Amgen Inc. · NASDAQ:AMGN
Amgen — Q4 2024 Earnings Presentation
41 slides from Amgen's earnings presentation, Feb 4, 2025
Slide 1: Q4 '24 Earnings Call
Q4 ’24 Earnings Call February 4, 2025
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains forward-looking statements that are based on the current expectations and beliefs of Amgen. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including any statements on the outco
Slide 3: Agenda
Agenda Introduction Justin Claeys Opening Remarks Bob Bradway Global Commercial Update Murdo Gordon Research & Development Update Jay Bradner Q4 ’24 and FY ’24 Results and Outlook Peter Griffith Q&A All Provided February 4, 2025, as part of an oral presentation and is qualified by such, contains for
Slide 4: We are Poised to Deliver Strong Long-Term Growth
We are Poised to Deliver Strong Long-Term Growth • Revenues increased 19% YoY in 2024, with 10 products delivering at least double-digit sales growth • Rapidly advancing innovative pipeline with multiple potentially first-in-class and/or best-in-class medicines across our therapeutic areas • Investe
Slide 5: Global Commercial Update
Global Commercial Update
Slide 6: Q4 '24 Global Commercial Update
Q4 ’24 Global Commercial Update Q4 ’24 Q4 ’23 YoY $ Millions, Net Sales U.S. ROW Total Total Total Repatha® 315 291 606 417 45% EVENITY® 325 106 431 318 36% Prolia® 775 390 1,165 1,107 5% TEPEZZA®(1) 456 4 460 448 3% KRYSTEXXA®(1) 346 — 346 272 27% UPLIZNA®(1) 93 8 101 65 55% TAVNEOS® 76 5 81 44 84%
Slide 7: Product Sales Increased 11% YoY in Q4, and 19% for the Full Year
Product Sales Increased 11% YoY in Q4, and 19% for the Full Year Highlights • Ten products delivered at least double-digit sales growth in Q4, including Repatha®, BLINCYTO®, TEZSPIRE®, EVENITY®, and TAVNEOS®. Product Sales • Excluding sales from the Horizon $8.7B, +11% YoY* acquisition, full year pr
Slide 8: General Medicine Generated Over $2B of Sales in Q4 and $10B for the Full Year
General Medicine Generated Over $2B of Sales in Q4 and $10B for the Full Year Highlights Repatha® Established / $606M, +45% YoY* • Repatha® sales increased 45% YoY in Q4 Other** primarily driven by volume growth. Sales increased 36% YoY for the full year, primarily driven by 43% volume growth, parti
Slide 9: Rare Disease Generated Over $1B of Sales in Q4 and Over $4B for the Full Year
Rare Disease Generated Over $1B of Sales in Q4 and Over $4B for the Full Year Other*** Highlights Ultra-Rare products*,** • Key products include TEPEZZA®, $214M KRYSTEXXA®, UPLIZNA®, and TAVNEOS®. TAVNEOS® $81M, +84% YoY* TEPEZZA® • TAVNEOS® sales increased 84% YoY Y $460M* in Q4 and 111% for the fu
Slide 10: Inflammation Generated Over $2B of Sales in Q4 and Over $7B for the Full Year
Inflammation Generated Over $2B of Sales in Q4 and Over $7B for the Full Year Other*,** TEZSPIRE® AMJEVITA® / $296M, +67% YoY* Highlights AMGEVITA $294M, +84% YoY* • TEZSPIRE® sales increased 67% YoY in Q4 and 71% for the full year, primarily driven by volume growth. • Otezla® and Enbrel® delivered
Slide 11: Oncology Generated Over $2B of Sales in Q4 and Over $9B for the Full Year
Oncology Generated Over $2B of Sales in Q4 and Over $9B for the Full Year Established / BLINCYTO® Other** $381M, +58% YoY* Highlights MVASI® $173M, (8%) YoY* • BLINCYTO® sales increased 58% YoY in Vectibix® Q4 and 41% for full year, primarily driven IMDELLTRA® $246M, (2%) YoY* by volume growth. $67M
Slide 12: R&D Update
R&D Update
Slide 13: General Medicine Pipeline Focused on Significant Unmet Medical Needs
General Medicine Pipeline Focused on Significant Unmet Medical Needs GENERAL MEDICINE: SELECTED PIPELINE PROGRAMS MariTide (maridebart cafraglutide, AMG 133) o In November 2024, data were presented from Part 1 of a Phase 2 chronic weight management (CWM) study in adults who are living with overweigh
Slide 14: General Medicine Pipeline Focused on Significant Unmet Medical Needs
General Medicine Pipeline Focused on Significant Unmet Medical Needs GENERAL MEDICINE: SELECTED PIPELINE PROGRAMS (Continued) Olpasiran o OCEAN(a)-Outcomes trial, a Phase 3 CV outcomes study of Olpasiran is ongoing in patients with atherosclerotic cardiovascular disease and elevated Lp(a). o Phase 3
Slide 15: Multiple Pipeline Programs in Rare Disease Will Drive Additional Growth
Multiple Pipeline Programs in Rare Disease Will Drive Additional Growth RARE DISEASE: SELECTED PIPELINE PROGRAMS TAVNEOS® o A Phase 3 study is enrolling patients from 6 years to < 18 years of age with active ANCA- associated vasculitis. TEPEZZA® o Regulatory review is underway in multiple additional
Slide 16: Multiple Pipeline Programs in Rare Disease Will Drive Additional Growth
Multiple Pipeline Programs in Rare Disease Will Drive Additional Growth RARE DISEASE: SELECTED PIPELINE PROGRAMS (Continued) KRYSTEXXA® o Data were presented in November 2024 from the AGILE study evaluating the safety, tolerability and efficacy of KRYSTEXXA® administered with a shorter infusion dura
Slide 17: Multiple Pipeline Programs in Rare Disease Will Drive Additional Growth
Multiple Pipeline Programs in Rare Disease Will Drive Additional Growth RARE DISEASE: SELECTED PIPELINE PROGRAMS (Continued) Dazodalibep o Two Phase 3 studies in patients with Sjögren’s disease are enrolling patients; the first in patients with moderate-to-severe systemic disease activity, the secon
Slide 18: Pipeline in Inflammation Focused on Difficult-to-Treat Diseases With Significant Unmet Need
Pipeline in Inflammation Focused on Difficult-to- Treat Diseases With Significant Unmet Need INFLAMMATION: SELECTED PIPELINE PROGRAMS TEZSPIRE® o Planning to initiate Phase 3 studies in patients with moderate to very severe chronic obstructive pulmonary disease (COPD) and a BEC ≥ 150 cells/µl or gre
Slide 19: Pipeline in Inflammation Focused on Difficult-to-Treat Diseases With Significant Unmet Need
Pipeline in Inflammation Focused on Difficult-to- Treat Diseases With Significant Unmet Need INFLAMMATION: SELECTED PIPELINE PROGRAMS (Continued) Rocatinlimab o The eight study ROCKET Phase 3 program evaluating rocatinlimab in patients with moderate-to- severe atopic dermatitis has enrolled over 3,3
Slide 20: Pipeline in Inflammation Focused on Difficult-to-Treat Diseases With Significant Unmet Need
Pipeline in Inflammation Focused on Difficult-to- Treat Diseases With Significant Unmet Need INFLAMMATION: SELECTED PIPELINE PROGRAMS (Continued) Blinatumomab o A Phase 2 study was initiated in patients with autoimmune disease with an initial focus on systemic lupus erythematosus (SLE). Inebilizumab
Slide 21: Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Size
Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Size ONCOLOGY: SELECTED PIPELINE PROGRAMS BLINCYTO® o In December 2024, data were presented and simultaneously published in the New England Journal of Medicine demonstrating that BLINCYTO® added to chemotherapy s
Slide 22: Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Size
Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Size ONCOLOGY: SELECTED PIPELINE PROGRAMS (Continued) IMDELLTRA o The Company is advancing a comprehensive, global clinical development program across extensive-stage and limited-stage small cell lung cancer. – D
Slide 23: Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Size
Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Size ONCOLOGY: SELECTED PIPELINE PROGRAMS (Continued) AMG 193 o A Phase 2 study is enrolling patients with MTAP-null previously treated advanced non-small cell lung cancer. o A Phase 1/1b/2 study is enrolling pat
Slide 24: Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Size
Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Size ONCOLOGY: SELECTED PIPELINE PROGRAMS (Continued) Bemarituzumab o FORTITUDE-101, a Phase 3 study, is ongoing in patients with first-line gastric cancer. Data readout is anticipated in H1 2025. o FORTITUDE-102
Slide 25: Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Size
Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Size ONCOLOGY: SELECTED PIPELINE PROGRAMS (Continued) LUMAKRAS® /LUMYKRAS o In January 2025, the FDA approved LUMAKRAS® in combination with Vectibix ® as a targeted, biomarker-driven combination therapy for the t
Slide 26: Important 2025 Pipeline Milestones
IMPORTANT 2025 PIPELINE MILESTONES GENERAL MEDICINE RARE DISEASE INFLAMMATION ONCOLOGY MariTide TEPEZZA® TEZSPIRE® IMDELLTRA • MARITIME Phase 3 study ✓ Japan launch in TED H1 2025 • Regulatory submission in • Phase 3 study data readout in 2L initiation(s) H1 2025 to H2 2025 CRSwNP H1 2025 small cell
Slide 27: Q4 '24 and FY '25 Business Results and Outlook
Q4 ’24 and FY '25 Business Results and Outlook
Slide 28: Q4 '24 Financial Results
Q4 '24 Financial Results $ Millions, Except Non-GAAP EPS Item Q4 ’24 Q4 ’23 % Incr./(Decr.) Revenue $9,086 $8,196 11% Product Sales 8,716 7,833 11% Other Revenues 370 363 2% Non-GAAP Operating Expenses 5,053 4,536 11% Cost of Sales % of product sales 1,536 17.6 % 1,278 16.3 % 20% R&D % of product sa
Slide 29: FY 2024 Financial Results
FY 2024 Financial Results $ Millions, Except Non-GAAP EPS Item FY ’24 FY ’23 % Incr./(Decr.) Revenue $33,424 $28,190 19% Product Sales 32,026 26,910 19% Other Revenues 1,398 1,280 9% Non-GAAP Operating Expenses 18,396 14,791 24% Cost of Sales % of product sales 5,736 17.9 % 4,573 17.0 % 25% R&D % of
Slide 30: Cash Flow and Balance Sheet Data as of Q4 '24
Cash Flow and Balance Sheet Data as of Q4 '24 $ Billions, Except Dividends Paid Per Share Cash Flow Data Q4 ’24 Q4 ’23 Capital Expenditures $0.4 $0.2 Free Cash Flow* 4.4 0.3 Share Repurchases 0.2 — YoY Dividend Increase 6% 10% Dividends Paid Per Share $2.25 $2.13 Balance Sheet Data 12/31/24 12/31/23
Slide 31: 2025 Guidance
2025 Guidance Guidance Revenue $34.3B – $35.7B Non-GAAP EPS* $20.00 – $21.20 Non-GAAP Tax Rate* 15% – 16% Capital Expenditures ~$2.3B *Non-GAAP financial measure—if this slide is in hard copy, see reconciliations accompanying the presentation, or if this slide is delivered electronically, or amounts
Slide 32: Q4 '24 Earnings Call
Q4 ’24 Earnings Call February 4, 2025
Slide 33: Reconciliations
Reconciliations
Slide 34: Consolidated Statements of Income - GAAP
Amgen Inc. Consolidated Statements of Income - GAAP (In millions, except per - share data) Three months ended Twelve months ended (Unaudited) December 31, December 31, 2024 2023 2024 2023 Revenues: Product sales $ 8,716 $ 7,833 $ 32,026 $ 26,910 Other revenues 370 363 1,398 1,280 Total revenues 9,08
Slide 35: Consolidated Balance Sheets - GAAP
Amgen Inc. Consolidated Balance Sheets - GAAP (In millions) December 31, December 31, 2024 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 11,973 $ 10,944 Trade receivables, net 6,782 7,268 Inventories 6,998 9,518 Other current assets 3,277 2,602 Total current assets 29,030 30,33
Slide 36: GAAP to Non-GAAP Reconciliations
Amgen Inc. GAAP to Non-GAAP Reconciliations (Dollars In millions) (Unaudited) Provided February 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary 36 materially; Amgen disclaims any duty to update.
Slide 37: GAAP to Non-GAAP Reconciliations
Amgen Inc. GAAP to Non-GAAP Reconciliations (In millions, except per-share data) (Unaudited) (Continued from previous slide) The following table presents the computations for GAAP and non-GAAP diluted earnings per share: Three months ended Three months ended December 31, 2024 December 31, 2023 GAAP
Slide 38: Reconciliations of Cash Flows
Amgen Inc. Reconciliations of Cash Flows (In millions) (Unaudited) Three months ended Twelve months ended December 31, December 31, 2024 2023 2024 2023 Net cash provided by operating activities $ 4,771 $ 538 $ 11,490 $ 8,471 Net cash used in investing activities (402) (27,089) (1,046) (26,204) Net c
Slide 39: Reconciliation of GAAP Net Income to EBITDA and Debt Leverage Ratio Calculation
Amgen Inc. Reconciliation of GAAP Net Income to EBITDA and Debt Leverage Ratio Calculation (In millions) (Unaudited) Twelve months ended December 31, 2024 GAAP Net Income $ 4,090 Depreciation and amortization 5,592 Interest expense, net 3,155 Provision for income taxes 519 EBITDA(a) $ 13,356 As of D
Slide 40: Reconciliation of GAAP EPS Guidance to Non-GAAP EPS Guidance for 2025
Amgen Inc. Reconciliation of GAAP EPS Guidance to Non-GAAP EPS Guidance for the Year Ending December 31, 2025 (Unaudited) GAAP diluted EPS guidance $ 10.89 — $ 12.14 Known adjustments to arrive at non-GAAP*: Acquisition-related expenses (a) 9.06 — 9.11 Non-GAAP diluted EPS guidance $ 20.00 — $ 21.20
Slide 41: Q4 '24 Earnings Call
Q4 ’24 Earnings Call February 4, 2025