Amgen scraps experimental weight loss pill, moves forward with injection

Key Facts

• The announcement is a setback for Amgen, which is among several drugmakers racing to join the red-hot weight loss drug space dominated by Novo Nordisk and Eli Lilly, which some analysts say could be worth $100 billion by the end of the decade.
• Amgen is planning a stage two trial on the drug in diabetes treatment as well.
• Here is what Amgen reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: Earnings per share: $3.96 vs. $3.87 expected Revenue: $7.45 billion vs. $7.44 billion expected Amgen posted a net loss of $113 million, or 21 cents per share.
• That compares to a net income of $2.84 billion, or $5.28 per share, for the year-earlier period.

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