Amgen's update fueled concerns about potential new competition in the weight loss drug market, sending shares of Novo Nordisk and Eli Lilly lower.
Amgen's stock jumped on Friday after the drugmaker teased positive initial data on its experimental weight loss injection.
That fueled investor concerns about new competition in the rapidly growing weight loss drug industry, sending shares of the current obesity players,Novo Nordisk's stock was already under pressure on Thursday after sales of its blockbuster weight loss injection Wegovy missed analysts' estimates for the first quarter due to lower pricing.
Amgen did not provide specific data, but its Chief Scientific Officer Jay Bradner said that patient dropout has not been an issue. He said Amgen is on track to release initial data from the study in late 2024 and is also planning late-stage studies in patients with obesity, obesity-related conditions and diabetes.
Notably, Amgen said it was scrapping its experimental oral obesity drug. But that development was not as important as the MariTide update, Jefferies analyst Michael Yee said in a research note Thursday.
Biotechnology Biotech And Pharmaceuticals Pharmaceuticals Health Care Industry Amgen Inc Eli Lilly And Co Novo Nordisk A/S Novo Nordisk A/S Business News
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