AMGN - Amgen Stock Adds Good Weight After CEO's Update On Experimental Drug Rivaling Ozempic Nixing Oral Weight-Loss Candidate | Benzinga
Amgen, Inc. (NASDAQ:AMGN) shares rallied over 14% in Thursday’s after-hours trading after the biopharma reported a double beat and offered an update on its obesity drug pipeline.
What Happened: Amgen said on the call that it was pulling the plug on AMG 786, an oral Phase 1 candidate for obesity. “We will not pursue further development. Instead, in obesity, we’re differentially investing in MariTide and a number of preclinical assets,” said Amgen’s EVP and Chief Scientific Officer Jay Bradner.
The rationale offered was prioritization. “Across the portfolio, we are presently prioritizing differentiated medicines, those that stand to provide the greatest benefit for patients,” he said.
MariTide, formerly AMG 133, is an injectable form of drug targeting two gut hormones — gastric inhibitory polypeptide receptor, or GIP, and glucagon-like peptide 1, or GLP-1, which is being investigated in a Phase 2 trial for the treatment of obesity.
In this introductory remarks on the earnings call, Robert Bradway, CEO of Amgen, said interim Phase 2 analysis of data from the study was complete, and that the results were very encouraging. “Following the interim ...