Amgen's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Amgen (AMGN)

Q1 2012 Earnings Call

April 24, 2012 5:00 pm ET


Arvind Sood - Vice President of Investor Relations

Kevin W. Sharer - Chairman, Chief Executive Officer, Chairman of Executive Committee and Member of Equity Award Committee

Robert A. Bradway - President, Chief Operating Officer and Director

Jonathan M. Peacock - Chief Financial Officer and Executive Vice President

Anthony C. Hooper - Executive Vice President of Global Commercial Operations

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


Michael J. Yee - RBC Capital Markets, LLC, Research Division

Matthew C. McAviney - Robert W. Baird & Co. Incorporated, Research Division

Mark J. Schoenebaum - ISI Group Inc., Research Division

Matthew Roden - UBS Investment Bank, Research Division

Rachel L. McMinn - BofA Merrill Lynch, Research Division

Eric Schmidt - Cowen and Company, LLC, Research Division

Sapna Srivastava - Goldman Sachs Group Inc., Research Division

Geoffrey C. Meacham - JP Morgan Chase & Co, Research Division

Yaron Werber - Citigroup Inc, Research Division

Robyn Karnauskas - Deutsche Bank AG, Research Division

Eun K. Yang - Jefferies & Company, Inc., Research Division

Marshall Urist - Morgan Stanley, Research Division

Ravi Mehrotra - Crédit Suisse AG, Research Division

Charles Anthony Butler - Barclays Capital, Research Division

Aleksandr Rabodzey

John S. Sonnier - William Blair & Company L.L.C., Research Division



My name is Marvin, and I will be your conference facilitator today for Amgen's First Quarter Earnings Conference Call. [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, Marvin, and good afternoon, everybody. I would like to welcome you to our first quarter conference call. We are off to a strong start in 2012, and we are looking forward to the many opportunities ahead. I'm joined today by several members of our leadership team, including Bob Bradway, our current President and CEO-elect; our Chief Financial Officer, John Peacock; Tony Hooper, our Head of Global Commercial Operations; and Sean Harper, our Head of R&D. This quarter represents milestones in many ways, with record performance for both revenues and adjusted earnings per share, and notably after 2 full decades, first as President and then as Chairman and CEO, Kevin Sharer will preside over his last call as our Chief Executive Officer. Kevin is with us this afternoon, but before I turn the call over to him, I will just provide our customary reminders.

We will use slides for our presentation today. The 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 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 Kevin.

Kevin W. Sharer

Thanks, Arvind, and good afternoon, everyone. As Arvind mentioned, this is hard to believe, my 77th and last Amgen quarterly conference call. I will make today a few comments, then step out of the room to leave Bob and his team to discuss the quarter and answer your questions.

You may have noticed in the newspaper that our first CEO, George Rathmann, passed away over the weekend. I want to make a few comments about George. I can't say that I knew him well, but I did know him. He was certainly the most intense interviewer when I came here 20 years ago. And from that very first interview, his passion about biotechnology, his focus on the future and his love of Amgen all came through. We can't overstate his contribution to Amgen. What you read in the newspaper was accurate, but incomplete. His contribution centrality and enduring influence on us are everywhere. And his science base, his desire to make big bets on big products that can move the needle, his team leadership, his energy will always be part of us. In fact, today, Bob and I went out in front of the George Rathmann Laboratory where his statue stands and took some pictures. We'll miss George, but he'll always be here.

Now I'd like to talk to my Amgen colleagues. As I do on each one of these calls, I want to thank you for delivering yet another excellent quarter. The results in revenue, net income, pipeline progress, business development and operations are all strong, thanks to your efforts. And I'd also like to say it's been a privilege to be your colleague and, for a while, to have a leadership role in this great enterprise. I'm deeply grateful for the opportunity and the experience. And to our colleagues who write about us, thank you for your interest, your effort, your perspective and your objectivity. While I did not always agree with all you said, I always respected you and you collectively have made us better. Thank you. And finally to our shareholders, we've always known who owned the company and who we worked for and who we're ultimately responsible to. We always try to listen, be transparent and fully trustworthy while delivering on our promises. Especially for those of you who have been with us for the long haul, we deeply appreciate your guidance, support and encouragement and sometimes patience. I've always felt we were partners. The company today is strong, capable and well positioned with a new team and leader who will lead us forward with the same sense of purpose, shared values, aspiration and effectiveness that have since George Rathmann's day characterized us and distinguished us.

In Bob, you'll have a superb human being and dedicated leader. I leave Amgen in a good place and good hands. Thank you, and my best to you all. Bob, it's all yours. Well, in 29 days it will be, but you can take the call.

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