Amgen: Maintaining Our $317 Fair Value Estimate Following Maritide's Mixed Phase 2 Data

We think Amgen’s phase 2 data for obesity drug candidate maritide shows evidence of a differentiated convenience profile (monthly or less frequent injections versus weekly injections for approved therapies) as well as potential for a reliable manufacturing foundation, given Amgen’s biologics manufacturing record and fewer injections needed per patient. In addition, data on bone mineral density and heart rate effects was reassuring and supports the safety profile of the drug candidate. However, the view on efficacy is somewhat muddled by pooled data and lack of clarity on doses moving to phase 3; we think it looked only in line with approved competitors. In addition, Amgen is still trying to reduce nausea and vomiting side effects by starting patients at even lower doses.