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Amgen Inc.
2/6/2024
I would now like to introduce Justin Clays, Vice President of Investor Relations. Mr. Clays, you may now begin.
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 Myrtle Gordon, Vikram Karnani, Jay Bradner, who I'm pleased to welcome and 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 the 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 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. With that, over to you, Bob.
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. Eighteen of our medicines generated record annual sales, including Repatha, Prolia, Avenity, Tespire, Linsido, Cristexa, and Uplizna. The acquisition of Horizon, which was completed on October 6th, 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 and 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 12th PDUFA date for the FDA to complete its priority review of terlatamab as a third-line treatment for small-cell lung cancer. Terlatamab is the first bispecific T-cell engager shown to be effective in addressing a major solid tumor, in this case, one for which there's been no new treatment in decades and which today has a five-year survival rate of just 3%. We're studying Tarlatimab in earlier lines of treatment and hope, over the fullness of time, to be able to serve the tens of thousands of patients diagnosed with small cell lung cancer each year in the U.S. and major markets around the world. We've done this very successfully now with our first bite, Blinsido, which has steadily moved into earlier lines of treatment for acute lymphoblastic leukemia, and we'll take the same approach with yet another promising bite, that being Zaluridamig in prostate cancer. In inflammation, we'll have phase 3 data from rocatinlamab and atopic dermatitis from the first of what are now eight trials in the ROCKET program. And in rare disease, we'll have phase 3 data from uplizna and myasthenia gravis, an IgG4-related disease. At a time when a rapidly aging global population needs more innovation, Amgen is delivering. both with the medicines we have on the market today and with the promising new medicines that are advancing in our pipeline. We're also excited by the rapid convergence of biotech and tech, which is enabling us to innovate more quickly and confidently. We've been preparing for this hinge moment for more than a decade and recently named Dave Reese as our first ever chief technology officer to ensure that we're capitalizing on technologies like generative artificial intelligence, not just in R&D, but across the entire company. Succeeding, Dave, as Amgen's head of R&D is Jay Bradner. Jay is a physician scientist and a seasoned R&D leader, having served for many years as president of the Novartis Institutes for Biomedical Research. Jay previously also served as a faculty member at Harvard Medical School, and prior to joining Amgen was a practicing oncologist at the Dana-Farber Cancer Institute. We're delighted to have Jay on board and excited by the work that he, Dave, and the rest of our team will do together to accelerate innovation at Amgen for the good of patients and for the long-term growth of our business. And with that, I want to thank our 27,000 employees around the world for their many contributions to our success. And let me now ask Murdo to talk about our commercial performance in 2023.
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