pipeline

First, MariTide Phase 2 showed 20% weight loss, but analysts expected 25%. The shortfall triggered selling. Deutsche Bank called results underwhelming and kept a $305 target. Second, Prolia and XGEVA dropped 33% in Q2 as biosimilar competition arrived faster than modeled. Third, management warned operating expenses would rise in the second half.
All three sell-offs had one thing in common: the core business was intact. Revenue grew 10% in Q2 to over $10 billion. Guidance was raised. Growth products outpaced legacy declines.
Expectation misses are different from execution failures. Amgen stock's dips were the first kind. My approach is to evaluate each dip against the revenue trajectory. Your process may differ.
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