Aug 4, 2026 earnings call — Portfolio growth and updated guidance
Raised full-year revenue guidance to $38.2 billion to $39.4 billion.
Revenue $10.1B (est $9.4B) · EPS $6.29 (est $5.62) · Next-quarter revenue outlook $38.2B–$39.4B
Key quotes
"Together, they grew at an aggregate rate of 26% year-over-year and represented nearly 70% of our second quarter product sales."
"Momentum continues to build for Repatha with new-to-brand prescriptions growing more than 50% year-over-year in the U.S., supported by increased urgency to treat both in secondary prevention and high-risk primary prevention patients."
"MariTide, Olpasiran and Xaluritamig are advancing through Phase III development and have the potential to address areas of significant unmet medical need."
Analyst Q&A 12
Lp(a) trial design and stroke exclusion
Q (Dina Elmonshed · UBS): Is the OCEAN(a) protocol designed with an interim and does using a 3-point MACE (excluding stroke) change the study timing or event rate?
A: They said OCEAN(a) is a double-blind randomized trial with 7,297 patients enrolled and a requirement for Lp(a) above 200 nanomoles per liter. The study uses every 12-week dosing and a 3-point MACE primary endpoint because genetics and population analyses showed ischemic stroke association with Lp(a) was less compelling. Their modeling indicates excluding stroke does not influence the event rate.
"And with this every 12-week dosing in an event-driven study, we'll read out a primary event, as you shared, of 3-point MACE." — James Bradner
Business development focus and capital use
Q (Salveen Richter · Goldman Sachs): How is your current BD thinking and capital allocation evolving, and how much depends on MariTide and Lp(a) readouts?
A: They said the BD strategy is consistent: focus on therapeutic areas where they can add value and the four areas discussed on the call. They are mostly looking at smaller, earlier-stage assets and said near-term BD is not directly linked to late Phase III trial outcomes.
"Salveen, I think our business development strategy is pretty consistent." — Robert Bradway
Competitor Lp(a) readout and implications
Q (Taylor Hanley · JPMorgan): What will you look for in the competitor Lp(a) readout, and if it shows a 13%–15% benefit, what read-throughs apply to olpasiran?
A: They said they are following the competitor data with interest but expect only directional insight, not a decisional view. They noted olpasiran delivers about 95% Lp(a) reduction versus roughly 70% for the other molecule and that study design differences matter for read-throughs.
"We can expect perhaps some directional insight, but not decisional perspective." — James Bradner
MariTide vomiting rates and safety tracking
Q (Umer Raffat · Evercore): How confident are you that MariTide vomiting rates in Phase III will be mid-20s or better, and are you tracking malignancies blinded in the CD40 trial?
A: They said they are fully focused on delivering a compelling Phase III data package for MariTide with strong trial enrollment and disciplined data generation. For dazodalibep (the CD40 program) they have a data safety monitoring committee capturing all high and potentially associated incident effects and expect to learn more in H2.
"we are noses down delivering a very compelling Phase III data package right now." — James Bradner
Dazodalibep systemic vs symptomatic use
Q (Yaron Werber · TD Cowen): What is the difference between systemic and symptomatic Sjögren's studies and could you get a differentiated label versus companies only studying systemic disease?
A: They are running Phase III in both systemic and symptomatic populations because there is substantial unmet need and the two populations require distinct clinical measures. Phase II showed activity in both groups with different validated scores (ESSDAI for systemic and ESSPRI/diary for symptomatic), supporting separate study approaches into Phase III.
"We are pursuing the Phase III clinical investigation of dazodalibep in both the systemic population as well as the symptomatic population because there is tremendous unmet need." — Murdo Gordon
Otezla volume and competition
Q (Edward Polglase · Bernstein): Is SOTYKTU hurting Otezla volumes and how should we think about Otezla's future?
A: They said Otezla is often the first systemic agent because of broad label and payer coverage, so new entrants generally compete after Otezla has been tried. They noted some price pressure due to 340B exposure but said overall Otezla volume is holding up well.
"But overall, the volume in Otezla is actually holding up quite good." — Murdo Gordon
Repatha versus new oral PCSK9
Q (Morgan Stanley): How does the new oral PCSK9 label compare to Repatha's label, and what about contract dynamics with an oral option?
A: They said Repatha's data and experience are unrivaled, reflecting over 50,000 patients in trials and a broad label including primary and secondary prevention, and it can be used alone or with statins. They argued the market is large with room for additional therapies and noted orals can have adherence challenges and even food restrictions in the new label.
"You have Repatha, as Jay mentioned, over 50,000 patients on clinical trial experience reflected in a broad label that includes primary and secondary prevention." — Murdo Gordon
OCEAN(a) baseline risk and LDL-C question
Q (Manoj Eradath · Jefferies): Is OCEAN(a)'s baseline LDL-C similar to HORIZON, and could Lp(a) effects depend on higher LDL-C?
A: They said OCEAN(a) targets Lp(a) ≥ 200, biasing toward a slightly higher-risk group. They referenced population data showing Lp(a) elevation is an independent risk factor from LDL-C and argued LDL-C lowering alone would not meaningfully reduce such high Lp(a), so Lp(a)-directed therapy is needed.
"By targeting 200 or higher in OCEAN(a), we biased towards a slightly higher risk group of patients." — Murdo Gordon
Repatha growth and dazodalibep endpoints
Q (Susan Chor · Wells Fargo): How much Repatha growth is from primary care vs existing prescribers? And why are there two primary endpoints in the symptomatic dazodalibep trial?
A: They said Repatha's growth was driven about half by cardiologists broadening use and half by primary care expansion, especially treating patients with diabetes, and new-to-brand prescriptions grew about 50% year-over-year. For dazodalibep, they run separate Phase III studies: ESSDAI is used as the single endpoint in systemic disease, while the symptomatic study uses ESSPRI plus a patient diary and ESSDAI at week 48 to capture validated subjective and objective measures.
"We grew about 50% year-over-year in the quarter in new-to-brand prescriptions and it's being driven by 2 dynamics." — Murdo Gordon
IMDELLTRA monitoring requirements
Q (Alexandria Hammond · Wolfe): What is Amgen doing to reduce IMDELLTRA monitoring and could monitoring requirements be amended for later lines?
A: They said Amgen has deep experience with T-cell engagers and is working to make treatment less burdensome; the second-line Phase III used 16 hours of monitoring but ongoing data and real-world experience show monitoring down to 1–2 hours in some contexts. They noted neurologic events (ICANS) were infrequent and mostly at the 100-milligram dose, which supports prospective reductions in monitoring through studies and regulator engagement.
"The second-line Phase III used 16 hours of monitoring at that time appropriate for that stage of development." — James Bradner
MariTide duration and dosing flexibility
Q (David Risinger · Leerink Partners): How long do the antibody and peptide parts of MariTide act, and will patients choose 1-, 2-, or 3-month maintenance dosing?
A: They said the antibody design gives MariTide an approximate half-life of 21 days and the appended peptides were designed for stability, so the combined molecule maintains persistent GLP-1 agonism and GIPR antagonism over time. That persistence supports monthly dosing and potential transition to less frequent maintenance schedules, though they cannot predict exactly how prescribing and patient choices will evolve.
"And because of the antibody design, unlike peptides that through miracle of chemistry last maybe a week in the bloodstream, the antibody design affords a half-life of approximately 21 days, and that's the half-life of the intact molecule, MariTide." — James Bradner
Coordinated cardiovascular strategy
Q (Jay Olson · Oppenheimer): How will you leverage Repatha, olpasiran and MariTide together and what advantages does that create?
A: They said they are applying Repatha experience to the design and development of olpasiran and MariTide and are exploring each molecule fully across indications, including primary prevention and metabolic diseases. They intend to study potential combinations and continue developing additional molecules and external innovations as part of a durable long-term strategy.
"So it's our intent to fully explore each of these unique medicines, these best-in-class -- potentially first-in-class of their kind molecules as well as potential combinations thereof." — Murdo Gordon