Core Viewpoint - Amgen will participate in the 7th Annual Evercore HealthCONx Conference on December 4, 2024, featuring key executives in a fireside chat, with the event accessible via a live webcast [1][2]. Company Overview - Amgen is a biotechnology company that discovers, develops, manufactures, and delivers innovative medicines for serious diseases, leveraging over 40 years of industry experience [3]. - The company has a robust pipeline aimed at treating various conditions, including cancer, heart disease, osteoporosis, inflammatory diseases, and rare diseases [3]. Recognition and Achievements - In 2024, Amgen was recognized as one of the "World's Most Innovative Companies" by Fast Company and one of "America's Best Large Employers" by Forbes [4]. - The company is part of the Dow Jones Industrial Average and the Nasdaq-100 Index, highlighting its status among leading non-financial companies based on market capitalization [4][5]. - In 2023, Amgen received accolades such as "America's Greatest Workplaces" by Newsweek and "America's Climate Leaders" by USA Today [5].

Core Viewpoint - Amgen's stock has declined by 6% over the last 30 days, attributed to an unintentional disclosure of clinical trial data that raised concerns among investors [1][2] Group 1: Clinical Trial Data and Market Reaction - A Wall Street analyst discovered previously unnoticed data in Amgen's phase 1 trial results for the anti-obesity candidate MariTide, which indicated a 4% average loss of bone mineral density in patients receiving the highest dose [3][4] - Amgen stated that the phase 1 study results do not suggest any bone safety concerns and maintain confidence in MariTide's potential [5] - The loss of bone density could be linked to rapid weight loss or unrelated medical conditions, and the clinical investigators did not find the extent alarming [5][6] Group 2: Market Position and Future Outlook - Despite the recent data, there is no immediate emergency for shareholders, as existing anti-obesity medications also have side effects, yet continue to be sold [6][9] - Amgen's earnings per share rose by 62% to $5.22 in Q3, indicating strong performance from existing drugs and a positive growth outlook [9] - The company will need to reassure investors regarding MariTide, but the current data does not suggest increased risks for the program [10][11]

Key TakeawaysA new Amgen weight reduction drug, MariTide, has bred successful results after a 52-week study.Still, AMGN stock declined almost 5% on Tuesday as weight loss reduction was at the lower end of expectations.Register now to see our 7 Best Stocks for the Next 30 Days report - free today!Amgen (AMGN) announced the much-awaited 52-week top-line data from a phase II study on MariTide, its GLP-1 therapy being developed for obesity and related conditions.The data showed that MariTide led to sustainable ...

Brendan, a Pennsylvanian by birth:-Completed a Ph.D. at Stanford University in the field of organic synthesis (2009). -Worked for a major pharmaceutical company (Merck, 2009-2013).-Worked in biotech including start-ups (Theravance/Aspira) prior to securing employment at Caltech.-First employee and co-founder of 1200 Pharma as it spun out of Caltech garnering major investment (into the 8 figures).-Remains an avid investor, focused on market trends and especially biotechnology stocks.Analyst’s Disclosure: I/w ...

Core Viewpoint - Amgen's anti-obesity candidate MariTide showed a weight reduction of up to 20% after 52 weeks, but this result may not be sufficient to position it as a market leader in the weight management sector [1][5][6] Group 1: MariTide's Performance - MariTide is a GLP-1 agonist that also inhibits GIP receptors, but its phase 2 trial results were underwhelming compared to competitors like Eli Lilly's Zepbound, which achieved a 22.5% weight loss after 72 weeks [3][4][5] - Analysts had hoped that MariTide's mechanism of action would differentiate it from Zepbound, but the results suggest it may not be more effective [4][6] Group 2: Amgen's Overall Growth - Despite MariTide's performance, Amgen's overall product sales grew by 24% year over year in Q3, driven by the acquisition of Horizon Therapeutics [7] - Amgen's thyroid eye disease drug Tepezza generated $488 million in Q3 sales, indicating potential for growth in rare disease markets [8][9] - The company is currently testing 23 different molecules in phase 3 clinical trials, suggesting a robust pipeline for future growth [9] Group 3: Investment Considerations - Amgen's shares have fallen by about 7% in 2024, but the stock is trading at a reasonable valuation of 13.7 times the midpoint of management's earnings guidance for 2024 [10][11] - The company offers a 3.3% dividend yield and has a history of increasing its dividend payout, having raised it by over 40% since 2021 [11][12] - The lackluster results from MariTide should not deter investors, as Amgen has multiple growth drivers that could enhance its stock value [12]

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Key TakeawaysA Phase 2 study of Amgen's experimental weight-loss treatment didn't meet expectations of analysts.Concerns were also raised about the drug's side effects and the number of patients who dropped out of the trial.The news sent shares of Amgen sinking. Amgen (AMGN) shares tanked Tuesday after results from a test of the biotech's experimental weight-loss drug came in below expectations. The company reported a Phase 2 study of its injectable MariTide medicine showed an approximately 20% average wei ...

About this content About Oliver Haill Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup ...

Core Insights - Amgen Inc's stock fell during premarket trading after the release of Phase 2 study data for MariTide, showing an average weight loss of approximately 20% at one year without a plateau, indicating potential for further weight loss beyond 52 weeks [1][2] Group 1: Study Results - The Phase 2 trial results did not meet Wall Street's high expectations, with analysts anticipating at least 20% weight loss, and some expecting up to 25% [2] - A subset of patients typically losing less weight on GLP-1 therapies achieved around 17% average weight loss and a reduction in hemoglobin A1C by up to 2.2 percentage points at week 52 [2] - Improvements in cardiometabolic parameters were observed, including reductions in blood pressure, triglycerides, and hs-CRP, with no significant increases in free fatty acids [3] Group 2: Safety and Side Effects - There was no association found between MariTide administration and changes in bone mineral density [4] - The most common side effects were gastrointestinal, including vomiting, nausea, and constipation, with an overall discontinuation rate of approximately 11% due to any adverse events, and less than 8% for GI-related events [4] Group 3: Ongoing Research and Development - A separate ongoing Phase 1 pharmacokinetic study is evaluating additional dosing regimens, while Part 2 of the Phase 2 study is investigating weight loss beyond 52 weeks and weight maintenance strategies [5] - MariTide is expected to be delivered via a handheld autoinjector device with monthly or less frequent administration, and Amgen is advancing its obesity pipeline with both oral and injectable options [6] Group 4: Market Reaction - Following the announcement, Amgen's stock price decreased by 11.6%, trading at $259.88 during the premarket session [7]

The Amgen logo is displayed outside Amgen headquarters in Thousand Oaks, California, on May 17, 2023.Amgen on Tuesday said its experimental weight loss injection helped patients with obesity lose up to 20% of their weight on average after a year in a critical mid-stage trial, as the company races to join the booming obesity drug market. The drug, MariTide, also helped patients with obesity and Type 2 diabetes lose up to 17% of their weight after a year. The company said it did not observe a plateau in eithe ...