Amgen Inc.

My name is Julianne and I will be your conference facilitator today for the Amgen Q1, 2026 Earnings Conference Call. All lives 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 1 again. I would now like to introduce Casey Caporelli, Vice President of Investor Relations. Mr. Caporelli, you may now begin.

Thank you, Julianne. Good afternoon, everyone, and welcome to our first quarter of 2026 earnings call. Bob Bradway will lead the call today 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.

Okay. Good afternoon, and thank you for joining us. We had a strong first quarter and are well-positioned to achieve our objectives for the year. Recall we previously described 2026 as a springboard year for Amgen, a year in which we expect our rapidly growing products to offset the financial impact of patent expirations and increased competition, while our next generation of molecules progress through the R&D pipeline, setting the stage for sustained long-term growth. As you can see from our progress thus far, we're on track to achieve these objectives. With steady execution through the rest of the year, we expect, once again, to demonstrate that we can grow through a period of patent expiration and deliver attractive performance for our shareholders with a strong portfolio of innovative medicines and biosimilars that meet the needs of patients with serious diseases. As you listen to Murdo's presentation in a moment, note the momentum of our six key growth drivers. Together, they generated 70% of our sales in the quarter and grew significantly. in aggregate, by 24%. That strong performance sets us up well for the year and well beyond. Turning to the pipeline, our focus this year is on disciplined data generation and execution across a number of important Phase III programs, which, again, we expect will drive attractive long-term growth for Amgen. Our confidence in Maritide as a differentiated treatment for obesity, type 2 diabetes, and obesity-related conditions continues to build. We're executing effectively across the company, building the capabilities we need to bring this medicine to market. As Jay will discuss in a moment, we're disclosing additional Phase III studies of Maritide, one of which will evaluate switching from the weekly injectables to Maritide on an every 8- or 12-week schedule. In other words, we'll evaluate switching from medicines which are injected 52 times a year to one which can be injected as few as four or six times a year. In addition, we'll evaluate weight maintenance for Maritide on a schedule of four or six injections a year as well. We expect there to be a great deal of interest in these data. Beyond Maritide, we see strong potential across a number of other programs in late-stage development, including Opazirand, and other innovative programs in Phase 3. We've talked about the excitement we feel about the convergence of technology and biology and including the application of artificial intelligence across the company. Here, too, we're making great progress. And there's no question we're in a period of tremendous change, and we're encouraged by the progress we're making in embedding new capabilities. We're doing this across the company, and we took steps early on to have Dave lead these efforts, and we're grateful to him for the success he's achieved with this initiative. And we're encouraged that Jay Bradner will build on Dave's accomplishments, leading our artificial intelligence and data activities across the company. I'll have more to say about Dave at the end of the call. But before we turn to Murdo, let me just thank my Amgen colleagues around the world for their dedication to our mission to serve patients and the quality of their work again this year.