Amgen's Q4 2024: Unpacking Contradictions in MariTide, TEPEZZA, and Repatha Strategies

These are the key contradictions discussed in Amgen's latest 2024Q4 earnings call, specifically including: MariTide Phase II study and its timing, MariTide's clinical development strategy, TEPEZZA's market penetration expectations, Repatha's market positioning, and TEPEZZA's competitive landscape:



Strong Revenue Growth:
- Amgen reported total revenues of $33.4 billion for the full year 2024, growing 19% year-over-year.
- The growth was driven by contributions from 21 products delivering record sales and strong execution across the business.

Product Sales and Earnings Performance:
- Product sales increased by 19% year-over-year, with 10 products growing at double-digit sales rates.
- The performance was supported by a strong commercial organization, effective clinical results, and strategic positioning in various therapeutic areas and geographic regions.

Reputation in Rare Diseases:
- The rare disease portfolio achieved over $4.5 billion in sales in 2024, with TEPEZZA generating $1.9 billion, representing 5% year-on-year growth.
- The growth was attributed to the positive impact of TEPEZZA on patients and the successful launch in Japan.

Oncology and Innovative Therapies:
- The oncology and hematology portfolio contributed almost $8 billion in sales for the full year, growing 11% year-over-year.
- Key drivers included strong performance from BLINCYTO, IMDELLTRA, and biosimilars like PAVBLU and WEZLANA.

Biosimilars and Market Expansion:
- Biosimilars sales reached $2.2 billion in 2024, increasing 16% year-over-year.
- Growth was supported by successful launches and strategic positioning in the biosimilar market, leveraging Amgen's global footprint.