Amgen's best chance at breaking into the high-stakes obesity drug market got its start in a basement at the University of Iceland Science Park in ... Show more
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New Obesity Drug MariTide Helps Patients Lose Up to 20% of Weight, Early Data Shows
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Paid articlePaywallKey FactsAmgen stock price soars after unveiling new monthly weight loss drug
May 3, 2024 · Reading time: ~30 sec.
Summary created with AI assistance · Source: markets.businessinsider.com
Summary created with AI assistance · Source: markets.businessinsider.com
- An experimental weight loss drug from Amgen led to a 16% rally in the stock price.
- Amgen reported first-quarter earnings that exceeded analyst estimates. It also adjusted its 2024 revenue and profit forecasts slightly higher, with investors more interested in an update on the pipeline development of the GLP-1 weight loss drug called Mari Tide.
- Amgen plans to release top-line data from Mari Tide's phase 2 trial by late 2024. Goldman Sachs estimates that if approved, Amgen's Mari Tide could have peak sales of $5 billion or about 5% of the $100 billion obesity market.
- A monthly or less frequent injection would not only enhance convenience for patients but also help alleviate the supply constraints of GLP-1 weight loss drugs.
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