Amgen (AMGN) Q3 2026 Earnings Call: Q&A Summary

Q: Salveen Richter from Goldman Sachs asked about confidence in the upcoming symptomatic Sjogren's disease readout and the regulatory path.

A: Jay Bradner stated that while the systemic study 301 results were encouraging on primary and secondary endpoints, the symptomatic 303 study involves a different patient population, and they will share more data in Q4 2026.

Q: Yaron Werber from TD Cowen asked if DASPRI and ESSPRI endpoints will support U.S. and European filings and whether they can file for both monthly and quarterly schedules.

A: Jay Bradner noted they are not diving deep into full regulatory strategy between readouts, but confirmed they accounted for different regional endpoint preferences in study design.

Q: Terence Flynn from Morgan Stanley asked if Amgen would ramp down biosimilars to free up capacity for the MariTide launch.

A: Bob Bradway answered that they feel confident as a reliable biosimilar supplier and capacity expansion is designed for larger protein quantities than biosimilars.

Q: Terence Flynn from Morgan Stanley asked if Jay Bradner had access to blinded tolerability data from ongoing Phase III MariTide trials.

A: Jay Bradner responded that studies follow good clinical practices and they will share efficacy and tolerability data when the studies read out.

Q: Akash Tewari from Jefferies asked about onset of effect in Sjogren's and confidence in starting the MARITIME PEN study.

A: Jay Bradner explained that the week 4 onset aligns with CD40 ligand signaling inhibition, and Bob Bradway and Jay Bradner noted significant experience with single-chamber handheld auto-injectors.

Q: Evan Seigerman from BMO Capital Markets asked how side effect duration is measured in early trials and how MariTide fits the evolving obesity landscape.

A: Jay Bradner stated they use exhaustive diaries and Manhattan plots, finding side effects are short-lived, while Murdo Gordon emphasized MariTide's unique monthly profile with 3-step dose escalation.

Q: Geoff Meacham from Citi asked about commercial approach, Medicare bridge program, and OUS markets for MariTide.

A: Murdo Gordon highlighted a consumer-focused go-to-market strategy, confidence in securing access through unique profile, and hopes for OUS reimbursement based on cardiovascular and diabetes outcomes data.

Q: Michael Yee from UBS asked why Amgen has been quieter on M&A amid record bill making and if investors should expect bolt-on acquisitions.

A: Bob Bradway stated business development focus is consistent, looking for opportunities aligned with 4 therapeutic areas while remaining disciplined on capital allocation and shareholder returns.

Q: Chris Schott from JPMorgan asked about the opportunity unlocked by 305 data, commercial ramp speed, and reduced monitoring requirements.

A: Murdo Gordon noted monitoring is already reduced to under 6 hours in second line and 1 to 2 hours in the 305 study, expecting rapid clinical adoption following ESMO data.

Q: Umer Raffat from Evercore ISI asked if 20,000-plus U.S. patients on tarlatamab and a $5 billion plus frontline maintenance opportunity are realistic.

A: Murdo Gordon stated they do not issue product-specific guidance but are excited about the addressable population of 35,000 in early lines and durable treatment duration. Jay Bradner added details on earlier-stage studies and DLL3 combinations.

Q: Alexandria Hammond from Wolfe Research asked how Amgen plans to bring value to community practices with low CRS experience and the importance of biomarkers in prostate cancer.

A: Jay Bradner and Murdo Gordon discussed reduced monitoring, outpatient cohorts, the bispecific operations team supporting clinics, and the advantage of not needing a biomarker for STEAP1 expression.

Q: David Amsellem from Piper Sandler asked if the Phase III daxdilimab study will explore broader cutaneous lupus and how physician targeting works.

A: Jay Bradner noted strong Phase II results in discoid lupus with specific score improvements, while Murdo Gordon stated the prescribing population is primarily dermatologists and some rheumatologists covered by field teams.

Q: Matt Phipps from William Blair asked about commercial launch assumptions for OPDIVO and KEYTRUDA biosimilars and subcutaneous market penetration.

A: Bob Bradway noted it is a competitive space without specifics to share, and Murdo Gordon emphasized focusing on first-wave launches to establish competitive position.