Amgen Looks to Take Share of Booming Obesity Space: Will It Succeed?
Amgen is developing MariTide, a GIPR/GLP-1 receptor, as a single dose in a convenient autoinjector device with a monthly and maybe less frequent dosing. This key feature differentiates it from Eli Lilly's LLY and Novo Nordisk's NVO popular GLP-1-based obesity drugs, Zepbound and Wegovy, respectively, which are weekly injections. MariTide is a closely watched drug in the obesity market.
In phase II studies, MariTide resulted in up to approximately 20% average weight loss over 52 weeks without reaching a weight loss plateau in people who were obese or overweight but without type II diabetes. However, the weight loss reduction was at the lower end of investor expectations of 20-25%. In patients with type II diabetes who were obese or overweight, the weight loss reduction was approximately 17% at 52 weeks.
In March, Amgen initiated two phase III studies on MariTide in obesity as part of its comprehensive MARITIME phase III program. Separate phase III studies on MariTide in obesity, with or without type II diabetes, are currently enrolling patients. The primary endpoint for each study is the change from baseline body weight at 72 weeks. Additional MARITIME phase III studies on MariTide in people living with atherosclerotic cardiovascular disease, heart failure and obstructive sleep apnea will be initiated in 2025. Separate phase II studies on obesity and type II diabetes are also ongoing, with data readouts expected in the second half.
A phase I study is also ongoing on another obesity candidate, AMG 513. Amgen has not disclosed the obesity candidate's mechanism of action. Amgen also has other preclinical obesity candidates in its pipeline, including oral and injectable approaches that comprise both incretin and non-incretin mechanisms.
It's too early to say how strongly Amgen will be placed in the booming obesity space, which Novo Nordisk and Eli Lilly have so far dominated.
Viking Therapeutics' VKTX dual GIPR/GLP-1 receptor agonist, VK2735, is being developed both as oral and subcutaneous formulations for the treatment of obesity. Recently, Viking Therapeutics initiated a late-stage program (VANQUISH), comprising two phase III studies evaluating the subcutaneous version of VK2735 in obesity and type II diabetes. VKTX initiated a mid-stage study (VENTURE) on the oral formulation of the candidate earlier this year.
Others like Roche, Merck and AbbVie are also looking to enter the obesity space by in-licensing obesity candidates from smaller biotechs, which could threaten Novo Nordisk and Eli Lilly's dominance in the market. To maintain its prowess in the lucrative obesity market, both Novo Nordisk and Lilly are investing heavily in obesity and have several new molecules currently in clinical development.
Amgen's stock has risen 8.9% so far this year against a decrease of 0.7% for the industry.
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From a valuation standpoint, Amgen is reasonably priced. Going by the price/earnings ratio, the company's shares currently trade at 13.26 forward earnings, which is lower than 14.87 for the industry. The stock is also trading below its five-year mean of 13.77.
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The Zacks Consensus Estimate for earnings has risen from $20.57 to $20.82 per share for 2025 over the past 60 days. For 2026, the consensus mark for earnings has risen from $21.13 to $21.29 per share over the same timeframe.
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Amgen has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
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