab biosimilar competition in Q1. Additionally, note that we saw roughly $250 million of inventory build in Q4 2025 that could potentially impact first quarter sales.

Peter Griffith: For total company revenues, we expect lower mid-single-digit year-over-year growth in Q1. For the full year, we expect other revenue in the range of $1.6 to 1.8 billion, reflecting our commitment to investing in the best innovation, while also driving execution excellence, efficiency, and prioritization across the organization. We project the full-year non-GAAP operating margin as a percentage of product sales to be roughly 45% to 46%. This guidance does not include any potential business development transactions that may occur throughout the year. We expect non-GAAP R&D expense to grow low single digits, excluding the roughly $300 million of business development transactions in 2025. We continue to execute six global phase 3 clinical trials for MariTide, advance additional late-stage assets, and invest in the best innovation while maintaining disciplined resource allocation.

James Bradner: Yeah, I'd be happy to. Thanks, Michael. Amgen's really made for this moment of developing MariTide across so many different indications, a leading cardiovascular company, also a leading respiratory disease company, and there are so many opportunities there for MariTide. We've been in obesity, as you know, a long while, all the way back to the leptin days, and enjoyed stable discovery leadership team since that time. Internally, we have another clinical stage asset called AMG 513. We have yet to disclose the mechanism of that medicine. It is progressing in Phase I clinical investigation. And preclinically, we have a rather exciting set of rising programs that are both incretin-based as well as non-incretin-based, both injectable as well as oral medicines, and the aperture is always open for innovation on the outside.

Jay Olson: Yeah, I'd be happy to. Thanks, Michael. Amgen's really made for this moment of developing MariTide across so many different indications, a leading cardiovascular company, also a leading respiratory disease company, and there are so many opportunities there for MariTide. We've been in obesity, as you know, a long while, all the way back to the leptin days, and enjoyed stable discovery leadership team since that time. Internally, we have another clinical stage asset, called AMG 513. We have yet to disclose the mechanism of that medicine; it is progressing in phase I clinical investigation. And preclinically, we have a rather exciting set of rising programs that are both in incretin-based as well as non-increatin-based, both injectable as well as oral medicines, and the aperture is always open for innovation on the outside.

Jay Bradner: Yeah, I'd be happy to. Thanks, Michael. Amgen's really made for this moment of developing MariTide across so many different indications, a leading cardiovascular company, also a leading respiratory disease company, and there are so many opportunities there for MariTide. We've been in obesity, as you know, a long while, all the way back to the leptin days, and enjoyed stable discovery leadership team since that time. Internally, we have another clinical stage asset, called AMG 513. We have yet to disclose the mechanism of that medicine; it is progressing in phase I clinical investigation. And preclinically, we have a rather exciting set of rising programs that are both in incretin-based as well as non-increatin-based, both injectable as well as oral medicines, and the aperture is always open for innovation on the outside.

James Bradner: Thanks, Yaron, and thanks for noticing about dazodalibep. This is a very exciting medicine in the portfolio. This is a CD40 ligand targeting biotherapeutic, and the CD40 pathway has long been postulated to be driving the inflammatory cascade in Sjögren's syndrome. The challenge is only that the biology is somewhat ambiguous, and so we take a really nice and incisive approach with dazodalibep in this disease. As you noted, the two phase III that we have open in Sjögren's syndrome will be in moderate to severe symptomatic activity. That's our population one, as well as in patients with a very high symptom burden. That's population two. Sjögren's has been very challenging for drug development, but we find this hypothesis quite compelling. The second study has already completed enrollment of patients.

Murdo Gordon: And we'll continue to make sure that we do our part to improve that awareness, improve that diagnosis. These patients undergo a very complicated patient journey, in that this disease can masquerade as many other things. But, so far, so good, and, and we're happy to be able to help these patients finally, get a treatment, the only one FDA approved, that can help with their symptoms and obviously the long-term health outcomes, particularly for their target, organs. Just on Uplizna and GMG, we're, we're very pleased with the initial uptake. As you said, David, it's very early in the launch, but, what we're pleased about, and I, I mentioned this in, in my opening remarks, is that roughly half of the patients who are being treated are bio-naive patients, and the other half coming from switches from other therapies.

Murdo Gordon: And we'll continue to make sure that we do our part to improve that awareness, improve that diagnosis. These patients undergo a very complicated patient journey, in that this disease can masquerade as many other things. But, so far, so good, and, and we're happy to be able to help these patients finally, get a treatment, the only one FDA approved, that can help with their symptoms and obviously the long-term health outcomes, particularly for their target, organs. Just on UPLIZNA and GMG, we're, we're very pleased with the initial uptake. As you said, David, it's very early in the launch, but, what we're pleased about, and I, I mentioned this in, in my opening remarks, is that roughly half of the patients who are being treated are bio-naive patients, and the other half coming from switches from other therapies.

Of prescribing across a number of different Specialties that, that see these patients because of the end, organ involvement in the inflammatory condition, and we'll continue to make sure that we do our part to improve that awareness improve that diagnosis. Um, these patients undergo a very complicated patient Journey, uh, in that, this disease can masquerade as many other things but, uh, so far so good and, and we're happy to be able to help these patients. Finally, uh, get a treatment. The only 1 FDA approved that can help with their symptoms and obviously the long-term Health outcomes, uh, particularly for their target, uh, organs. Um, just on the plaza in GMG we're we're very pleased with the initial uptake. Uh as you said, Dave is very early in the launch but um what we're pleased about and I I mentioned this in, in My Hope May remark is that roughly half of the patients who are being treated are bio, naive patients and the other half coming from switches from

James Bradner: Okay. Thanks, Salveen. We are, as Myrtle shared, very bullish about Uplizna. Specifically, this unique mechanism of action that targets and depletes the CD19 pathologic B-cell. These, as you surely know, CD19, the B-cell compartment, is evident on mature B-cells, like CD20, targeted by rituximab and other medicines of that type, but also the pre-B-cell, the more naive B-cell, the cell that expands and elaborates many of these autoantibodies. And so now, seeing efficacy of Uplizna in so many immunoglobulin-related disorders, like IgG4-related disease, like myasthenia gravis, the chance to bring it to additional autoantibody-mediated immune conditions is just a great chance to help patients on with these severe diseases. In some cases, there are signals from CD20 that we intend to follow up with a broader, more active, and hopefully, much more convenient Uplizna.

James Bradner: Okay. Thanks, Salveen. We are, as Murdo shared, very bullish about Uplizna. Specifically, this unique mechanism of action that targets and depletes the CD19 pathologic B-cell. These, as you surely know, CD19, the B-cell compartment, is evident on mature B-cells, like CD20, targeted by rituximab and other medicines of that type, but also the pre-B-cell, the more naive B-cell, the cell that expands and elaborates many of these autoantibodies. And so now, seeing efficacy of Uplizna in so many immunoglobulin-related disorders, like IgG4-related disease, like myasthenia gravis, the chance to bring it to additional autoantibody-mediated immune conditions is just a great chance to help patients on with these severe diseases. In some cases, there are signals from CD20 that we intend to follow up with a broader, more active, and hopefully, much more convenient Uplizna.

Murdo Gordon: Yeah, thanks, Mohit. I put a number out before the VESALIUS data promotion started, where roughly 40% of our prescriptions were coming from patients who were considered primary prevention, patients who have not yet had an event, where physicians were looking to lower those patients' LDL cholesterol. I would imagine that that will increase and grow over time. What we're seeing is equal interest, quite frankly, from cardiologists who are excited by the VESALIUS data and the consistency of both the primary endpoint, the secondary endpoint, the MI subgroup. Quite frankly, the overall incidence of death in the trial was also something that attracted attention from specialists. So, the cardiology group has seen this as an affirmation of what they were already doing and being aggressive in treating LDL cholesterol.

Yeah. Thanks Mo. I I put a number before the vassilios data promotion started where roughly 40% of our prescriptions were coming for from patients who were considered primary prevention patients, who have not yet had an event where Physicians were looking to, uh, lower those patients, uh, LDL cholesterol. Um, I would imagine that, that will increase and grow over time. Uh, what we are seeing is equal interest, quite frankly from cardiologists who are excited by the vasilia's data and the consistency of, um, both the primary endpoint, the secondary endpoint, the me subgroup, uh, quite frankly, the the overall incidence of of death in the trial, was also something that attracted attention from Specialists. So, um, the the cardiology group has seen this as an affirmation of what they were already doing and being aggressive and treating LDL cholesterol and primary care. Physicians, as I mentioned,

Murdo Gordon: Yeah, thanks, Jay. As Jay mentioned, we're expanding our treatment for patients with thyroid eye disease into the lower clinical activity score patient population, who tend to be managed by different specialists than the higher clinical activity score patients. We have historically been able to drive very strong penetration with oculoplastic surgeons and general ophthalmologists. We're expanding our prescribing base to include endocrinologists. We made investments at the beginning of last year, and those investments are starting to return now by an increased base of endocrinologists prescribing. So that's in the US, and we expect that we'll continue to broaden our treatment of the low clinical activity score patients while maintaining our share of the higher clinical activity score patients. But also our international launches. Our launch in Japan has gone extremely well.

Murdo Gordon: Yeah. Thanks, Jay. As Jay mentioned, we're expanding our treatment for patients with thyroid eye disease into the lower clinical activity score patient population, who tend to be managed by different specialists than the higher clinical activity score patients. We have historically been able to drive very strong penetration with oculoplastic surgeons and general ophthalmologists. We're expanding our prescribing base to include endocrinologists. We made investments at the beginning of last year, and those investments are starting to return now by an increased base of endocrinologists prescribing. So that's in the US, and we expect that we'll continue to broaden our treatment of the low clinical activity score patients while maintaining our share of the higher clinical activity score patients. But also our international launches. Our launch in Japan's gone extremely well.

Murdo Gordon: Yeah. Thanks, Jay. As Jay mentioned, we're expanding our treatment for patients with thyroid eye disease into the lower clinical activity score patient population, who tend to be managed by different specialists than the higher clinical activity score patients. We have historically been able to drive very strong penetration with oculoplastic surgeons and general ophthalmologists. We're expanding our prescribing base to include endocrinologists. We made investments at the beginning of last year, and those investments are starting to return now by an increased base of endocrinologists prescribing. So that's in the US, and we expect that we'll continue to broaden our treatment of the low clinical activity score patients while maintaining our share of the higher clinical activity score patients. Also our international launches. Our launch in Japan's gone extremely well.

Impact that it's having on patients being treated today. Um, we um, have a ongoing subcutaneous phase 3, clinical study in moderate to severe active. Ted a fully enrolled as we had shared and we expect to complete this study in the second half of this year. So we have a really terrific medicine that's increasingly a standard of care, that's helping a lot of patience um and a strong data set that it sits on top of before handing off to murder, I'll just quickly. Comment on AMG 732, thank you for noticing. This is an igf1r targeting. Monoclonal antibody also achieves. Um, subcutaneous Administration based 2 studies enrolling, um, initially studied in moderate to severe and active Ted and we'll have more to say on that in the future or up. Yep, thanks t. As Jay mentioned, um, we're expanding our, uh, treatment, uh, or patients with thyroid eye disease, into the lower clinical activity score, patient population, who tend to be managed by different Specialists than the higher clinical activities.

James Bradner: Sure, I'm happy to share, Terence. We're just thrilled by the opportunity to develop MariTide for patients with type 2 diabetes, and this is really where we see a potential paradigm shift in the management of that disease. In my medical training, we practiced with insulin and insufficient orals and titrating dosing, and here we have a medicine that can be dosed monthly. We've seen efficacy in chronic weight management bimonthly. We've recently described maintenance approach using quarterly dosing. This is just a new paradigm in management of diabetes. We've shared the major insights at J.P. Morgan from the phase 2 type 2 diabetes study, which is ongoing. There are additional parts to this trial. It's importantly given us an experience with low BMI patients and also seeing A1C across the dose range.

Jay Olson: Sure, I'm happy to share, Terence. We're just thrilled by the opportunity to develop MariTide for patients with type 2 diabetes, and this is really where we see a potential paradigm shift in the management of that disease. In my medical training, we practiced with insulin and insufficient orals and titrating dosing, and here we have a medicine that can be dosed monthly. We've seen efficacy in chronic weight management bimonthly. We've recently described a maintenance approach using quarterly dosing. This is just a new paradigm in management of diabetes. We've shared the major insights at J.P. Morgan from the phase II type 2 diabetes study, which is ongoing. There are additional parts to this trial. It's importantly given us an experience with low BMI patients, and also seeing A1C across the dose range.

Jay Bradner: Sure, I'm happy to share, Terence. We're just thrilled by the opportunity to develop MariTide for patients with type 2 diabetes, and this is really where we see a potential paradigm shift in the management of that disease. In my medical training, we practiced with insulin and insufficient orals and titrating dosing, and here we have a medicine that can be dosed monthly. We've seen efficacy in chronic weight management bimonthly. We've recently described a maintenance approach using quarterly dosing. This is just a new paradigm in management of diabetes. We've shared the major insights at J.P. Morgan from the phase II type 2 diabetes study, which is ongoing. There are additional parts to this trial. It's importantly given us an experience with low BMI patients, and also seeing A1C across the dose range.

Murdo Gordon: Well, thanks, Courtney. Obviously, we think we've got, as has been said now many times, and I'll repeat it again, a product that changes the paradigm of weight loss, diabetes, ASCVD, heart failure management. And, we see it as both a, an effective product to start patients on, to get to weight goal, and also, for patients who, to receive the medical benefit of their treatment, need to be on these therapies for multiple years. This, opportunity for MariTide's profile to, deliver a convenient, well-tolerated, efficacious regimen that could be monthly, could be every 8 weeks, and could be quarterly. We think that's, that's really exciting. And then, of course, as you hinted at, there may be patients out there on other therapies that want to switch to something as convenient and as well-tolerated as MariTide.

You want to share any thoughts at this point? Well, thanks Courtney. Um, we think we've got as has been said, now many times and I'll repeat it again, a product that changes, the Paradigm of weight loss, diabetes ascvd, heart failure management. And, um, we see it as both an effective product to start patients on, um, to get to weight goal. And also, uh, for patients who to receive the medical benefit of their treatment, need to be on these therapies for multiple years, uh, this, uh, opportunity for maritime profile to, uh, deliver a convenient. Well, tolerated efficacious regimen, that could be monthly could be every 8 weeks and could be quarterly. Um, we think that's, that's really exciting. And then, of course, as you hinted at there may be patients out there on other therapies that want to switch to something as convenient and as well, tolerated as Maritime. So, um, the answer is all of

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