Amgen 'confident' in weight-loss drug MariTide: CFO
Amid a heated competition in the obesity drug market, all eyes are on Amgen (AMGN) as its obesity drug MariTide moves forward in trials. Amgen Chief Financial Officer Peter Griffith joins Market Domination Overtime to discuss the state of the obesity drug market and where MariTide will fit in.
"We're confident in the differentiated profile of MariTide. We are looking forward to the top-line phase two data towards the end of this year. We are laser-focused on preparing to move as quickly as we can on a very broad phase three program for obesity, obesity-related conditions, and diabetes," Griffith explains. He highlights how Amgen has increased its research and development spend by 30% year-over-year, and will increase research and development on a non-GAAP basis by more than 25% in the next year.
While MariTide will be an injection like other competitors' weight-loss drugs, it will stand out as a monthly or even less frequent dose.
"There's not a week that goes by when there's not a question about an additional obesity-related condition. Let's talk about chronic kidney disease that appears to be efficaciously treated by these drugs. And let's talk about cardiovascular disease. Two areas that Amgen's been in for a long, long time," Griffith says. "So we're looking forward to moving the medicine forward. We hope to work with regulators and get it approved when the time comes. And those obesity-related conditions are creating opportunities that we'd like to participate in this global health crisis, and we're investing in the business to do that."
For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.
This post was written by Melanie Riehl
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