Amgen sets late-stage obesity data milestone, shares on watch for Wegovy and Zepbound competition

By Thomas Klein, Operations & Strategy desk. Reviewed prior to publication on 2026-06-29, 07:09.

Amgen (US0311621009) is moving its experimental obesity drug AMG 133 through late-stage development as it seeks a share of the fast-growing weight-loss market dominated by Novo Nordisk and Eli Lilly. The Nasdaq-listed biotech has highlighted obesity as a key pipeline driver in recent investor presentations.

What recent reports highlight

Amgen has presented mid-stage data suggesting that AMG 133 can deliver double-digit percentage weight loss over several months of treatment in adults with obesity, according to company updates and medical meeting abstracts. The company has framed this program as central to its next wave of growth alongside oncology and inflammation assets.

In recent months, global interest in obesity drugs has surged as Novo Nordisk's Wegovy and Eli Lilly's Zepbound generated strong demand and significant revenue contributions, lifting their profiles within the S&P 500 health-care cohort. Amgen's decision to advance AMG 133 is widely seen as an attempt to tap this same structural demand for pharmacologic weight-loss therapy and diversify beyond its established biologic portfolio.

How analysts view Amgen's obesity push

Equity analysts following Amgen generally factor the obesity program into long-term models as an option value rather than a near-term earnings driver, given the time required for late-stage trials and potential regulatory submissions. Some commentators describe the obesity pipeline as a strategic hedge against biosimilar erosion in mature products and pricing pressures in the U.S. market.

Market participants scrutinize Amgen's capital allocation toward obesity, including research and development spending and any manufacturing investments that might be necessary if AMG 133 progresses toward commercialization. They also assess how Amgen could position pricing and access in a landscape where payers negotiate aggressively over expensive chronic therapies, particularly in the United States and Europe.

How Amgen makes its money

Amgen generates most of its revenue from biologic medicines in oncology, inflammation and cardiovascular disease, including drugs such as Enbrel for inflammatory disorders and Prolia for bone health. The company also markets Repatha, a PCSK9 inhibitor for high cholesterol, and has biosimilars that target blockbuster biologics originally developed by peers.

Where the stock trades today

Amgen shares trade on the Nasdaq in U.S. dollars as part of the large-cap biotechnology segment; the latest available quote places the stock in the low to mid triple-digit range, reflecting its status as an established U.S. pharma and biotech name.

This article was produced with AI assistance and editorially reviewed. Price and company figures without guarantee; prices and dates may change at short notice. No investment advice, no buy or sell recommendation. Stock-market transactions carry risks up to and including total loss.