Amgen Inc (NASDAQ:AMGN) Q1 2019 Earnings Conference Call Transcript

Apr 30, 2019 • 05:00 pm ET

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Amgen Inc (NASDAQ:AMGN) Q1 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

My name is Ian and I will be your conference facilitator today for Amgen's First Quarter 2019 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. There will be a question-and-answer session at the conclusion of the last speakers' prepared remarks. (Operator Instructions)

I would now like to introduce Arvind Sood, Vice President of Investor Relations. Mr. Sood, you may now begin.

Executive
Arvind Sood

Okay, thanks, Ian. Good afternoon, everybody. Thanks for joining us today on our first quarter call. Special welcome to those who are new in their coverage of our Company, including Jay Olson of Oppenheimer; Yaron Werber of Cowen; and Do Kim of BMO.

So we go into 2019, having put in place a strong track record of execution and we are well prepared for the challenges and opportunities ahead. I am joined today by our Chairman and CEO, Bob Bradway, who will provide a strategic overview of our business and the environment we operate in. After Bob's comments, our CFO, David Meline will review our financial results for the first quarter. Our Head of Global Commercial Operations, Murdo Gordon will then review our product performance, followed by our Head of R&D, Dave Reese, who will provide a pipeline update.

We will use slides to guide our discussion today and you should have received the link separately. Just a reminder that we will use non-GAAP financial measures in today's presentation, and some of the statements will be forward-looking statements. Our 10-K and subsequent filings identify factors that could cause our actual results to differ materially.

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

Executive
Robert A. Bradway

Okay. Thank you, Arvind, and let me add to Arvind's welcome to all of you joining the call today. We entered 2019 with a strong track record of execution and an improved ability to innovate, compete and grow over the long term. We feel now well positioned to capitalize on the growth opportunities presented by our newer products in our pipeline, even as we effectively defend our mature products against emerging and expected new competition.

As you know, drug prices are being challenged around the world, and we therefore have said for some time that we expect volume driven growth to be important to our long-term success. And in Q1, we once again demonstrated our ability to grow unit volumes, especially for our newer products like Prolia, Repatha, Aimovig, as well as for our six hematology/oncology products that are in early phases of their life cycle.

I believe our performance outside of the US where we have faced biosimilar competition for over a decade is instructive. There, our business generated 15% unit volume growth in the first quarter, as growth of our newer products more than offset the erosion of our mature brands from biosimilar competition. We remain confident in the life cycle management strategies we have in place to defend our mature brands, and we believe there is considerable upside potential with our