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Amgen Inc. (AMGN) Management Presents at Jefferies 2020 Virtual Healthcare Conference (Transcript)

Jun. 02, 2020 9:42 PM ETAmgen Inc. (AMGN)1 Comment
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Amgen Inc. (NASDAQ:AMGN) Jefferies 2020 Virtual Healthcare Conference Call June 2, 2020 4:00 PM ET

Company Participants

Arvind Sood - Vice President, Investor Relations

David Reese - Head, Research & Development

Conference Call Participants

Michael Yee - Jefferies

Michael Yee

Everybody, welcome to a great afternoon session. Continuing on the theme here at the 2020 Jefferies Global Healthcare Conference, I'm Michael Yee, Managing Director, as you know. Really excited to have two great representatives of Amgen with us here in our virtual fireside. You know them as familiar faces, Arvind Sood, who heads up all of Investor Relations at Amgen and fresh out of the virtual ASCO, Executive Vice President of R&D, David Reese, there.

Before I get into too much specifics, but I'm sure you're all chomping at the bit to have me ask, I wanted to turn it over briefly to Arvind and David, maybe make some opening comments about Amgen and the state of 2020 given the COVID situation, coming out of the COVID situation; what does it mean for your guidance, and talk about the state of affairs just operationally for Amgen this year.

Arvind Sood

Excellent. Thank you, Mike, and thanks for inviting us to your conference. So, I'll just tee up some high-level topics, and then I'm going to turn it over to Dave. So our execution in Q1, Mike, was solid, with revenue growth of 11% and EPS growth of 17%, and our portfolio of products continues to transition with strong volume driven growth from our newer products in particular, which includes Otezla, Repatha, and Evenity; and of course we are also getting incremental contributions now from our biosimilars business. So, growth from our newer products combined with that from biosimilars is outpacing declines in our more mature products.

Now, as for the impact

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The King of the biotech accomplishments has demonstrated most of the features that confirm and maintain its Royal and leadership position. The way Amgen reasons, acts and decides are second to none When it comes to improving the treatments of chronic diseases and cancers.
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