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Amgen Inc (NASDAQ:AMGN) reported first-quarter (Q1) earnings Thursday, touting adjusted EPS of $3.96, which beat the analyst consensus estimate of $3.87.
Here are highlights from the release and subsequent analyst call:
Also Read: Sandoz Settles Patent Dispute With Amgen Related To Bone Disorder Drug Denosumab.
Analyst Take: William Blair’s analysis suggests that despite earlier uncertainties about MariTide’s effectiveness and safety since Phase 1 data release in 2022, the analyst sees its potential to stand out among other therapies, especially concerning treatment frequency.
William Blair has revised its outlook on Amgen shares to Outperform based on growing confidence in MariTide’s potential efficacy and safety compared to other therapies.
Amgen faces competition from Novo Nordisk A/S and Eli Lilly And Co. But MariTide has multi-blockbuster potential, with Amgen’s expertise likely to maximize its development, analysts say.
The analyst writes, “It has grown more confident in the potential for the therapy to meaningfully differentiate from other therapies in development.”
Positive Phase 2 results, indicating a weight loss of over 20% with minimal adverse events and less frequent dosing, are expected to boost Amgen’s share prices.
While MariTide is the focus, William Blair notes Amgen’s other late-stage assets will diversify its product portfolio. This will offset anticipated declines from loss of exclusivities, particularly Prolia/Xgeva, in the short term.
Read Next: Full Approval For Amgen’s Flagship Cancer Drug Lumakras Pushed For Around Four Years.
Price Action: AMGN shares are up 12.8% at $314.00 during the premarket session at last check Friday.
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Posted In: AMGN
