Amgen Inc (NASDAQ:AMGN) stock fell 6% following the release of full results from its Phase 2 study of MariTide, its obesity treatment candidate, despite the drug showing promising efficacy data.
The peptide-antibody conjugate demonstrated up to 20% average weight loss in people with obesity without Type 2 diabetes compared to 2.6% in the placebo group. For those with obesity and Type 2 diabetes, MariTide produced up to 17% average weight loss versus 1.4% for placebo. Notably, weight loss had not plateaued by the 52-week mark, suggesting potential for further reduction.
The treatment, administered subcutaneously on a monthly or less frequent basis, also showed a robust reduction in hemoglobin A1c of up to 2.2% in participants with obesity and Type 2 diabetes. Additional improvements were observed across cardiometabolic measures including waist circumference, blood pressure, and select lipid parameters.
No new safety signals were identified in the study. The most frequently reported adverse events were gastrointestinal-related and primarily mild to moderate. Discontinuation rates due to gastrointestinal events were lower in dose escalation arms (up to 7.8%) compared to non-dose escalation arms.
The company has already initiated its Phase 3 MARITIME program, which will evaluate MariTide in participants with obesity or overweight with and without Type 2 diabetes over 72 weeks. Amgen also plans to begin Phase 3 studies for atherosclerotic cardiovascular disease, heart failure, and obstructive sleep apnea in 2025.
Despite the positive efficacy data, investors appeared to react negatively to the news, potentially due to competitive concerns in the increasingly crowded obesity drug market.
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