Amgen's Dazodalibep Results Spark Interest in I&I Pipeline
Amgen Inc.'s (NASDAQ:AMGN) recent announcement of positive Phase 3 results for dazodalibep in systemic Sjögren's disease has sparked interest in the company's Inflammation & Immunology pipeline. The trial met its primary endpoint, demonstrating statistically significant and clinically meaningful improvements in systemic disease activity.
The results reduce clinical risk for a potentially underappreciated I&I asset, according to Citi, which reaffirmed a Neutral rating and $405 price target on Amgen following the announcement. However, the firm highlighted that critical details were omitted from the release, leaving questions about the magnitude of efficacy and overall competitive profile.
Amgen's pipeline progress is crucial as the company faces challenges from biosimilar erosion in legacy products. In Q2 2026, mature therapies faced sharp declines due to biosimilar entry, with Prolia sales falling 32% to $759 million and XGEVA dropping 34% to $352 million.