Analyst Conference Summary

biotechnology

conference date: May 2, 2024 @ 1:30 PM Pacific Time
for quarter ending: March 31, 2024 (first quarter, Q1)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, up % sequentially from $8.20 billion and up % from $ billion in the year-earlier quarter.

Net income was $ million, down % sequentially from $767 million, and down % from $ billion year-earlier.

Earnings Per Share (diluted EPS) were $, down % sequentially from $1.42 and down % from $ year-earlier.

Guidance:

Conference Highlights:

Robert A. Bradway, CEO said ""

Blincyto for CD19 positive B-ALL has been granted to PDUFA date of June 21, 2024.

Maridebart cafraglutide (AMG 133) – multispecific GIPR inhibitor and GLP-1 receptor agonist, reported positive Phas1 1 results in February 2024. The Phase 2 study has completed enrollment. Topline data due in late 2024.

The AMG 786 Phase 1 trial, with undisclosed target, should read out initial data in Q2 2024.

The Olpasiran (AMG 890) Phase 3 study of ASCVD with elevated Lp(a) should complete enrollment in Q2 2024.

Under priority review, the FDA set a PDUFA date for Tarlatamab (AMG 757) in previously treaed small cell lung cancer of June 12, 2024. Other SCLC trials continue to enroll.

The Uplizna Phase 3 study of flare in IgG4 disease data is expected in Q2 2024.

Many other studies are ongoing.

Non-GAAP numbers: net income was $ billion, down % sequentially from $2.54 billion, and up % from $ billion year-earlier. EPS was $, down % sequentially from $4.71 and up % from $ year-earlier.

Product sales were $ billion, up 20% sequentially from $7.83 billion, and up % y/y from $ billion. Non-product revenue was $ million, up sequentially from $363 million, and up from $ million year-earlier.

Cash and equivalents balance ended at $ billion, down sequentially from $10.9 billion. Operating cash flow $ billion. Capital expenditures $ billion. Free cash flow was $ billion. At the end of quarter debt was $ billion. No shares were repurchased in the quarter. Dividend payments were $ billion.

See also the Amgen pipeline.

GAAP cost of sales was $ billion. Research and development expense was $ billion; selling general and administrative expense $ billion; and other operating expense $ million, for total operating expenses of $ billion. Operating income was $ billion. Interest expense was $ million, other income $ million, income taxes $ million.

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