2024-02-06 22:40:10 ET
Amgen Inc. (AMGN)
Q4 2023 Earnings Conference Call
February 06, 2024, 04:30 PM ET
Company Participants
Justin Claeys - VP, IR
Robert Bradway - Chairman & CEO
Murdo Gordon - EVP, Global Commercial Operations
Vikram Karnani - Executive, Rare Disease Business
Peter Griffith - CFO
Jay Bradner - EVO, Research and Development, and Chief Scientific Officer.
David Reese - EVP, Research & Development
Conference Call Participants
Michael Yee - Jefferies
Salveen Richter - Goldman Sachs
Jay Olson - Oppenheimer
Chris Schott - JPMorgan
Evan Seigerman - BMO Capital Markets
Umer Raffat - Evercore ISI
Colin Bristow - UBS
Mohit Bansal - Wells Fargo
Geoff Meacham - Bank of America
David Risinger - Leerink Partners
Tim Anderson - Wolfe Research
Robyn Karnauskas - Truist Securities
James Shin - Deutsche Bank
Carter Gould - Barclays
Presentation
Operator
My name is Julianne, and I'll be your conference facilitator today for Amgen's Fourth Quarter 2023 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. There will be a question-and-answer session at the conclusion of the last speaker's prepared remarks. [Operator Instructions]
I would now like to introduce Justin Claeys, Vice President of Investor Relations. Mr. Claeys, you may now begin.
Justin Claeys
Thank you, Julianne. Good afternoon, and welcome to our fourth quarter 2023 earnings call. Bob Bradway will lead the call and be followed by a broader review of our performance by Murdo Gordon, Vikram Karnani, Jay Bradner, I am pleased to welcome and he is joining us for the first time on our quarterly earnings call, and Peter Griffith, Dave Reese, will also be available during the Q&A session.
Given the timing of these Horizon Therapeutics acquisition close, the results as shown in our press release and slides include contribution from the Horizon business from October 6 onwards. For the avoidance of doubt, this will also be the basis for our filed financial results. To supplement this information, Vikram will also provide sales information for these products for the full fourth quarter, including the first week of October as further context in his remarks.
Through the course of our discussion today, we'll 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.
With that, over to you, Bob.
Robert Bradway
Okay. Thank you, Justin, and let me thank all of you for joining our call. 2023 was another year of performance and progress for Amgen, further positioning us to deliver attractive growth through the end of the decade and beyond. Last year, we delivered double-digit volume growth in all four quarters with balanced growth across products and geographies.
18 [ph] of our medicines generated record annual sales, including Repatha, Prolia EVENITY, TEZSPIRE, BLINCYTO, KRYSTEXXA and UPLIZNA. The acquisition of Horizon, which is completed on October 6, gives us a significant new rare disease business that now stands as a fourth pillar of growth alongside our leading general medicine, oncology and inflammation businesses. The medicines we acquired are all very early in their life cycles and by leveraging Amgen's world-class biologics manufacturing, decades of experience in inflammation and our extensive global presence, we believe these products have the potential to reach many more patients around the world.
Last year, we also advanced the deepest and most diverse pipeline in our history with promising molecules at all stages of development across our four pillars of growth. We anticipate well over a dozen significant pipeline milestones this year. I'll touch on a few.
In General Medicine, we'll generate Phase II data this year for our lead obesity molecule, MariTide, and we're excited, of course, to learn more about this asset. We're also advancing a number of early-stage assets in this space.
In Oncology, we have a June 12 PDUFA date for the FDA to complete its priority review of Tarlatamab as a third-line treatment for small cell lung cancer. Tarlatamab is the first bispecific T cell engager shown to be effective in addressing a major solid tumor. In this case, one for which there has been no new treatment in decades and which today has a 5-year survival rate of just 3%....
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Amgen Inc. (AMGN) Q4 2023 Earnings Call Transcript