Amgen (NASDAQ:AMGN) executives used a Jefferies investor conference appearance to emphasize the company’s first-quarter growth, its late-stage pipeline and its preparations for potential launches, including the obesity candidate MariTide.
Peter Griffith, executive vice president and chief financial officer at Amgen, said the company views 2026 as a “springboard year,” with newer and faster-growing products expected to offset pressure from the denosumab franchise and increased competition. Griffith said first-quarter revenue rose 6% year over year, while non-GAAP earnings per share increased 5%.
He said 16 products delivered double-digit or better sales growth in the quarter, while 17 products were annualizing at $1 billion or more based on first-quarter product sales. Griffith also highlighted six key growth drivers: Repatha, EVENITY, TEZSPIRE, the innovative oncology portfolio, the rare disease portfolio and the biosimilars portfolio. Together, he said, those areas represented 70% of product sales in the first quarter and grew 24% year over year.
Pipeline Focus Includes MariTide, Olpasiran and Oncology
Griffith said confidence continues to build in MariTide as a potential treatment for obesity, type 2 diabetes and obesity-related conditions. He said Amgen is advancing a broad phase 3 program and building manufacturing capacity ahead of launch. Griffith said the company sees MariTide as relevant for weight loss induction, long-term weight maintenance and for patients switching from weekly GLP-1 therapies, with the potential for “as few as four to six injections per year.”
Narimon Honarpour, senior vice president and head of global development at Amgen, said obesity remains a large unmet need, with more than 1 billion people globally affected and current use of newer obesity medicines at about 2% or less of the addressable population. He said Amgen is evaluating monthly dosing and has announced studies looking at maintenance dosing every eight weeks and every quarter, as well as a switch study for patients already on weekly medicines.
“Half the people today, of those 2% that have access to these medicines, stop taking the medicine before a year is up,” Honarpour said. “We absolutely have to address the need of those people.”
Beyond MariTide, Griffith pointed to olpasiran, being investigated to reduce cardiovascular risk in patients with elevated Lp(a); dazodalibep for Sjögren’s disease; and xaluritamig for late-stage prostate cancer and earlier-stage prostate cancer. He also cited studies of approved products in additional indications, including UPLIZNA in autoimmune hepatitis and chronic inflammatory demyelinating polyneuropathy, TEZSPIRE in COPD and eosinophilic esophagitis, and IMDELLTRA in earlier-stage small cell lung cancer.
Executives Discuss Lp(a) Trial Dynamics
Asked about cardiovascular outcomes trials in Lp(a) and whether longer-than-expected trial durations should be viewed negatively, Honarpour said he remains enthusiastic about the mechanism. He said event rates in cardiovascular trials have declined over time as patients receive better background care and as trials test therapies on top of existing standards.
Honarpour said Amgen designed its olpasiran study to focus on patients with high Lp(a) burden who have already experienced coronary events. He said olpasiran has reduced Lp(a) by more than 95% in phase 2, and in some cohorts by 100%.
AI Use Extends Across R&D, Manufacturing and Commercial Operations
Griffith said Amgen is applying artificial intelligence and data tools across the enterprise, including research and development, manufacturing and commercial operations. He said Amgen Ohio, a finished drug processing plant, operates with roughly 50% to 60% of the headcount the company would have expected in an earlier plant design, citing automation and technology as key factors.
Griffith said Amgen is guiding to a 45% to 46% operating margin this year and is incorporating AI to improve efficiency, while noting that expanded compute capacity also comes with costs.
Honarpour said AI is being used from early research through development, including generating new insights from human genomic and proteomic data, accelerating antibody optimization, selecting clinical trial sites and preparing regulatory filing documents. He said Amgen has seen speed improvements of up to 50% in late antibody optimization and, in some cases, a threefold increase in clinical trial recruitment speed from better site selection.
Kave Niksefat, senior vice president and head of global marketing and access, said Amgen’s commercial organization is using AI to improve access to medicines, identify patients, particularly in rare disease, and ensure the company’s medical content appears in physicians’ evolving AI-enabled workflows.
Tax Dispute and Puerto Rico Operations
Griffith also addressed questions about Amgen’s tax matters involving Puerto Rico. He said two related matters center on “value attribution,” with the IRS arguing that Amgen’s Puerto Rico operation should be treated as a limited-value contract manufacturer. Griffith said Amgen “strongly” disagrees with that position.
He said the 2010-2015 matter has been fully tried and litigated, with the tax court stopping hearings in January 2025. Griffith said Amgen does not expect a decision before the second half of 2026. He also said the company received a notice of proposed adjustment for similar transfer pricing issues for 2016-2018, describing it as an early step in what Amgen expects to be a multi-year process.
Griffith said Amgen continues to invest in Puerto Rico, including an additional $300 million investment announced after the company’s first-quarter call, on top of a previously announced $650 million investment.
IMDELLTRA and Commercial Planning
Griffith said IMDELLTRA, Amgen’s medicine for small cell lung cancer, is now annualizing at more than $1 billion. Asked about the opportunity for IMDELLTRA in maintenance use, Niksefat said physicians he spoke with at ASCO were “extremely excited” about the product in both frontline and maintenance settings, while noting that additional data will mature over time.
On MariTide commercialization, Niksefat said Amgen is preparing for multiple market scenarios, including patient-directed and insured segments. He said current pricing trends in the obesity market are in line with the company’s expectations and that Amgen is building evidence around both payer and patient needs ahead of launch.
About Amgen (NASDAQ:AMGN)
Amgen Inc (NASDAQ: AMGN) is a global biotechnology company founded in 1980 and headquartered in Thousand Oaks, California. The company focuses on discovering, developing, manufacturing and delivering human therapeutics that address serious illnesses. Amgen's work centers on biologic medicines derived from cellular and molecular biology, with an emphasis on translating advances in human genetics and protein science into therapies for patients.
Amgen's commercial portfolio has historically included biologics used in oncology, supportive care, nephrology, bone health and cardiovascular disease.
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