Amgen Advances Obesity Treatment, Posts 22% Q1 Revenue Increase

Amgen announced its first-quarter 2024 financial results, highlighting a 22% increase in overall revenues and promising mid-stage results for its advanced obesity treatment candidate, MariTide.

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

Amgen is currently in the final stages of its ongoing Phase II study of MariTide and intends to quickly engage with regulators to expedite the transition to a comprehensive Phase III program. Additionally, the company plans to conduct another Phase II trial later this year to evaluate MariTide for diabetes treatment in patients both with and without obesity. However, Bradner clarified that this additional study is not a necessary precursor for the Phase III program but is a step towards a diabetes indication for the drug.

MariTide is an injectable bispecific molecule capable of concurrently inhibiting the GIP receptor and activating the GLP-1 receptor. In February 2024, Amgen released Phase I data indicating that MariTide could reduce body weight by 14.5% over 85 days in obese participants without diabetes. These findings also suggest the treatment may have more enduring effects than current obesity therapies.

As Amgen pushes forward with MariTide, it has decided to cease development of its early-stage obesity pill, AMG 786. In the investor call, Bradner announced that the company would not continue developing AMG 786, as it did not meet the high standards set by MariTide. The Phase I study for AMG 786 has been completed, but further details were not provided.

For the first quarter of 2024, Amgen reported $7.4 billion in total revenues, marking a 22% increase from the same period the previous year. However, the company's diluted earnings per share slightly decreased to $3.96, down from $3.98 in Q1 2023.

Amgen's leading product for the quarter was the osteoporosis medication Prolia (denosumab), which generated nearly $1 billion in revenue. This was followed by Enbrel (etanercept), used for rheumatoid arthritis and plaque psoriasis, which earned $567 million. Additional contributors to the revenue boost included Repatha (evolocumab) and Evenity (romosozumab-aqqg), with year-over-year sales increases of 33% and 35%, respectively.