Amgen Inc earnings

Amgen beat market expectations this quarter, with 17 drugs each contributing more tha 1bn USD in sales. That offset a 33% drop in the bone health drugs, Prolia and Xgeva, as cheaper copies took share. Total sales rose 10%. Our long term conviction holds. Amgen's main growth drivers, spanning cancer, general medicine, inflammation and rare diseases, grew 26% together and now make up 70% of sales, spreading risk across different areas. The next growth leg is MariTide, an obesity drug testing dosing within a monthly to quarterly window, now in nine trials, with key data due early 2027. Success there could lift growth from the mid-single digits to the low double digits. An inflammatory drugs fell 4% on a price cut and 21%, both as expected. Management, led by CEO Robert Bradway, sounded confident Amgen can keep growing even as older drugs lose patent protection. It backed that up by raising full-year revenue guidance to 38.2bn-39.4bn USD and lifting the dividend 6%. Our attention now turns to MariTide's trial results, whether newer products keep replacing what comes off patent, and whether debt starts falling now that buybacks are paused.