From CNBC: 2024-05-03 13:43:34

Amgen’s stock soared by over 12% after positive data on its experimental weight loss injection, MariTide. Shares of Novo Nordisk and Eli Lilly dropped in response. Analysts are optimistic about MariTide’s differentiation and convenience factor, leading to an upgrade of Amgen’s rating to “outperform” by William Blair.

Novo Nordisk faced pressure as sales of Wegovy disappointed due to lower pricing. Amgen teased promising results for MariTide during a call, sending their stock soaring. Manufacturing expansions indicate Amgen is gearing up for production, unlike Novo Nordisk and Eli Lilly, who struggle with supply issues.

Eli Lilly is optimistic about overcoming supply constraints for Zepbound and other popular drugs, leading to a hiked full-year guidance. Meanwhile, Novo Nordisk struggles to meet demand for Wegovy due to competition with Zepbound. Pricing dynamics have shifted, impacting net pricing for both companies’ drugs in the U.S.



Read more at CNBC: Amgen soars on weight loss drug progress, Novo Nordisk, Eli Lilly slide