AMGN

Amgen Inc. (AMGN)

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Amgen Inc. (AMGN)

The 30th Annual JPMorgan Chase Healthcare Conference

January 09, 2012 1:00 pm ET

Executives

Robert A. Bradway - President, Chief Operating Officer and Director

Analysts

Geoffrey C. Meacham - JP Morgan Chase & Co, Research Division

Presentation

Geoffrey C. Meacham - JP Morgan Chase & Co, Research Division

Okay. Welcome to the morning sessions of the 30th Annual J.P. Morgan Healthcare Conference. I'm Geoff Meacham, the senior biotech analyst here at J.P. Morgan. It's my pleasure to have Amgen speak. Amgen is one of the bellwethers of the biotech group with leading franchises in hematology, oncology, inflammation, as well as infectious -- I'm sorry, as well as bone disorders. And speaking on behalf of Amgen is Bob Bradway, President and COO and CEO Elect. Bob?

Robert A. Bradway

Well good morning and happy New Year. I'm delighted to have the opportunity to talk to you this morning about Amgen and to share with you the reasons why I'm excited about the new year at our company. But before I do that, I'd like to spend a few minutes talking about the year just past, 2011. And I'm pleased with how we ended 2011; in particular, pleased with the momentum that we had at the end of the year. We'll report results in a few weeks’ time and when we do, you'll see that our performance in 2011 was solid across the board. You'll see that we delivered revenue and adjusted earnings per share growth again this year, and we did that off the back of strength and growth in the newly launched products, in particular our denosumab franchise, which includes both XGEVA and Prolia. And in their first year on the market together, we generated in excess of $500 million of revenues from this new franchise.

So we're delighted with the performance, in particular of XGEVA, which as you know, launched very strongly in the United States early in the year. We demonstrated, once again, the power in this industry of a simple word, a single simple word and that word is superiority. So XGEVA has demonstrated again the power of being able to launch a medicine that's been demonstrated with 3 pivotal Phase III trials to be superior to the standard of care and physicians and patients have rapidly adopted XGEVA here in the U.S.

Prolia, for those of you who have been following Prolia closely, including in the fourth quarter, you'll know that the momentum for Prolia built again in the fourth quarter, and we're following the progress of this launch very carefully, as you would expect. And pleased with the growth that we saw for Prolia in the fourth quarter and we'll have more to say about that, obviously, on the earnings call in a few weeks’ time.

In addition, we're pleased with the progress of Neulasta in 2011. It's been an objective of ours for some time to grow the Neulasta franchise worldwide, and I'm delighted that we did just that in 2011. Filgrastim is about a $5 billion franchise for us worldwide. Neulasta comprises about 3/4 of that and we demonstrated solid unit volume growth for Neulasta last year as well as price growth. So Neulasta was a strong contributor to our results in 2011, and we have good momentum heading into 2012 for that franchise.

Enbrel. As you know, Enbrel is our leading molecule in the rheumatoid arthritis and psoriasis space, and we're delighted again with the progress that we demonstrated in maintaining leading market shares for Enbrel throughout 2011. But commercially, we feel very good about how we ended the year 2011. From a research and development perspective, 2011 was also a solid year for us. We expanded the pipeline early in the year by acquiring a company called BioVex, which brought to us an innovative and interesting molecule with potential to treat malignant melanoma, and I'll talk more about that in a moment.

In addition, we moved a few of our important oncology medicines towards Phase III trials and again, I'll talk about those, and generated the important Phase II data for our anti-sclerostin antibody in the setting of bone health and for our PCSK9 antibody in the setting of hypercholesterolemia. So we're pleased with the progress that we made in both expanding and advancing the pipeline in 2011.

Financially, 2011 was an important year for us as well. We initiated a dividend in 2011, announced that at our meeting with shareholders in April of last year. In addition, we announced and completed a major tender offer in the fourth quarter for our shares, and we're delighted at the results of the Dutch auction that we commenced in the fourth quarter. We provided, in April, long-term operating capital guidance as well for the business and I'm pleased by the progress that we made during the course of the year in advancing towards the achievement of those objectives.

And finally, at the end of the year, we announced an orderly and clear management succession plan. And obviously, I'm excited and humbled to be assuming the role of Chief Executive of Amgen beginning in May and I'm delighted and encouraged by the strength of the team that we have in place to help lead the company forward with me. So 2011 was a solid year, but I'm even more confident about the outlook for 2012. 2012 should be an even stronger year for us at Amgen than 2011. We enter 2012 with momentum for both XGEVA and Prolia, and we have catalysts that we think will enable us to increase the growth of both of these molecules during the course of the year.

Read the rest of this transcript for free on seekingalpha.com