Amgen Beats Q2 Expectations, Raises Outlook, Discontinues Weight Loss Drug
On Tuesday, Amgen announced its second-quarter results, which surpassed analyst predictions, leading to an upgraded full-year forecast. The biotech leader has decided to discontinue the development of the early-stage weight loss drug AMG 513 to concentrate on other assets in its pipeline. The earnings surpass were driven by robust sales of its top-selling medications, indicating strong operational confidence. This move to stop AMG 513 comes as competition intensifies from Novo Nordisk and Eli Lilly in the obesity treatment sector, potentially allowing Amgen to shift resources towards oncology and inflammation. Following the earnings report and guidance revision, investors responded favorably, and Amgen's stock, listed as AMGN, experienced notable fluctuations.
Key facts
- Amgen reported second-quarter results on Tuesday that topped expectations.
- Amgen raised its full-year outlook.
- Amgen disclosed it is ending development of an early-stage weight loss drug candidate.
- The weight loss drug candidate is identified as AMG 513.
- The earnings beat was driven by strong sales across its portfolio.
- The discontinuation comes amid intense competition in the obesity treatment market.
- Amgen's stock trades under the ticker AMGN.
- The news was reported by Quartz.
Entities
Institutions
- Amgen
- Quartz
Sources
- Quartz —