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Amgen (AMGN) Robert A. Bradway on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Call

April 28, 2016 5:30 pm ET

Executives

Arvind K. Sood - Vice President-Investor Relations

Robert A. Bradway - Chairman, President & Chief Executive Officer

David W. Meline - Chief Financial Officer & Executive Vice President

Anthony C. Hooper - Executive VP-Global Commercial Operations

Sean E. Harper - Executive Vice President-Research & Development

Analysts

Matthew K. Harrison - Morgan Stanley & Co. LLC

Geoff Meacham - Barclays Capital, Inc.

Terence Flynn - Goldman Sachs & Co.

Alethia Young - Credit Suisse Securities (NYSE:USA) LLC (Broker)

Cory W. Kasimov - JPMorgan Securities LLC

Mark J. Schoenebaum - Evercore ISI

Michael Yee - RBC Capital Markets LLC

Joshua E. Schimmer - Piper Jaffray & Co. (Broker)

Robyn Karnauskas - Citigroup Global Markets, Inc. (Broker)

Eun K. Yang - Jefferies LLC

Ying Huang - Bank of America Merrill Lynch

Geoffrey C. Porges - Leerink Partners LLC

Yanan Zhu - Wells Fargo Securities LLC

Jeff Chen - Cowen & Co. LLC

Operator

My name is Jade, and I'll be your conference facilitator today for Amgen's first quarter 2016 financial results conference call. All lines have been placed on mute to prevent any background noise. There will be a question-answer session at the conclusion of the last speaker's prepared remarks. In order to ensure that everyone has a chance to participate, we would like to request that you limit to asking one question during the Q&A session.

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

Arvind K. Sood - Vice President-Investor Relations

Thank you, Jade. Good afternoon, everybody. I'd like to actually begin by extending my gratitude to all of you for having to deal with the deluge of earnings reports from multiple companies reporting today. I appreciate you being on our conference call to review our operating performance for the first quarter of 2016.

We are off to a great start for the year. And to review our progress, Bob Bradway, our Chairman and CEO, will lead the call with a strategic overview. Our CFO, David Meline, will then review our quarterly results and update you on our guidance for 2016. Tony Hooper, our Head of Global Commercial Operations, is here to discuss our product performance during the quarter; followed by our head of R&D, Sean Harper, who will provide a pipeline update.

We will use slides for our presentation today. These slides have been posted on our website and a link was sent to you separately by e-mail. Our comments today will be governed by our Safe Harbor statement which in summary says that through the course of our presentation and discussion today we may make certain forward-looking statements and actual results may vary materially.

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

Robert A. Bradway - Chairman, President & Chief Executive Officer

Okay. Thank you, Arvind, and let me also thank our listeners for joining the call.

As Arvind said, we're off to a strong start in 2016 with 10% revenue growth and 17% adjusted earnings per share growth in the first quarter. Our sales were strong in the U.S. and internationally, and that was true broadly across our products. As you can see from these results, we've put the company in a strong position to manage competition for our legacy products while investing for growth with our newly-launched and late-stage pipeline products.

Last year, as you know, we had six launches in the U.S. We expect these products, and especially Kyprolis and REPATHA to pave the way for our long term growth. We'll talk more about these launches and our priorities for them on this call.

If last year was a year of launches in the U.S., this will be a year of launches for us internationally, as we take REPATHA, Kyprolis and our other new products into countries around the world. In total this year, we're expecting on the order of 80 new launches across our countries and products. For example, REPATHA is launching now in Japan, Brazil and multiple countries in Europe, and the early signs are good. Similarly, Kyprolis is off to a strong early start in its first markets in Europe.