Large U.S. pharmaceutical and biotech giant Amgen (AMGN.US) revealed on Monday that the latest clinical trial results for its experimental weight-loss drug MariTide—dubbed the "next-generation weight-loss drug"—show that obese patients maintained stable weight loss over two years with just one monthly injection. In stark contrast, most widely used injectable weight-loss drugs, such as the blockbuster products from Novo Nordisk and Eli Lilly, typically require weekly injections.
In an interview with Jim Cramer, the renowned financial commentator on CNBC, Amgen's executive indicated that the company expects the drug could be administered monthly or even less frequently. He expressed encouragement about data suggesting the drug might eventually be dosed just once per quarter, emphasizing that such an ultra-low frequency injection schedule is on the horizon.
The executive also noted that Amgen is studying the effects of different dosages of MariTide. He added during the interview, "We are very keen to understand what it takes for patients to adhere to this therapy long-term, because even with 'miracle weight-loss drugs,' persistence and long-term patience are crucial. I believe we can address some of the issues related to patients' inability to stick with weight-loss medications over the long haul."
"We believe we can solve some long-standing challenges in this field, one of which is the issue of poor long-term patient adherence to weight-loss medications," the executive stated.
The interview also touched upon Amgen's acquisition of Horizon Therapeutics, with the executive noting the transaction is progressing smoothly partly because it aligns well with Amgen's longstanding strengths in biotech and immunology. "The drugs we acquired primarily target autoimmune diseases, and most are biologics at the very early stages of their lifecycle," he said. "Therefore, we continue to explore new ways and new diseases that could benefit from these treatments. So far, everything is proceeding very well."
Amgen's "Next-Generation Weight-Loss Drug" MariTide in Development Amgen's primary focus, MariTide, has not yet received formal FDA approval for clinical sales and remains in the clinical development stage, having entered the critical Phase 3 trial process. MariTide belongs to the GLP-1-related drug class but differs from traditional "pure GLP-1 agonists." It also contains a component that blocks the GIP receptor. This dual mechanism—activating the GLP-1 receptor while antagonizing the GIP receptor—is a distinguishing feature of MariTide, setting it apart from "GLP-1/GIP dual agonists" like Eli Lilly's tirzepatide.
Dubbed the "next-generation weight-loss drug," MariTide's underlying logic differs from existing mainstream drugs and holds potential long-term clinical advantages, which is why the pharmaceutical industry views it as potentially ushering in a new era in obesity treatment.
Firstly, in terms of mechanism and dosing convenience, MariTide is distinctly different from current "miracle weight-loss drugs" like Eli Lilly's Zepbound. Leading GLP-1 class weight-loss drugs on the market, such as Novo Nordisk's Wegovy and Eli Lilly's Zepbound, primarily work by weekly injections that activate the GLP-1 receptor or both GLP-1 and GIP receptors to suppress appetite and improve metabolism. In contrast, MariTide is an antibody-peptide conjugate that activates the GLP-1 receptor while blocking the GIP receptor. This dual mechanism has shown potent weight reduction effects in preclinical and Phase II trials, accompanied by metabolic improvements. Compared to solely activating receptors, this activate-plus-antagonize combination represents a more complex and potentially longer-lasting intervention pathway.
Secondly, MariTide shows significant differences in clinical performance and dosing frequency. Amgen's Phase II trial data indicate that participants achieved an average weight reduction of approximately 20% over 52 weeks, with "no weight-loss plateau," suggesting the effect might be sustained or even enhanced—a outcome difficult to achieve with many existing drugs where weight loss often plateaus after a period. More importantly, MariTide is administered monthly or potentially even less frequently (with quarterly dosing under investigation), whereas mainstream treatments typically require weekly injections. This longer-acting, less frequent dosing characteristic is crucial for patient adherence and long-term weight management, representing a major advantage of Amgen's focused "next-generation" obesity treatment.
A Super-Sized Market Worth Hundreds of Billions A recent research report from Wall Street giant Goldman Sachs projects that the global anti-obesity drug market could reach approximately $90 billion to $100 billion or even higher by 2030. This scale far exceeds the current market size of just tens of billions of dollars, indicating that Goldman Sachs views this segment as a super-sized market with immense growth potential within the pharmaceutical industry. Furthermore, compared to Novo Nordisk's Wegovy and Eli Lilly's Zepbound, Goldman Sachs is more optimistic about the market prospects of Amgen's "next-generation weight-loss drug" MariTide under development.
Goldman Sachs believes that with significant catalysts related to MariTide, Amgen could embark on a path of value re-rating, with its stock potentially having greater upside compared to peers. The firm noted that Amgen's current 2026 estimated P/E ratio of just 12-14x is significantly below the average for its biotech sector (22x) and also below the S&P 500's estimated P/E. A price target of $400 implies roughly 30% upside potential for the company's stock.
With global obesity rates continuing to rise and obesity recognized as a major risk factor for chronic diseases, demand for effective weight-loss treatments is expanding substantially. Goldman Sachs' market model, based on the global obese population size, patient accessibility, and treatment penetration rates, predicts a significant influx of patients starting such drug therapies in the coming years. Additionally, the new generation of weight-loss drugs has demonstrated higher efficacy and more durable weight management capabilities, which not only boosts clinical acceptance but will also stimulate long-term drug demand and cumulative market size.
Goldman Sachs also emphasized that the market is entering a new phase of "volume for price," particularly driven by U.S. policies such as expanded Medicare coverage and price reduction agreements, alongside the upcoming launch of oral weight-loss drugs. These factors are expected to significantly lower patient barriers and expand the direct-to-consumer market. As prices decline and insurance coverage broadens, patient willingness to use these medications and the number of users are projected to increase substantially, thereby driving market growth.
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