Amgen Advances Obesity Drug MariTide, Reports 22% Q1 Revenue Growth

Amgen has announced a significant increase in its total revenues for the first quarter of 2024, reporting a 22% rise compared to the same period last year. The company's earnings report also highlighted promising mid-stage results for its innovative obesity treatment candidate, MariTide.

Although specific data for MariTide were not disclosed, Chief Scientific Officer James Bradner expressed confidence in the drug's potential during an investor call. He mentioned that MariTide's unique profile could effectively address significant unmet medical needs related to obesity, obesity-related conditions, and diabetes.

Amgen is currently concluding its ongoing Phase II study of MariTide and plans to engage with regulators to expedite the transition to a broad Phase III program. In addition, the company is preparing for another Phase II trial later this year to test MariTide specifically for diabetes treatment in patients with and without obesity. Bradner clarified that this additional study is not a prerequisite for the Phase III program but rather a step toward securing a diabetes indication for MariTide.

MariTide is an injectable bispecific molecule designed to inhibit the GIP receptor while activating the GLP-1 receptor. In February 2024, Amgen released Phase I data demonstrating that MariTide could reduce body weight by 14.5% over 85 days in obese participants without diabetes. These results also imply that MariTide may offer more enduring effects compared to existing obesity treatments.

In contrast to the progress with MariTide, Amgen has decided to discontinue the development of its early-stage obesity pill, AMG 786. During the investor call, Bradner stated that the company would not pursue further development of AMG 786, as it did not meet the high standards set by MariTide. The Phase I study for AMG 786 has been completed, but no additional details were provided.

Financially, Amgen reported $7.4 billion in total revenues for the first quarter of 2024, a notable 22% increase compared to the same period in 2023. However, the company's diluted earnings-per-share slightly decreased to $3.96, down from $3.98 in the first quarter of the previous year.

Prolia (denosumab), Amgen's leading osteoporosis treatment, generated nearly $1 billion in revenue, making it the top-performing asset for the company in Q1. Following Prolia, Enbrel (etanercept), used for rheumatoid arthritis and plaque psoriasis, brought in $567 million. Other significant contributors to revenue growth included Repatha (evolocumab) and Evenity (romosozumab-aqqg), which saw year-over-year sales increases of 33% and 35%, respectively.

As Amgen continues to advance its innovative treatments and expand its market presence, the company’s financial and therapeutic achievements underscore its commitment to addressing critical health issues and improving patient outcomes.