Amgen's Stock Slides 7.8% Premarket After Weight-Loss Drug Data Lags Analyst Expectations -- MarketWatch

MarketWatch · 11/26 12:41

Amgen Inc.'s stock (AMGN) tumbled 7.8% in early trade Tuesday, after the company said a mid-stage trial of its weight-loss treatment MariTide showed up to 20% average weight loss at 52 weeks. Analysts were expecting the treatment to achieve an average weight loss of about 20% to 24% after one year of treatment, making it competitive with Eli Lilly & Co. Inc.'s Zepbound. MariTide has the advantage over rival treatments that it can be administered with far less frequent dosing of once monthly and still prove safe and effective in helping patients shift weight. The up to 20% weight loss came without a weight loss plateau, suggesting it could achieve further weight loss beyond 52 weeks, the company said in a statement. "MariTide also demonstrated robust and clinically meaningful improvements in cardiometabolic parameters, including blood pressure, triglycerides and high-sensitivity C-reactive protein (hs-CRP) across doses,' said the statement. "There were no significant increases in free fatty acids." The most common adverse events were GI related, including nausea, vomiting and constipation. The stock has gained 2% in the year to date, while the S&P 500 has gained 25.5%.

-Ciara Linnane

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November 26, 2024 07:41 ET (12:41 GMT)