Amgen Inc. (AMGN) Q1 2023 Earnings Call Transcript

Amgen Inc. (NASDAQ:AMGN) Q1 2023 Earnings Conference Call April 27, 2023 4:30 PM ET

Company Participants

Arvind Sood - Vice President of Investor Relations

Bob Bradway - Chairman and Chief Executive Officer

Murdo Gordon - Executive Vice President, Global Commercial Operations

David Reese - Executive Vice President, Research and Development

Peter Griffith - Chief Financial Officer

Conference Call Participants

Salveen Richter - Goldman Sachs

Michael Yee - Jefferies

Umer Raffat - Evercore ISI

Chris Raymond - Piper Sandler

Mohit Bansal - Wells Fargo

Jay Olson - Oppenheimer

Colin Bristow - UBS

Brendan Smith - TD Cowen

Robin Karnauskas - Truist Securities

Gregory Renza - RBC Capital Markets

Tim Anderson - Wolfe Research

Geoff Meacham - Bank of America

Dane Leone - Raymond James

Operator

My name is Julianne and I'll be your conference facilitator today for Amgen's First Quarter Full Year 2023 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 speakers prepared remarks. [Operator Instructions]

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

Arvind Sood

Thank you, Julianne. Good afternoon, everyone, and welcome to our call to discuss our results for the first quarter of 2023.

Strong unit volume growth that sets up the stage nicely for improved outlook for the balance of the year. These are some of the key themes that you're going to hear about today. Our Chairman and CEO, Bob Bradway, will lead the call with some prepared remarks, followed by a broader review of our performance by other members of our leadership team.

You should have received a link to our slides that we have posted. Through the course of our discussion today, we'll make some forward-looking statements and use non-GAAP financial measures to describe our performance and just a reminder that actual results can vary materially.

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

Bob Bradway

Okay. Thank you, Arvind, and let me thank all of you for joining our call. I'll begin by calling your attention to the 14% volume growth we delivered in the first quarter. That illustrates two points worth keeping in mind when thinking about the remainder of the year and beyond.

First, on the COVID front seem to have finally turned the page on the pandemic in terms of its impact on the overall health care system. For example, we've seen year-over-year prescription growth across most specialties in the US, including cardiology and oncology, and that's good news because it suggests that patients are returning to their pre-pandemic routines with doctor visits once again enabling appropriate diagnoses and treatments.