Viridian TED data adds new overhang to Amgen’s Tepezza growth, says Barclays

After Viridian (VRDN) disclosed veligrotug phase 3 THRIVE topline results in active thyroid eye disease treatment, or TED, Barclays noted that high-level efficacy is in line with Amgen’s (AMGN) Tepezza, but at an earlier time point with less infusion burden and potentially a better safety profile. While Tepezza growth dynamics and outlook have been “overshadowed” by the focus on Amgen’s obesity portfolio, including MariTide, the firm notes that the Street expects Tepezza to add another $1B in annual sales over the balance of the decade and says veligrotug’s “impressive” 70% responder rate at week 15 adds a new overhang to the Tepezza growth outlook. Barclays has an Equal Weight rating on Amgen shares.