Amgen Inc. (AMGN)

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Amgen (AMGN)

Q3 2012 Earnings Call

October 23, 2012 5:15 pm ET


Arvind Sood - Vice President of Investor Relations

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

Jonathan M. Peacock - Chief Financial Officer and Executive Vice President

Anthony C. Hooper - Executive Vice President of Global Commercial Operations

Sean E. Harper - Executive Vice President of Research & Development


Michael J. Yee - RBC Capital Markets, LLC, Research Division

Geoffrey C. Porges - Sanford C. Bernstein & Co., LLC., Research Division

Eric Schmidt - Cowen and Company, LLC, Research Division

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

Robyn Karnauskas - Deutsche Bank AG, Research Division

Marshall Urist - Morgan Stanley, Research Division

M. Ian Somaiya - Piper Jaffray Companies, Research Division

Rachel L. McMinn - BofA Merrill Lynch, Research Division

Christopher J. Raymond - Robert W. Baird & Co. Incorporated, Research Division

Boris Peaker - Oppenheimer & Co. Inc., Research Division

Yaron Werber - Citigroup Inc, Research Division

Eun K. Yang - Jefferies & Company, Inc., Research Division

Mark J. Schoenebaum - ISI Group Inc., Research Division

Joshua Schimmer - Lazard Capital Markets LLC, Research Division

Jim Birchenough - BMO Capital Markets U.S.

Lee Kalowski - Crédit Suisse AG, Research Division

Howard Liang - Leerink Swann LLC, Research Division

Charles Anthony Butler - Barclays Capital, Research Division

Joel D. Sendek - Stifel, Nicolaus & Co., Inc., Research Division



My name is Marvin, and I will be your conference facilitator today for Amgen's Third Quarter Financial Results Conference Call. [Operator Instructions] I would now like to introduce Arvind Sood, Vice President of Investor Relations. Mr. Sood, you may now begin.

Arvind Sood

Thank you, Marvin. Good afternoon, everybody. I would like to welcome you to our Third Quarter Conference Call. We once again delivered solid revenue and earnings per share growth, which is a good indicator of our business momentum.

To discuss this and other topics, including recent and upcoming data presentations and scientific forums for some of our key pipeline products, I'm joined today by several members of our leadership team. Our CEO, Bob Bradway, will lead the call today, with providing a strategic overview. After Bob, our CFO, Jon Peacock, will review our quarterly results and update our guidance for the year. Our Head of Global Commercial Operations, Tony Hooper, will highlight our product performance, followed by our Head of R&D, Sean Harper, who will provide a pipeline update. After Sean's presentation, we'll have plenty of time for questions.

[Operator Instructions]

We will use slides for our presentation today. These slides have been posted on our website, and a link was sent to you separately by email. Our comments today will be governed by our Safe Harbor statement, which, in summary, says that through the course of our presentation today, we may make certain forward-looking statements, and actual results may vary materially.

So with that, I would like to turn the call over to Bob. Bob?

Robert A. Bradway

Okay. Thank you, Arvind. Good afternoon, everyone, and thank you for joining our call. You can see from our results through the first 3 quarters of the year, our business has very good momentum, and we're executing on our strategy to grow the business and deliver for patients and shareholders.

We'll talk more about strategy in our business review in February, but for now, I'd like to point out that even as we're investing heavily to develop several breakthrough therapies for the future, our currently commercialized products are providing attractive shareholder returns and opportunities for growth.

The momentum we have with these products has given us confidence to increase our revenue and EPS guidance for the year, and we'll provide more detail on that shortly.

In terms of our third quarter results, we again posted solid revenue and earnings growth through strong commercial execution and a focus on expense discipline. On the commercial front, we're particularly pleased with the continued strength of our Enbrel franchise, and Tony will have more to say about that in a moment.

And we're excited as well about the many emerging opportunities from our pipeline, notably AMG 785 and AMG 145. The recent presentation of the Phase II osteoporosis data for AMG 785, now known as romosozumab, generated a lot of excitement at ASBMR. Similarly, we're looking forward to the presentation of Phase II data from AMG 145, our PCSK9 antibody in development for hypercholesterolemia, at the American Heart Association meeting in a couple of weeks. And Sean will have an opportunity in a few moment's time to detail recent developments from our pipeline.

Before I turn it over to John to discuss our financials, I'd like to just take a moment to thank all of our staff for their dedication and hard work. It's through their efforts and dedication that we're able to deliver both important new therapies for patients and value for our shareholders.

So with that, let me turn to John for the financial review.

Jonathan M. Peacock

Thanks, Bob. So as you can see from the slides, this was a strong quarter for us on revenues, on earnings and on cash flows.

First of all, on revenues on Page 4, we were 10% higher, reflecting the continued strength across the portfolio. The key drivers were Enbrel, Prolia, XGEVA and our growth phase products, Sensipar, Vectibix and Nplate said. Tony will give you more color on our product sales in a few moments.

Other revenues included a milestone payment received on the initiation of the Phase III psoriasis study for brodalumab, the -- and the growth in Other Revenues overall in 2012 reflects our continued focus on portfolio decisions between the molecules that we choose to wholly own and those we believe will deliver greater value through partnering or outlicensing. But overall, 10% growth in revenues for the quarter.

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