Amgen (AMGN) held its third-quarter 2024 earnings call on October 30, 2024, at 4:30 p.m. ET. The call began with Julianne, the conference facilitator, introducing Justin Claeys, Vice President of Investor Relations, who welcomed participants and provided an overview of the call, emphasizing the use of non-GAAP financial measures and forward-looking statements.
Robert A. Bradway, Chairman and CEO, highlighted the company’s robust performance across core therapeutic areas and geographies. Amgen’s third-quarter revenues reached $8.5 billion, marking a 23% increase, with ten products achieving double-digit sales growth. The company is advancing its pipeline, including MariTide in Phase 2, with plans to launch a Phase 3 program targeting obesity, obesity-related conditions, and type 2 diabetes.
Murdo Gordon, Executive Vice President of Global Commercial Operations, reported a 24% year-over-year product sales growth with significant contributions from Repatha, TEZSPIRE, BLINCYTO, EVENITY, and TAVNEOS. Repatha sales rose 40% to $567 million, supported by expanded primary care field efforts and broad reimbursement. The oncology segment saw a 17% sales increase, driven by products such as BLINCYTO and LUMAKRAS.
Vikram Karnani, Executive Vice President and President of Global Commercial Operations and Medical Affairs, provided insights on the rare disease portfolio, noting $1.2 billion in sales for the quarter, a 21% increase year over year. TEPEZZA’s international expansion, including its recent approval in Japan, and UPLIZNA’s promising results in myasthenia gravis and IgG4-related diseases were highlighted.
Jay Bradner, Executive Vice President, Research and Development, and Chief Scientific Officer, discussed advancements in the clinical pipeline, including MariTide’s potential in obesity and type 2 diabetes, and significant progress in oncology and inflammation programs.
Peter H. Griffith, Executive Vice President and CFO, detailed the financial performance, with total revenues of $8.5 billion, a 23% year-over-year increase. The company is focused on investing in innovation, supported by strong cash flows and continued cost management practices. Amgen’s strategic focus remains on long-term growth and development across its therapeutic areas, bolstered by its innovative pipeline and strategic investments.
Following these discussions, multiple analysts engaged in a Q&A session with the executives, addressing inquiries on various topics, including MariTide’s development and anticipated trials, the company’s biosimilar strategy, and plans for expanding product offerings in key markets. The session concluded with an acknowledgment of the team’s dedication to patient care and a commitment to continued progress and innovation.
