William Blair on Amgen (AMGN): top-line results show 'strong efficacy' compared to VRDN data

William Blair analyst Matt Phipps reiterated an Outperform rating on Amgen (NASDAQ: AMGN)

The analyst commented, "On Monday, April 6, Amgen announced positive top-line results from a Phase III study evaluating subcutaneous (SC) Tepezza administered via an on-body injector in moderate-to-severe active thyroid eye disease (TED). The results come earlier than anticipated, with Amgen recently guiding to study completion in the second half of 2026. Overall, we believe the results show strong efficacy, particularly in comparison to data recently disclosed from Viridian’s (VRDN $14.21; Outperform; L. Hanbury-Brown) SC administered elegrobart (see: REVEAL-1 Meets Primary Endpoint, Demonstrates Strong Commercial Profile Despite Lower Treatment Effect Than Veligrotug). We do believe SC administration has the potential to expand the TED market, which has been stagnant over the past several quarters, and now investors will debate the convenience of an on-body injector for Tepezza versus an autoinjector for elegrobart with potentially less efficacy. While full details on the on-body injector used for Tepezza have not been disclosed to our knowledge, previous clinical trial protocols posted on the European Union clinical trial website did note that “the investigator or trained designee will administer all doses of IP,” which leaves questions as to whether patients will be able to administer the on-body injector themselves at home. We believe that the availability of the SC option could help the Tepezza franchise return to growth in TED, where access to infusion centers has been a key limiting factor."

For an analyst ratings summary and ratings history on Amgen click here. For more ratings news on Amgen click here.

Shares of Amgen closed at $347.94 yesterday.

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