Amgen’s stock hit by expectations its obesity pipeline is facing a longer wait

Amgen Inc.’s stock fell 3.3% Tuesday to put it on track for its biggest one-day percentage decline in more than a year, after the company’s better-than-expected quarterly earnings were offset by comments on its obesity pipeline that suggested a longer wait than some were expecting.

On its call, Amgen AMGN, -3.48% said it expects initial data from a Phase 1 trial of its AMG 786 obesity treatment to come in the first half of 2024. It has completed enrolment in a Phase 2 trial of its AMG 133 treatment with top-line data expected in late 2024.

The company expects to bring a suite of preclinical obesity assets forward “over the next few years,” he added. Amgen’s intent is to play the long game, “given that this is one of the major public health challenges of the 21st century.”

The biotech, which closed its $27.8 billion acquisition of Horizon Therapeutics plc on October 6, posted net income of $1.730 billion, or $3.22 a share, for the quarter, down from $2.143 billion, or $3.98 a share, in the year-earlier period.Revenue climbed to $6.903 billion from $6.652 billion, close to the $6.923 billion FactSet consensus.

Sales of the company’s Enbrel, which is used to treat autoimmune diseases, fell 6% in the third quarter3. Repatha, a treatment for cholesterol, saw sales climb 31%, while osteoporosis treatment Prolio saw sales rise 14%.

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