Amgen hosted an investor event focused on its rare disease portfolio Thursday, but while Mizuho analysts found details from the meeting to be "only incrementally positive," they believe obesity – where the company recently gave an early glimpse at its AMG 133 candidate – "is still the more important story for 2024."
AMG 133, also known as maridebart cafraglutide, is a bispecific molecule that activates GLP-1 and inhibits GIP. Earlier this month, results from a small, early-stage study published in Nature Metabolism showed that patients given a monthly injection of the drug lost up to 14.5% of their body weight in 12 weeks. Some people kept the weight off for up to 150 days after stopping the drug.
Expanding Tepezza internationally seem important for Amgen's growth, Mizuho analysts noted. In the US, reaching patients with low clinical activity scores and developing a subcutaneous form of the drug, where a pivotal Phase III programme is set to get underway in the first half, are expected to help it grow. Outside the country, Amgen said Japan and Europe are high-priority markets, with plans to file for approval in Europe in the first half of 2024 and to launch in Japan in 2025.
Plenty of room for more uptake
According to Barclays analysts, Amgen struck an overall positive tone by highlighting the "high level [of] addressable patients" across its rare disease portfolio. The company estimates there are about 100,000 potential patients in the US who could benefit from Tepezza, but only a small percentage of them are using it at the moment. A similar story plays out for Krystexxa; although there are over 100,000 potential patients, Amgen pegs current uptake at only around 6000.