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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Close collaborative share owners as Quanta, NVIDIA, JPMorgan, Amgen, and Mitsui have led to new commercial partnerships that are supporting the development of critical applications for improving drug discovery, cybersecurity, and encryption for large financial institutions.”
Amgen is a shareowner and commercial partner of Honeywell's Quantinuum, applying quantum computing to drug discovery.
“For example, Amgen using an inferior humanized mouse approach, tried to make a DUPIXENT that is targeting the same receptor as we did and their antibody completely failed in all their clinical trials.”
Regeneron highlights that Amgen's attempt to make a DUPIXENT-like IL-4 receptor antibody failed clinically, framing a competitive/scientific edge over Amgen.
“What are you doing on a ground level when it comes to volume-based discounts that's allowing you to take share from Roche and Amgen?”
An analyst frames Regeneron's EYLEA as taking retina/anti-VEGF market share from Amgen, implying competitive pressure on Amgen's ophthalmology franchise.
“On PAVBLU, we were internally expecting to see the ASP decline to kind of reflect Amgen's volume-based discounts. And we felt like that would then in turn drop physician demand like we've seen with Cimreli. Interestingly, the ASP actually hasn't declined that much, suggesting Amgen may be offering deferred discounts.”
Amgen's EYLEA biosimilar PAVBLU has held pricing more resiliently than Regeneron and analysts expected, a headwind to EYLEA's U.S. sales decline.
“I think you guys are the largest distributor for Regeneron on Eylea, and Amgen just launched--I think they announced last quarter the launch of their version, Pavblu into the market.”
Amgen recently launched Pavblu, a biosimilar version of Regeneron's Eylea, which Cencora will distribute and whose adoption Cencora's retina MSO could help accelerate.
“it could go to support Vabysmo, it could go to support Pavblu, it could go to support EYLEA”
Regeneron notes that its copay-assistance foundation funding is drug-agnostic and could also benefit competing anti-VEGF therapies like Amgen's Pavblu.
“I think maybe you'll be on Amgen's call this afternoon, maybe they can give you a more direct answer.”
In response to a question about Amgen's Pavblu biosimilar competing with EYLEA, management notes recent Federal Circuit wins against biosimilar competitors but defers commentary on Amgen's own market dynamics to Amgen's call.
“We acquired Tavneos from ChemoCentryx in 2022”
Amgen recaps its 2022 acquisition of ChemoCentryx (source of Tavneos/avacopan) in the context of an FDA-requested voluntary withdrawal discussion.
“Rocotinlimab will return to our partners at Kewa Kirin who will assume full ownership of the program”
Amgen is terminating its rocatinlimab development and commercialization collaboration with Kyowa Kirin, which will regain full ownership of the program.
“PAV Blue, a biosimilar to EYLEA continues to gain momentum reaching $700 million in sales in 2025”
Amgen's Pavblu biosimilar to Regeneron's Eylea reached $700M in 2025 sales, representing direct biosimilar competition to Regeneron's anti-VEGF franchise.
“ABP-two zero six and ABP-two thirty four biosimilar candidates to Opdivo and Keytruda respectively have completed enrollment in each of their comparative clinical studies”
Amgen is developing a biosimilar to Merck's Keytruda, signaling future biosimilar competition against Merck's flagship oncology franchise.
“ABP-two zero six and ABP-two thirty four biosimilar candidates to Opdivo and Keytruda respectively have completed enrollment in each of their comparative clinical studies”
Amgen is developing a biosimilar to Bristol Myers Squibb's Opdivo, signaling future biosimilar competition against that branded oncology drug.
“how you're thinking about potential impact from the launch of Merck's oral PCSK9 and how you're adapting your commercial strategy there?”
An analyst raises Merck's forthcoming oral PCSK9 inhibitor as a competitive threat to Amgen's Repatha franchise; read-through that Merck is entering the PCSK9 market.
“our next wave of biosimilar candidates is advancing in Phase III clinical development, featuring biosimilars to OPDIVO, KEYTRUDA and OCREVUS.”
Amgen has an OCREVUS (Roche) biosimilar in Phase III development, signaling future biosimilar competition for the multiple sclerosis blockbuster.
“our next wave of biosimilar candidates is advancing in Phase III clinical development, featuring biosimilars to OPDIVO, KEYTRUDA and OCREVUS.”
Amgen has an OPDIVO biosimilar in Phase III, a read-through of upcoming biosimilar pressure on Bristol Myers Squibb's flagship immuno-oncology franchise.
“our next wave of biosimilar candidates is advancing in Phase III clinical development, featuring biosimilars to OPDIVO, KEYTRUDA and OCREVUS.”
Amgen has a KEYTRUDA biosimilar in Phase III, signaling future biosimilar competition for Merck's largest product as its patents approach expiry.
“PAVBLU, a biosimilar to EYLEA continues to gain momentum, reaching $213 million in sales in the third quarter.”
Amgen's EYLEA biosimilar PAVBLU is scaling quickly ($213M in the quarter), a read-through that Regeneron's EYLEA franchise faces accelerating biosimilar erosion.
“the #1 selling adalimumab product is still HUMIRA and not AMJEVITA”
An analyst notes AbbVie's HUMIRA remains the top-selling adalimumab despite Amgen's AMJEVITA biosimilar, implying the originator has retained share against biosimilar competition.
“we feel very confident in the TEZSPIRE mechanism of action, the Phase II data and are conducting these experiments now together with our partners at AZ to get an answer.”
Amgen expresses continued confidence in TEZSPIRE's COPD program, which it co-develops with partner AstraZeneca (AZ).
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Yaron Werber | TD Cowen | 7 (0%) |
| Terence Flynn | Morgan Stanley | 6 (0%) |
| Chris Schott | JPMorgan | 6 (0%) |
| Salveen Richter | Goldman Sachs | 6 (17%) |
| Dave Amsellem | Piper Sandler | 5 (20%) |
| Matt Phipps | William Blair | 4 (25%) |
| Mike Yee | UBS | 4 (25%) |
| Jay Olson | Oppenheimer | 4 (0%) |
| Alex Hammond | Wolfe Research | 4 (0%) |
| Dave Risinger | Leerink Partners | 4 (25%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| TD Cowen | 1 | 7 (0%) |
| JPMorgan | 1 | 6 (0%) |
| Morgan Stanley | 1 | 6 (0%) |
| Goldman Sachs | 1 |
| 6 (17%) |
| UBS | 2 | 5 (20%) |
| Piper Sandler | 1 | 5 (20%) |
| Leerink Partners | 1 | 4 (25%) |
| Oppenheimer | 1 | 4 (0%) |
Amgen closed FY2025 with 10% full-year revenue growth and 13 products delivering double-digit sales growth, capping a year of broad portfolio strength with 14 blockbusters each exceeding $1 billion. MariTide's six Phase III obesity studies rapidly advanced while VESALIUS-CV primary prevention data was published in the New England Journal of Medicine. Management introduced FY2026 guidance of $37-$38.4 billion in revenue with non-GAAP EPS of $21.60-$23.00.
Innovation & R&D | Competitive Dynamics | Product Launch | Demand | Revenue Growth | Regulation Policy | M&A | Pricing | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 7 | 8 | 4 | 4 | 7 | 1 | 1 | |
| 2025Q1 | 5 | 7 | 6 | 6 | 1 | 1 | 2 | |
| 2025Q2 | 10 | 7 | 5 | 2 | 1 | 3 | 2 | 1 |
| 2025Q3 | 6 | 4 | 1 | 3 | 2 | 1 | 1 | |
| 2025Q4 | 6 | 7 | 3 | 2 | 1 | |||
| 2026Q1 | 7 | 4 | 4 | 2 | 2 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Innovation & R&D | 7 | 5 | 10 | 6 | 6 | 7 |
| Competitive Dynamics | 8 | 7 | 7 | 4 | 7 | 4 |
| Product Launch | 4 | 6 | 5 | 1 | 3 | 4 |
| Demand | 4 | 6 | 2 | 3 | 2 | |
| Revenue Growth | 7 | 1 | 1 | 2 | ||
| Regulation Policy | 1 | 1 | 3 | 2 | 1 | 2 |
| M&A | 1 | 2 | 1 | 1 | ||
| Pricing | 2 | 1 | 1 | 1 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
AMGN Amgen Inc. | 8 | +5.8% | |
| ABBV AbbVie | 9 | +12.4% | |
| BIIB Biogen | 4 | +1.9% | |
| BMY Bristol Myers Squibb | 4 | +2.6% | |
| GILD Gilead Sciences | 8 | +4.4% | |
| JNJ Johnson & Johnson | 7 | +10.1% | |
| LLY Lilly (Eli) | 10 | +55.5% | |
| MRK Merck & Co., Inc. | 7 | +4.3% | |
| PFE Pfizer | 5 | +5.4% |