Demand for GLP-1 therapies is spreading beyond diabetes into obesity and sleep apnea, and the market is already pricing the next wave of entrants. Amgen shares have climbed 27 percent year to date while Regeneron has rebounded over the past two months after a weak first half, each biotech offering a pipeline candidate that could loosen the grip of Eli Lilly and Novo Nordisk on the category.
Amgen offsets a patent cliff with pipeline optionality
Amgen’s second-quarter revenue rose 10 percent from a year earlier to $10.1 billion and adjusted earnings per share increased 4 percent to $6.29. The top-line growth came despite the loss of patent exclusivity for denosumab, which contributed roughly 18 percent of revenue in 2025 and now faces biosimilar erosion. Tepezza and Tezspire have absorbed some of that pressure, but the longer bet sits with MariTide, an investigational GLP-1 in phase 3 trials for weight management, diabetes and other indications. Its potential dosing schedule, monthly or less frequent, would differentiate it from the daily or weekly injectables that dominate today, though the source notes patients may accept lower efficacy for that convenience.
Regeneron leans on a reformulated franchise
Regeneron’s second-quarter revenue jumped 17 percent year over year to $4.3 billion and adjusted earnings per share rose 11 percent to $14.29. The company has been navigating biosimilar competition for Eylea, its eye-disease franchise, by rolling out a high-dose formulation that extends dosing intervals without sacrificing efficacy. Early uptake of Eylea HD is supporting the revenue rebound, but the GLP-1 pipeline remains earlier stage than Amgen’s and the source does not disclose trial timelines for Regeneron’s two candidates.
Dividend durability versus pure growth
Amgen adds a 2.4 percent forward yield and a streak of annual increases dating to 2011, a profile that appeals to income-focused holders while they wait for MariTide data. Regeneron pays no dividend, leaving total return tied entirely to pipeline execution and Eylea HD market share. Both stocks trade at a discount to the GLP-1 leaders, but the discount reflects binary clinical risk that Lilly and Novo have largely retired.
What to watch next
MariTide phase 3 readouts will set the valuation ceiling for Amgen’s GLP-1 option. For Regeneron, the trajectory of Eylea HD adoption and any clinical updates on its GLP-1 pair will determine whether the second-half rebound has legs. Until data arrives, both names remain levered bets on convenience and pipeline depth rather than proven franchise expansion.