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RBC Capital Markets sees a $25 billion market opportunity for the space. The average analyst rating is hold, with 8% upside to the average analyst price target, according to FactSet. Eli Lilly has an average analyst rating of overweight and 8.3% upside to the average analyst price target, according to FactSet. Stock Chart Icon Stock chart icon AstraZeneca's one-year performanceAstraZeneca shares have an average analyst rating of overweight and nearly 6% upside to the average analyst price target, according to FactSet. Stock Chart Icon Stock chart icon Bristol-Myers Squibb's one-year performance
Persons: It's, Gregory Renza, Renza, Oppenheimer, Jeff Jones, Piper Sandler, Edward Tenthoff, Eli Lilly, Dan Lyons, Janus Henderson, Myers Squibb, William Blair, Matt Phipps, Jefferies, Andrew Tsai, They've, Janus Henderson's Lyons, Jones, Piper Sandler's Tenthoff, Myers Organizations: pharma, RBC Capital Markets, TRT, Novartis, Mariana Oncology, Janus, Janus Henderson Investors, Bristol, RayzeBio, Karuna Therapeutics, AstraZeneca, Fusion Pharmaceuticals, GlobalData's Pharma Intelligence, Pluvicto Locations: Mariana, Bristol
Amgen is among the leaders of a pack of drugmakers racing to join the market with their own weight loss treatments. Amgen's drug, MariTide, is taken less frequently than Novo Nordisk's Wegovy and Eli Lilly's Zepbound, and may cause longer-lasting weight loss than the market leaders' injections. Novo Nordisk and Eli Lilly are also working on new weight loss drugs. The competition for a slice of the weight loss market has only grown more fierce in recent months. An injection pen of Zepbound, Eli Lilly’s weight loss drug, is displayed in New York City, U.S., December 11, 2023.
Persons: NOVO.B, Scott Olson, Eli Lilly, Nordisk's Wegovy, Eli Lilly's Zepbound, Amgen, William Blair, Matt Phipps, Bob Bradley, Boehringer Ingelheim, Phipps, Zepbound, Chris Schott, MariTide, Mario Tama, he's, Eli Lilly drugs, CagriSema, Eli Lilly’s, Brendan McDermid, Boehringer, Ingelheim, survodutide, Pascal Soriot, Christopher Furlong, dealmaking, David Denton Organizations: New, Halstead Pharmacy, Getty, Novo Nordisk, Nordisk's, William Blair & Company, CNBC, Therapeutics, AstraZeneca, Zealand Pharma, MariTide, Reuters, GLP, Pfizer, Eccogene Locations: Chicago , Illinois, Novo, Amgen, Thousand Oaks , California, New York City, U.S, Zealand, Macclesfield
That fueled investor concerns about new competition in the rapidly growing weight loss drug industry, sending shares of the current obesity players, Novo Nordisk and Eli Lilly , lower on Friday. Eli Lilly shares dropped nearly 3%, while Novo Nordisk's U.S.-traded shares fell more than 1%. Still, investors were pleased with Eli Lilly on Tuesday after the company assured them it can overcome ongoing supply constraints for its popular drugs. Eli Lilly hiked its full-year guidance in part due to optimism around increased production of Zepbound, its diabetes injection Mounjaro and similar drugs for the rest of the year. That signals Novo Nordisk is struggling to meet demand for the treatment.
Persons: Amgen, Eli Lilly, Bob Bradway, Bradway, Jay Bradner, autoinjector, Novo Nordisk's Wegovy, Eli Lilly's Zepbound, William Blair, Matt Phipps, Michael Yee, Amgen's Bradway, Karsten Munk Knudsen Organizations: Novo Nordisk, Novo Nordisk's, Jefferies, MariTide, Nordisk Locations: Novo Nordisk's U.S, North Carolina, Indiana, Ireland, Germany, U.S
Mario Tama | Getty ImagesAmgen is taking a new approach as it tries to stand out in a crowded field of drugmakers racing to develop the next blockbuster weight loss drug. It's too early to say how competitive Amgen will be in the budding weight loss drug space, which Novo Nordisk and Eli Lilly have so far dominated. Goldman Sachs also projects that between 10 million and 70 million Americans will be taking weight loss drugs by 2028. The sustained weight loss in Amgen's study appears to contrast with results seen in clinical trials on Zepbound and Wegovy. An injection pen of Zepbound, Eli Lilly’s weight loss drug, is displayed in New York City, U.S., December 11, 2023.
Persons: Mario Tama, Eli Lilly, Goldman Sachs, Zepbound, Eli Lilly's, Amgen's MartiTide, Caroline Apovian, Apovian, Joe Buglewicz, MariTide, Holly Lofton, Eli Lilly’s, Brendan McDermid, Reuters Amgen's, William Blair, Matt Phipps, Phipps Organizations: Getty, Novo Nordisk, Pfizer, Viking Therapeutics, Therapeutics, Zealand Pharma, Boehringer, Center, Weight Management, Wellness, Brigham, Women's, Washington Post, NYU Langone Health, Reuters, William Blair & Company, CNBC Locations: Thousand Oaks , California, Oaks , California, Novo, New York City, U.S
Bristol Myers Squibb's Eliquis is a blood thinner used to prevent clotting, to reduce the risk of stroke. Bristol Myers Squibb's Opdivo is an immunotherapy used to treat cancers, including melanoma and lung cancer. Investors will get updates on Merck and Bristol Myers Squibb's plans for the years ahead when they report earnings on Thursday and Friday, respectively. That's unlike generics, which are cheaper copycats of small-molecule drugs like Bristol Myers Squibb's Eliquis. Bristol Myers Squibb is also testing a new form of Opdivo, which is currently administered into a patient's veins.
Persons: Johnson, William Blair, Matt Phipps, Bristol Myers, Johnson's, Merck's Keytruda, J's Stelara, Opdivo, Phipps, biosimilars, Eliquis, Biosimilars, Humira, JB Reed, Samsung's, Piper Sandler, Christopher Raymond, AbbVie, Raymond, Chris Schott, Schott, Robert Davis, Keytruda, Davis, JPMorgan's Schott, Bristol Myers Squibb, George Frey, J, Amgen, J confidentially, Mike Perrone, It's, Anna Moneymaker Organizations: New York Stock Exchange, Johnson, NYSE Big, Bristol Myers Squibb, Merck, Biden, William Blair & Company, CNBC, Guggenheim, Bristol, Leerink Partners, Bloomberg, Getty, Bioepis, JPMorgan, JPMorgan Health Care, Moderna, Bristol Myers, Karuna Therapeutics, Hardy, Huntsman Cancer Institute, University of Utah, Reuters, Teva Pharmaceuticals, Pharma, U.S . Department of Health, Human Services Locations: drugmakers, EY, Europe, U.S, Cambridge , Massachusetts, Arda, EY's Americas, Bristol, Salt Lake City , Utah, Washington , DC
Third quarter sales of Horizon's gout drug Krystexxa rose to $253 million from $192 million. Amgen raised its post-acquisition forecast for full-year sales to between $28 billion and $28.4 billion from a previous estimate of $26.6 billion to $27.4 billion. Total revenue for the quarter rose 4% to $6.9 billion, in line with analyst expectations. Sales of cancer drug Lumakras fell 31% to $52 million and sales of psoriasis drug Otezla fell 10% to $567 million. Sales of Amjevita, Amgen's new biosimilar version of AbbVie's (ABBV.N) blockbuster arthritis drug Humira, rose 30% to $152 million.
Persons: Robert Galbraith, Amgen, Jefferies, Michael Yee, Bill Smead, Tepezza, We're, we've, Peter Griffith, AMG340, William Blair, Matt Phipps, Lumakras, Otezla, Deena Beasley, Leroy Leo, Bill Berkrot Organizations: REUTERS, Horizon Therapeutics, Smead Capital Management, Wall Street, U.S . Federal Trade Commission, Thomson Locations: South San Francisco , California, California, Los Angeles, Bengaluru
REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsOct 3 (Reuters) - The U.S. Food and Drug Administration staff reviewers said on Tuesday Amgen's (AMGN.O) late-stage study might not be sufficient to confirm the effectiveness for its lung cancer drug, as the firm pursues a traditional nod for the treatment. Amgen's drug was granted accelerated approval by the U.S. FDA in 2021 for advanced lung cancer patients with KRAS mutations whose disease has worsened after treatment with chemotherapy or other medicines. The U.S. health regulator grants the so-called accelerated approval based on data that show therapies are likely to work, and requires confirmatory trials later to give them traditional approval. Data from the study showed Lumakras reduced the risk of disease progression in patients with advanced lung cancer by 34%, compared with chemotherapy in a clinical trial. The agency is expected to make a decision on traditional approval for the drug by Dec. 24.
Persons: Dado Ruvic, Amgen's, William Blair, Matt Phipps, Lumakras, Bhanvi Satija, Shounak Dasgupta, Sherry Jacob, Phillips Organizations: REUTERS, U.S . Food, Drug Administration, U.S, FDA, Thomson Locations: U.S, Bengaluru
That includes the agency's examination of Pfizer 's proposed $43 billion purchase of cancer drug developer Seagen . Some also speculated that the restrictions imposed on Amgen as part of the settlement could have implications for other deals. The FTC's lawsuit against Amgen in May was the agency's first legal challenge to a pharmaceutical buyout in 14 years. The settlement agreement prohibits Amgen from bundling any of its products with two of Horizon's blockbuster drugs, among other restrictions. Still, some analysts said the restrictions suggest the FTC could apply similar rules to other buyouts in the future.
Persons: Amgen, William Blair, Matt Phipps, Robyn Karnauskas, baring, Nathan Ray, West, Biden, Evan Seigerman Organizations: Federal Trade Commission, Horizon Therapeutics, Pfizer, FTC, West Monroe, Amgen, Pharmaceutical, Pharma, BMO Capital Locations: Amgen
Developments in cancer research will be in the spotlight as the American Society of Clinical Oncology hosts the world's biggest cancer research conference in Chicago, starting Thursday. The pair has already has won regulatory approval for Enhertu for metastatic HER2-low breast cancer, but the companies are also studying its use in a variety other HER2 tumors in breast cancers. Lilly's drug, Verzenio, is used in high-risk patients with HR-positive HER2-negative breast cancer that is more likely to reoccur and has already breached the patient's lymph nodes. In a research note earlier this month, Guggenheim analyst Seamus Fernandez said Kisqali is already taking market share from Pfizer's Ibrance in metastatic breast cancer. Merck's Keytruda is also being watched for what benefits it could offer early-stage lung cancer patients .
Investors looking for cover this year would have done well if they sought a safe haven in large-cap pharmaceutical stocks, a trend that is likely to continue into 2023. The Inflation Reduction Act provided some clarity around drug pricing that should help health-care stocks. The average price target, according to FactSet, is $62, or nearly 40% above the stock's closing price on Tuesday. Gene therapies in focus Investors will be closely watching the progress of several gene therapies, according to Phipps. "Yes, these are expensive therapies," Phipps said.
Amgen gains several approved drugs through the deal, a bulwark against rising competition for its blockbuster arthritis drug, Enbrel, from newer treatments. Sales of Amgen's Enbrel tumbled 14% in the latest reported quarter to $1.1 billion, extending a run of downbeat performances. The Horizon bid follows Amgen's $3.7 billion deal in August for rare blood vessel inflammation treatment maker ChemoCentryx Inc . The offer values Horizon at $27.8 billion on a fully diluted basis, according to the company, which includes ordinary shares to be vested. Based on Reuters calculations, it values Horizon at about $26 billion and gives Horizon a $28.3 billion valuation, including debt.
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