Proactive Investors - Amgen Inc (NASDAQ:AMGN, ETR:AMG) shares gained almost 13% at about $314 in early trade on Friday after the drugmaker said it was “very encouraged” by interim trial data for its experimental weight loss drug MariTide.
If approved, MariTide would compete with drugs such as Novo Nordisk (CSE:NOVOb) (NYSE:NVO)'s Wegovy and Eli Lilly and Co (NYSE:NYSE:LLY)'s Zepbound, which currently dominate the weight loss market.
On a post-earnings call with investors on Thursday evening, Amgen CEO Robert Bradway said the company was “very encouraged” by the early results for MariTide.
No specific information from the trial data was provided.
“We are confident in MariTide’s differentiated profile and believe it will address important unmet medical needs,” Bradway said.
For the first quarter, Amgen posted a 22% year-over-year increase in revenue to $7.45 billion. Analysts had expected $7.44 billion.
Earnings per share (EPS) were $3.96, above the expected $3.87.
It slightly narrowed its full-year guidance, now expecting revenue of $32.5 billion to $33.8 billion compared to its earlier forecast of $32.4 billion to $33.8 billion.
It also slightly raised its EPS forecast of $19 to $20.20 from its earlier forecast of $18.90 to $20.30.
This compares to Street estimates of $32.95 billion and $19.48 respectively.