Amgen said data from an early and mid-stage trial of obesity drugs will come in 2024
Amgen Inc.’s stock fell 3.3% Tuesday to put it on track for its biggest one-day percentage decline in more than a year, after the company’s better-than-expected quarterly earnings were offset by comments on its obesity pipeline that suggested a longer wait than some were expecting.
With AMG 133, “it’s full steam ahead” and we’re looking forward to data from the Phase 3 trial next year, which will really inform the breadth of the Phase 3 trial that we’re contemplating, which could be quite large,” David M. Reese, vice president of research, said on the call, according to a FactSet transcript.
Amgen’s intent is to play the long game, “given that this is one of the major public health challenges of the 21st century.” The company is expecting sales of Horizon’s Tepezza to be boosted by new prescribers as ophthalmologists and endocrinologists are added to the label. The drug is the lone approved treatment for thyroid eye disease, or TED. The Horizon deal allowed the company to expand into rare diseases.
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