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Amgen Inc. is a global biotechnology company that discovers, develops, manufactures, and delivers innovative medicines to address serious diseases . The company operates in the human therapeutics segment, focusing on areas of high unmet medical need . Amgen's principal products include Prolia, ENBREL, XGEVA, Repatha, Otezla, TEPEZZA, EVENITY, KYPROLIS, Nplate, Aranesp, KRYSTEXXA, BLINCYTO, Vectibix, and TEZSPIRE, among others . The company's strategy includes expanding its rare disease portfolio, bolstered by the acquisition of Horizon Therapeutics .
- Human Therapeutics - Focuses on developing and delivering medicines for serious diseases, with key products like Prolia, ENBREL, XGEVA, Repatha, and Otezla driving growth.
- Prolia - Treats osteoporosis by increasing bone mass and strength.
- ENBREL - Used for treating autoimmune diseases such as rheumatoid arthritis.
- XGEVA - Prevents skeletal-related events in patients with bone metastases.
- Repatha - Lowers cholesterol levels in patients with cardiovascular risks.
- Otezla - Treats moderate to severe plaque psoriasis and psoriatic arthritis.
- Rare Disease Portfolio - Expanded through the acquisition of Horizon Therapeutics, focusing on rare diseases with products like TEPEZZA, KRYSTEXXA, and UPLIZNA.
- TEPEZZA - Treats thyroid eye disease.
- KRYSTEXXA - Manages chronic gout in adult patients.
- UPLIZNA - Targets neuromyelitis optica spectrum disorder.
- Oncology and Hematology - Develops treatments for cancer and blood disorders, including products like KYPROLIS, Nplate, Aranesp, and BLINCYTO.
- KYPROLIS - Used in the treatment of multiple myeloma.
- Nplate - Increases platelet production in patients with chronic immune thrombocytopenia.
- Aranesp - Treats anemia associated with chronic kidney disease and chemotherapy.
- BLINCYTO - Engages the immune system to target and destroy leukemia cells.
- Bone Health - Offers treatments like EVENITY and Vectibix to improve bone health and treat bone-related conditions.
- EVENITY - Increases bone formation and reduces the risk of fractures in osteoporosis.
- Vectibix - Used in the treatment of metastatic colorectal cancer.
- Respiratory and Inflammatory Diseases - Provides solutions for respiratory and inflammatory conditions, with products like TEZSPIRE.
- TEZSPIRE - Treats severe asthma by targeting inflammatory pathways.
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Non-GAAP operating expenses increased 30% year-over-year, driven by higher R&D and SG&A spending, including investments in Repatha, Otezla, and EVENITY. How do you plan to manage these increasing expenses to maintain your operating margin, and when do you expect to see a return on these investments?
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The Horizon acquisition resulted in a $700 million OI&E expense, up $400 million year-over-year due to increased interest expenses. Can you elaborate on your deleveraging plan to retire over $10 billion of debt by the end of 2025, and how this will impact your financial flexibility and capital allocation priorities?
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With Enbrel facing competition in a crowded market and the CMS price negotiations concluding with a price reduction affecting approximately 25% of its revenues from Medicare Part D, what strategies are you implementing to sustain Enbrel's performance, and how are you mitigating the potential impact of Part D redesign on its future sales?
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You are significantly ramping up investment in your late-stage pipeline, including MariTide for obesity and Type 2 diabetes, and rocatinlumab for atopic dermatitis. Given the competitive landscape in these areas, how confident are you in the potential success of these programs, and what differentiates your candidates from existing therapies?
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Despite the strong initial uptake of IMDELLTRA since its mid-May launch, what challenges do you anticipate in its adoption, given the need for monitoring and establishing new care pathways, and how do you plan to address these to maximize its market potential?
Competitors mentioned in the company's latest 10K filing.
- Various: Competitors for Prolia in the U.S., Europe, and Asia Pacific include bisphosphonates, including generics .
- AbbVie: Competitor for ENBREL in the U.S. with HUMIRA and RINVOQ, and for Otezla in the U.S. and Europe with HUMIRA and Skyrizi .
- Pfizer Inc.: Competitor for ENBREL in the U.S. with Xeljanz, and for BLINCYTO in the U.S. and Europe with BESPONSA .
- Various: Competitors for ENBREL in Canada with etanercept biosimilars, and for XGEVA in the U.S. and Europe with zoledronate generics .
- Novartis: Competitor for Otezla in the U.S. and Europe with Cosentyx, for Nplate in the U.S. and Europe with PROMACTA/REVOLADE, and for Repatha in the U.S. and Europe with LEQVIO .
- Lilly: Competitor for Otezla in the U.S. and Europe with Taltz, and for Vectibix in the U.S. and Europe with ERBITUX .
- Janssen (a subsidiary of Johnson & Johnson): Competitor for Otezla in the U.S. and Europe with Tremfya, for KYPROLIS in the U.S. and Europe with DARZALEX, and for Aranesp in the U.S. with PROCRIT .
- Bristol Myers Squibb (BMS): Competitor for Otezla in the U.S. and Europe with SOTYKTU, and for KYPROLIS in the U.S. and Europe with POMALYST/IMNOVID .
- Various: Competitors for Otezla in the U.S. and Europe with topical products, and for Vectibix in the U.S. and Europe with chemotherapy regimes .
- Regeneron Pharmaceuticals, Inc. and Sanofi: Competitors for Repatha in the U.S., Europe, and Asia Pacific with PRALUENT .
- Millennium Pharmaceuticals, Inc. (a subsidiary of Takeda Pharmaceutical Company Limited): Competitor for KYPROLIS in the U.S. with VELCADE .
- Various: Competitors for KYPROLIS in the U.S. and Europe with REVLIMID (including generics) .
- Asahi Kasei Pharma: Competitor for EVENITY in Japan with Teribone .
- F. Hoffmann-La Roche Ltd (Roche): Competitor for Vectibix in the U.S. and Europe with Avastin .
- Merck & Co., Inc.: Competitor for Vectibix in the U.S. with KEYTRUDA .
- Sandoz Inc., Sandoz GmbH, Lek Pharmaceuticals d.d., Novartis Pharmaceutical Productions d.o.o., and Novartis AG: Competitors involved in litigation regarding biosimilar versions of Amgen's Prolia and XGEVA products .
| Customer | Relationship | Segment | Details |
|---|---|---|---|
McKesson Corporation | Wholesale distribution partner | All | 2023: $19,035 million (33% of total gross revenues).Contributed to the combined 75% of net trade receivables with other major distributors. |
Cencora, Inc. | Wholesale distribution partner | All | 2023: $16,625 million (29% of total gross revenues).Contributed to the combined 75% of net trade receivables with other major distributors. |
Cardinal Health, Inc. | Wholesale distribution partner | All | 2023: $9,775 million (17% of total gross revenues).Contributed to the combined 75% of net trade receivables with other major distributors. |