{
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Amgen's obesity drug, MariTide, demonstrated up to 20% weight loss in a Phase 2 trial, aligning with existing treatments like Zepbound and Wegovy. However, a higher dropout rate due to side effects raised concerns, leading to a decline in Amgen's stock. The company plans to initiate a Phase 3 study to further evaluate MariTide's efficacy and safety.
Health stocks fell sharply after President-elect Trump nominated vaccine skeptic Robert F. Kennedy Jr. to lead the Department of Health and Human Services. The S&P 500 Health Care Index dropped 1.9%, with major companies like Moderna and Pfizer seeing significant losses. Analysts warn that Kennedy's views could undermine vaccine confidence and impact the biotechnology sector, leading to potential public health risks.
Wall Street reacted negatively to Robert F. Kennedy Jr.'s appointment as head of the US Health and Human Services Department, causing significant drops in vaccine and healthcare stocks. Analysts believe the market's response may be exaggerated, noting that RFK Jr. has not proposed drastic changes and has stated he does not plan to eliminate vaccines. Concerns stem from his skepticism about the drug approval process and potential influence over key health agencies.
Amgen's stock dropped over 7% as analysts evaluated bone density loss data from an early trial of its weight loss drug, MariTide. While some analysts raised concerns about potential safety risks linked to higher doses, others deemed the market reaction an overreaction, emphasizing the need for more extensive data from upcoming phase two trials.
Biogen raised its diluted earnings per share guidance for the year to $16.10-$16.60, driven by strong sales of new products like Leqembi, which generated $67 million in Q3, a 66% increase from the previous quarter. Despite this, total revenue is expected to decline in 2024, with ongoing challenges in its multiple sclerosis drug sales. The company is undergoing significant transformation under CEO Chris Viehbacher, focusing on cost-cutting and diversifying its research portfolio.
The FDA has expanded the approval of Pfizer’s RSV vaccine, Abrysvo, to include adults aged 18 to 59 years at increased risk of respiratory syncytial virus, in addition to those aged 60 and older and pregnant women. Despite three available vaccines, uptake remains slow, partly due to CDC recommendations focusing on higher-risk individuals over 75. GSK has also received expanded approval for its RSV vaccine, Arexvy, for adults aged 50 to 59.
Michael Yee
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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