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Amgen Inc AMGN
Q1 2013 Earnings Call Transcript

Transcript Call Date 04/23/2013

Operator: My name is Marvin, and I will be your conference facilitator today for Amgen's First Quarter 2013 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 speaker's prepared remarks. In order to ensure that everyone has a chance to participate, we would like to request that you limit yourself 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 Sood - VP, IR: Excellent. Thank you, Marvin. Good afternoon, everybody. I would like to welcome you to our Q1 conference call. I think out Q1 performance is a good snapshot of the progress that we are making to deliver results which are consistent with our objectives for the full year. We also made meaningful advances within our pipeline during the quarter, notably the announcement that we achieved the primary endpoint of durable response rate for T-VEC which is a novel therapy for the treatment of malignant melanoma.

To discuss our quarterly performance and our full year outlook in greater detail, I am joined by several members of our senior leadership team. Our Chairman and CEO, Bob Bradway will begin with a brief strategic overview. After Bob, our CFO, Jon Peacock, will review our quarterly results and provide an update on EPS guidance for the year. Tony Hooper, who is our Head of Global Commercial Operations, will provide details on our product performance during the quarter. Followed by Sean Harper, our Head of R&D who will provide a brief 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 email. Our comments today will be governed by a Safe Harbor statement, which in summary says that through the course of our presentation 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 and CEO: Good afternoon. Thank you for joining our conference call. With the results that we just reported for the first quarter, revenue is up 5% and earnings per share up 22%, we are on track to deliver our growth objectives for the full year. In terms of revenues we expect Enbrel, Sensipar, Prolia and XGEVA to be key growth drivers and underlying demand for these brands remained strong in the first quarter.

International growth is an important element of our long term strategy and once again this quarter we reported strong growth with sales up 8% outside of the U.S. Our earnings for the quarter reflect favorability on taxes as Jon will describe, as well as the ongoing benefits from our recapitalization.

Overall, the Company is executing well, and for the full year, we expect growth in revenues to lead growth in expenses. In February, we talked about the role we expect our pipeline products to play in driving long-term growth, and in particular, the eight molecules for which we expect pivotal or registration enabling data by 2016. The data from the first of these for T-VEC in malignant melanoma were encouraging, and we look forward to sharing additional details with you at ASCO and thereafter.

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