Amgen Inc.

My name is Julianne, and I will be your conference facilitator today for the Amgen Q2 FY 2025 earnings 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. In order to ensure that everyone has a chance to participate, we would like to request that you limit yourself to asking one question during the Q&A session. To ask a question, please press star, then the number one on your telephone keypad. To withdraw your question, please press star one again. I would now like to introduce Justin Clay, Vice President of Investor Relations. Mr. Clay, you may now begin.

Good afternoon, everyone, and welcome to our second quarter 2025 earnings call. Bob Bradway will lead the call and be followed by a broader review of our performance by Myrtle Gordon, Jay Bradner, and Peter Griffiths. 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.

Good afternoon, everyone, and thank you for joining us today. As you'll hear, Amgen delivered another strong quarter driven by growing demand for our medicines across the board. With net selling prices for medicines declining across the industry, volume growth is a key differentiator. And once again, this quarter, that's what we delivered. We did this, of course, while also advancing a world-class pipeline. In the quarter, revenues grew by 9% year-over-year and volume increased at an impressive 13%. Fifteen of our products delivered at least double-digit sales growth, demonstrating the breadth and depth of our portfolio. As you're all aware, there's a focus on pricing and tariffs in our industry, and I would just say that we are actively engaged in discussions with our government officials and share the objectives of improving patient access, affordability, and expanding biopharma manufacturing in the U.S. We believe the world needs more innovation, not less, and we're continuing to invest heavily in innovation to support long-term growth. We're, of course, doing that while building on a track record of success, including multiple Phase III readouts in the first half of 2025. We also believe that AI will be additive to the innovative capacity of our industry, and we feel we remain well positioned to accelerate progress through the convergence of biotech and technology, including the application of AI across the company. Let me turn to a few key drivers behind this quarter's momentum. I'll remind you that we're focused in four areas, and each are performing well. In general medicine, we're reaching large, underserved patient populations with multiple products that have significant room for growth. For example, in cardiovascular disease and bone health. In addition, our obesity pipeline programs are advancing broadly. In rare disease, we have four key growth drivers, which are all early in their life cycles and well-positioned for robust long-term growth. with attractive pipeline molecules following closely behind. In inflammation, where we've enjoyed decades of leadership, we're excited about the progress we're seeing in difficult-to-treat diseases where innovation is most needed. In oncology, we're delivering therapies that are redefining standards of care and changing what patients can expect from treatment. Our industry-leading biosimilars portfolio continues to contribute meaningful growth as well. We've proven to be a leading competitor in this field, and it remains an attractive area for us. To close, this was an exciting quarter, not just because of the financial results, but because of what it signals about Amgen's future. Inline brands are delivering, we're launching new products, and we're advancing the next wave of late-stage programs. Amgen is well positioned to deliver innovation and growth, not just this year, but for the long term. And I want to thank our colleagues around the world for their dedication to our mission to serve patients. With that, let me turn over to Murdo for an update on the commercial progress in the quarter.