Amgen scraps experimental weight loss pill, moves forward with injection

Amgen on Thursday stated it is going to cease creating its experimental weight reduction tablet and as a substitute transfer ahead with its injectable drug and different merchandise in improvement for weight problems.

Amgen is amongst a number of drugmakers racing to affix the red-hot weight reduction drug area dominated by Novo Nordisk and Eli Lilly, which some analysts say might be price $100 billion by the top of the last decade. However the firm has different alternatives to seize a slice of the market.

„Given the profile we have seen with [the oral drug], we won’t pursue additional improvement. As an alternative, in weight problems, we’re differentially investing in MariTide and numerous preclinical belongings,” Jay Bradner, Amgen’s chief scientific officer, stated throughout an earnings name Thursday.

Amgen is creating an injectable weight problems therapy referred to as MariTide, which is in an ongoing midstage trial in overweight or chubby adults with out diabetes. The corporate will launch preliminary knowledge from that examine later this yr, and Bradner stated Amgen is „more than happy” with the outcomes up to now.

The corporate stated it’s working with regulators to plan a late-stage trial for the therapy. Amgen stated Thursday it’s planning a stage two trial on the drug in diabetes therapy as nicely.

Amgen shares rose greater than 10% in prolonged buying and selling Thursday following the commentary on MariTide.

Amgen additionally has different medication in improvement for weight administration. 

The drugmaker’s oral drug, referred to as AMG-786, is the second weight reduction tablet to be discontinued over the previous yr.

Pfizer in December scrapped a twice-daily model of its weight problems tablet, danuglipron, after sufferers had a troublesome time tolerating the drug in a midstage trial. The corporate is now creating a once-daily model of that drug.

Buyers are laser-focused on Amgen’s pipeline of experimental weight reduction remedies. Amgen hopes to face out among the many crowded discipline of potential gamers with a special method. 

The corporate’s experimental injection helps folks drop pounds in another way from the present injectable medication. A lot just like Novo Nordisk’s Wegovy and Eli Lilly’s Zepbound, one a part of Amgen’s therapy prompts a intestine hormone receptor referred to as GLP-1 to assist regulate an individual’s urge for food. 

However whereas Zepbound prompts a second hormone receptor referred to as GIP, Amgen’s drug blocks it. Wegovy doesn’t goal GIP, which suppresses urge for food like GLP-1, however may enhance how the physique breaks down sugar and fats.

Amgen’s injectable therapy additionally seems to assist sufferers maintain weight off after they cease taking it primarily based on some scientific trial knowledge. The drugmaker can be testing its drug to be taken as soon as a month and even much less continuously, which may provide extra comfort than the weekly medicines available on the market. 

Sufferers given the very best dose of Amgen’s MariTide — 420 milligrams — each month misplaced 14.5% of their physique weight on common in simply 12 weeks, based on knowledge from the section one trial revealed in February within the journal Nature Metabolism. 

Additionally on Thursday, Amgen reported first-quarter income and adjusted earnings that topped Wall Avenue’s expectations, partly because of merchandise from the not too long ago acquired Horizon Therapeutics. 

Here’s what Amgen reported for the primary quarter in contrast with what Wall Avenue was anticipating, primarily based on a survey of analysts by LSEG:

Earnings per share: $3.96 vs. $3.87 expectedRevenue: $7.45 billion vs. $7.44 billion anticipated

Amgen posted a internet lack of $113 million, or 21 cents per share. That compares to a internet revenue of $2.84 billion, or $5.28 per share, for the year-earlier interval.

Excluding sure objects, the corporate reported earnings of $3.96 per share. 

Amgen booked $7.45 billion in income for the primary quarter, up 22% from the identical interval a yr in the past. 

That features $914 million from Horizon Therapeutics merchandise, together with thyroid eye illness therapy Tepezza. 

Excluding medication from Horizon Therapeutics, Amgen stated its product gross sales grew 6% from the year-earlier interval. Ten merchandise delivered double-digit quantity development throughout the first quarter, together with cardiovascular drug Repatha, extreme bronchial asthma therapy Tezspire and Blincyto, a remedy for a sure blood most cancers.

Amgen barely narrowed its full-year steering up from the underside on Thursday as nicely. 

The corporate expects 2024 income of $32.5 billion to $33.8 billion. That compares to a earlier steering of $32.4 billion to $33.8 billion. 

Amgen expects a full-year adjusted revenue of $19 to $20.20 per share. That compares to a earlier steering of $18.90 to $20.30 per share. 

Analysts surveyed by LSEG anticipate full-year income of $32.95 billion and adjusted revenue of $19.48 per share.