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Amgen reported strong results last week. Its shares closed up over 10% on the day after its CEO expressed optimism about early trial results for its obesity drug, MariTide.
Even though the buzz around Amgen's new drug pipeline was the main focus of these results, the company also had a solid performance from existing brands. Revenue reached $7.4 billion, up 22% year-on-year. A significant portion of this growth can be attributed to sales of products acquired through Amgen's $27.8 billion acquisition of Horizon Therapeutics last year.
Assets brought in from Horizon contributed $914 million in sales, a 10% increase year-over-year. Among the standout performers from Horizon were gout treatment Krystexxa, which soared 26% to $235 million, and neuromyelitis optica spectrum disorder drug Uplizna, its sales rising 48% to $80 million.
The thyroid eye disease (TED) drug Tepezza emerged as the top-selling Horizon import, generating $424 million in the quarter, up 5% year-on-year. Amgen is currently conducting a phase 3 trial for a more user-friendly subcutaneous version of Tepezza, this could reignite growth in the drug.
Maridebart Cafraglutide, known as MariTide, was developed based on genetic data linking reduced GIP receptor activity to lower fat mass and body weight. Early trial data suggests promising weight loss effects with an acceptable safety profile, with the highest tested dose leading to a remarkable 14.5% weight loss over 12 weeks.
The company's phase 2 program is exploring various dosing regimens, including monthly injections, which would be a massive advantage over the current GLP-1 drugs which require weekly injections.
Amgen's shares have soared on the heels of promising MariTide trial results. Eli Lilly and Novo Nordisk watch out, there's a new kid in town!
Looking ahead, Amgen's innovative approach to weight loss medications, along with its robust pipeline spanning cancer and rare diseases, positions the company as a good long-term investment in the exciting pharma sector.
