Amgen Inc (NASDAQ:AMGN) Q3 2018 Earnings Conference Call Transcript

Oct 30, 2018 • 05:00 pm ET

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Amgen Inc (NASDAQ:AMGN) Q3 2018 Earnings Conference Call Transcript

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Q & A
Operator
Operator

(Operator Instructions) Matthew Harrison, Morgan Stanley.

Analyst
Matthew Harrison

I wanted to ask a question about biosimilars, if I could. So could you maybe just comment a little bit on how you view the outlook for biosimilars in Europe? Obviously, we've seen some recent TNF launches. But the Humira launches, it's fairly competitive. And I'm just wondering if you could comment a little bit more in detail about how you view the outlook and how you view the competitive dynamics in that market?

Executive
Bob Bradway

Early days still. But we like, what we see so far. As you know, we've launched our two products KANJINTI and AMGEVITA, as we said we're in early days, but so far so good. So we have portfolio of eight other molecules advancing through the clinic, and we look forward to launching those internationally as well. Murdo, any incremental thoughts from you, well?

Executive
Murdo Gordon

Yeah, we've got more experience, obviously with KANJINTI, having being in the market for a longer period in time, we've done quite well through a series of tender processes with particular strength in Germany. I think it's a little too early to tell with AMGEVITA, but we have obviously seen competitive activity and it will be a competitive process, but the team on the ground is very strong. The other thing to think about with the biosimilars portfolio for Amgen is, particularly as it relates to some of the oncology biosimilars in our portfolio is, we will be embedding them alongside our innovative portfolio and we'll be able to explain the benefits of the Amgen quality and dependable supply to providers and reimbursement authorities around the world.

Operator
Operator

Geoffrey Meacham, Barclays.

Analyst
Geoffrey Meacham

A question for Murdo and perhaps Bob. I know it's early days in the seat. But I wanted to get Murdo, your preliminary thoughts on strategies to grow Amgen OUS business, how much of a broader priority is this? I'm just asking because it's a much smaller component of the revenue base versus peers, but you do have asset now that can be foundational to growing OUS more broadly.

Executive
Bob Bradway

As you know, we've been able to demonstrate double-digit volume growth now quarter after quarter in international markets and I think that reflects the recognition of the value of our of our new products, and we do expect international growth to be an important part of our long-term strategy for delivering that to our shareholders. And again, I think it's still early days for us in particular in Asia and some of the other emerging markets, but so far, we're encouraged by the results. Murdo?

Executive
Murdo Gordon

And I would just add a few good events that have happened for us with approval of Repatha in China. We have a great partnership in Japan with our partners Astellas, and we look forward to expanding beyond that in 2020. We have great businesses across Europe, Canada, Australia and emerging businesses in the rest of the world and it is as it was Tony's focus, it will be my focus to continue to