Amgen Inc. (AMGN): Constructive into second Phase 3 Sjögren's disease data

AMGN is expected to report Phase 3 (OASIZ 303) data in 4Q for dazodalibep, an anti-CD40L antagonist fusion protein, in moderate-to-severe symptomatic Sjögren's disease, following positive Phase 3 topline results in moderate-to-severe systemic Sjögren's disease in September. We are constructive into the upcoming data based on: (1) positive read-through from the systemic study, given substantial overlap between symptomatic burden and systemic disease (per management, 60%-85% of patients have symptomatic disease and ~40% have systemic involvement); (2) positive Phase 2 data in symptomatic patients, where dazodalibep delivered a statistically significant and clinically meaningful improvement in patient-reported symptoms as measured by ESSPRI, the same primary endpoint used in OASIZ 303;