Amgen has raised its full-year revenue forecast, now expecting between $38.2 billion and $39.4 billion, following robust drug sales in the second quarter. The biotechnology firm announced it is discontinuing development of an early-stage obesity treatment, AMG 513, which was in a phase 1 study. While the study will be completed to monitor participants, no specific reason was given for the discontinuation.

With AMG 513's development halted, Amgen's sole candidate in the obesity space is Mari Tide, currently undergoing phase 3 studies for conditions including obesity, Type 2 diabetes, and chronic weight management. This strategic shift comes as Amgen projects adjusted per-share earnings between $22.30 and $23.50, an increase from its prior guidance of $21.70 to $23.10.