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AMGN's MariTide: Can Convenience Drive its Obesity Market Share?
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Key Takeaways
Amgen is testing MariTide across obesity, diabetes and obesity-related conditions in phase III.
MariTide delivered up to 20% average weight loss at 52 weeks without a plateau in phase II.
Its once-monthly or less-frequent dosing could offer a niche based on convenience and adherence.
Amgen’s (AMGN - Free Report) key pipeline candidate MariTide is a closely watched drug in the obesity market. The drug can give Amgen exposure to one of the industry's fastest-growing therapeutic markets at a time when the company is looking for new growth drivers.
Unlike the current leaders, Wegovy (semaglutide) from Novo Nordisk (NVO - Free Report) and Zepbound (tirzepatide) from Eli Lilly (LLY - Free Report) , MariTide combines GLP-1 receptor activation with GIP receptor blockade and, importantly, is designed for once-monthly or potentially even less-frequent dosing, which may help reduce treatment burden and improve persistence on treatment over time. Wegovy and Zepbound are both weekly injections.
Amgen is evaluating MariTide in type II diabetes, obesity and obesity-related conditions as part of its comprehensive MARITIME phase III program. Amgen has nine global phase III studies underway with MariTide in obesity and other obesity-related conditions like obstructive sleep apnea, cardiovascular disease and heart failure. Three phase III studies of MariTide in type II diabetes will be initiated later this year.
In phase II studies, MariTide resulted in up to approximately 20% average weight loss over 52 weeks without reaching a weight loss plateau in people who were obese or overweight but without type II diabetes. In patients with type II diabetes who were obese or overweight, the weight loss reduction was approximately 17% at 52 weeks.
An interesting study is a new phase III switch study that will assess patients transitioning from weekly tirzepatide or semaglutide therapy to MariTide administered once every eight weeks or once every 12 weeks. In other words, the study will evaluate switching from Zepbound and Wegovy injections given 52 times a year to a medicine that can be injected four or six times a year. Meanwhile, Amgen’s phase III maintenance extension studies will evaluate how patients stay on MariTide to maintain weight loss while transitioning from monthly dosing to as few as four or six doses per year.
Can AMGN’s MariTide Carve Out a Niche in the Obesity Market?
With MariTide, Amgen is entering a market that is heavily dominated by Lilly and Novo Nordisk. LLY and NVO already enjoy enormous commercial scale and brand recognition in the obesity space.
Moreover, to maintain their prowess in the lucrative obesity market, both Novo Nordisk and Lilly are developing several next-generation, more powerful and more convenient GLP-1-based treatments, including oral options and multi-acting candidates. Lilly and Novo Nordisk have also launched oral GLP-1 pills for obesity called Foundayo and Wegovy pill, respectively.
Lilly's next-generation candidate, retatrutide, a GLP-1/GIP/glucagon triple agonist, has demonstrated approximately 28% weight loss in a phase III study, significantly above MariTide's approximately 20%. Lilly plans to submit the treatment to the FDA in the first quarter of 2027.
Amgen currently trails Lilly and Novo Nordisk by several years in the obesity space. However, the obesity market is huge and can support multiple players based on different patient needs, and even a mid-single-digit market share could translate into billions of dollars in annual revenues. The global obesity drug market is projected to grow dramatically, reaching nearly $114 billion by 2030, according to Goldman Sachs estimates.
MariTide’s less frequent dosing is its biggest competitive advantage, and, if successfully developed and launched, MariTide could carve out a meaningful position around convenience, adherence and durability and does not necessarily need to dethrone Zepbound or Wegovy or the new oral pills to become a blockbuster product.
Competition Heating Up in the Obesity Space
While Lilly and Novo Nordisk currently dominate this space, smaller biotechs like Structure Therapeutics and Viking Therapeutics are also developing oral GLP-1 drugs for treating obesity.
Others, such as Roche, Merck, AbbVie, AstraZeneca and Pfizer (PFE - Free Report) , have strengthened their obesity pipelines through licensing deals and acquisitions involving smaller biotechs.
Pfizer’s key obesity candidate is berobenatide (MET-097i), a long-acting GLP-1 receptor agonist, added from last year’s Metsera acquisition. Berobenatide, which is in a late stage of development, is designed for monthly maintenance dosing.
AbbVie entered the obesity field by licensing GUB014295 (now ABBV-295), a long-acting amylin analog, from Gubra in 2025. Roche strengthened its obesity presence through the acquisition of Carmot Therapeutics and its obesity assets, such as enicepatide (previously CT-388), as well as the exclusive collaboration with Zealand Pharma, which added petrelintide, a long-acting amylin analog.
AstraZeneca’s most important obesity candidate is oral GLP-1 receptor agonist elecoglipron, which it licensed from Eccogene in 2023 and is now in phase III.
AMGN’s Price Performance, Valuation and Estimates
Amgen’s stock has risen 35.7% so far this year compared with an increase of 15.6% for the industry.
Image Source: Zacks Investment Research
From a valuation standpoint, Amgen is reasonably priced. Going by the price/earnings ratio, the company’s shares currently trade at 18.59 forward earnings, which is lower than 18.95 for the industry. The stock is also trading above its five-year mean of 13.87.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for earnings has risen from $22.29 per share to $22.97 per share for 2026 over the past 30 days. For 2027, the consensus mark for earnings has risen from $23.64 per share to $24.39 per share over the same timeframe.
View the Zacks #1 Rank List
Image: Bigstock
AMGN's MariTide: Can Convenience Drive its Obesity Market Share?
Key Takeaways
Amgen’s (AMGN - Free Report) key pipeline candidate MariTide is a closely watched drug in the obesity market. The drug can give Amgen exposure to one of the industry's fastest-growing therapeutic markets at a time when the company is looking for new growth drivers.
Unlike the current leaders, Wegovy (semaglutide) from Novo Nordisk (NVO - Free Report) and Zepbound (tirzepatide) from Eli Lilly (LLY - Free Report) , MariTide combines GLP-1 receptor activation with GIP receptor blockade and, importantly, is designed for once-monthly or potentially even less-frequent dosing, which may help reduce treatment burden and improve persistence on treatment over time. Wegovy and Zepbound are both weekly injections.
Amgen is evaluating MariTide in type II diabetes, obesity and obesity-related conditions as part of its comprehensive MARITIME phase III program. Amgen has nine global phase III studies underway with MariTide in obesity and other obesity-related conditions like obstructive sleep apnea, cardiovascular disease and heart failure. Three phase III studies of MariTide in type II diabetes will be initiated later this year.
In phase II studies, MariTide resulted in up to approximately 20% average weight loss over 52 weeks without reaching a weight loss plateau in people who were obese or overweight but without type II diabetes. In patients with type II diabetes who were obese or overweight, the weight loss reduction was approximately 17% at 52 weeks.
An interesting study is a new phase III switch study that will assess patients transitioning from weekly tirzepatide or semaglutide therapy to MariTide administered once every eight weeks or once every 12 weeks. In other words, the study will evaluate switching from Zepbound and Wegovy injections given 52 times a year to a medicine that can be injected four or six times a year. Meanwhile, Amgen’s phase III maintenance extension studies will evaluate how patients stay on MariTide to maintain weight loss while transitioning from monthly dosing to as few as four or six doses per year.
Can AMGN’s MariTide Carve Out a Niche in the Obesity Market?
With MariTide, Amgen is entering a market that is heavily dominated by Lilly and Novo Nordisk. LLY and NVO already enjoy enormous commercial scale and brand recognition in the obesity space.
Moreover, to maintain their prowess in the lucrative obesity market, both Novo Nordisk and Lilly are developing several next-generation, more powerful and more convenient GLP-1-based treatments, including oral options and multi-acting candidates. Lilly and Novo Nordisk have also launched oral GLP-1 pills for obesity called Foundayo and Wegovy pill, respectively.
Lilly's next-generation candidate, retatrutide, a GLP-1/GIP/glucagon triple agonist, has demonstrated approximately 28% weight loss in a phase III study, significantly above MariTide's approximately 20%. Lilly plans to submit the treatment to the FDA in the first quarter of 2027.
Amgen currently trails Lilly and Novo Nordisk by several years in the obesity space. However, the obesity market is huge and can support multiple players based on different patient needs, and even a mid-single-digit market share could translate into billions of dollars in annual revenues. The global obesity drug market is projected to grow dramatically, reaching nearly $114 billion by 2030, according to Goldman Sachs estimates.
MariTide’s less frequent dosing is its biggest competitive advantage, and, if successfully developed and launched, MariTide could carve out a meaningful position around convenience, adherence and durability and does not necessarily need to dethrone Zepbound or Wegovy or the new oral pills to become a blockbuster product.
Competition Heating Up in the Obesity Space
While Lilly and Novo Nordisk currently dominate this space, smaller biotechs like Structure Therapeutics and Viking Therapeutics are also developing oral GLP-1 drugs for treating obesity.
Others, such as Roche, Merck, AbbVie, AstraZeneca and Pfizer (PFE - Free Report) , have strengthened their obesity pipelines through licensing deals and acquisitions involving smaller biotechs.
Pfizer’s key obesity candidate is berobenatide (MET-097i), a long-acting GLP-1 receptor agonist, added from last year’s Metsera acquisition. Berobenatide, which is in a late stage of development, is designed for monthly maintenance dosing.
AbbVie entered the obesity field by licensing GUB014295 (now ABBV-295), a long-acting amylin analog, from Gubra in 2025. Roche strengthened its obesity presence through the acquisition of Carmot Therapeutics and its obesity assets, such as enicepatide (previously CT-388), as well as the exclusive collaboration with Zealand Pharma, which added petrelintide, a long-acting amylin analog.
AstraZeneca’s most important obesity candidate is oral GLP-1 receptor agonist elecoglipron, which it licensed from Eccogene in 2023 and is now in phase III.
AMGN’s Price Performance, Valuation and Estimates
Amgen’s stock has risen 35.7% so far this year compared with an increase of 15.6% for the industry.
From a valuation standpoint, Amgen is reasonably priced. Going by the price/earnings ratio, the company’s shares currently trade at 18.59 forward earnings, which is lower than 18.95 for the industry. The stock is also trading above its five-year mean of 13.87.
The Zacks Consensus Estimate for earnings has risen from $22.29 per share to $22.97 per share for 2026 over the past 30 days. For 2027, the consensus mark for earnings has risen from $23.64 per share to $24.39 per share over the same timeframe.
Amgen has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.