Biotech Values

[DewDiligence]

AMGN re: Good News, Bad News on Denosumab

There was no statistically significant difference in the rate of ONJ between the two treatment arms.

This wording strongly suggests that the observed ONJ rate was somewhat higher in the D-mab arm than in the Zometa arm. However, this is a relatively minor negative in the overall scheme of things—much less consequential than the fact that D-mab showed superiority on Zometa on the primary endpoint.

In AH trading, AMGN was up 13% and NVS was down 3%. The NVS drop is an overreaction, IMO.