Amgen's experimental drug MariTide led to an average weight loss of up to 20% in a year-long mid-stage trial of nearly 600 people who were overweight or obese, the company said on Tuesday.

The pharmaceutical manufacturer Amgen announced on Tuesday that an experimental obesity drug helped patients lose up to 20 percent of their weight in a year. The drug, MariTide, is given by injection once a month, compared with once a week for other obesity drugs like Wegovy and Zepbound that are already on the market.

Amgen stock was dropping sharply Tuesday after releasing what looked like positive data from a Phase 2 study for its experimental monthly weight-loss shot MariTide.Overweight or obese patients on MariTide lost 20% of their body weight on average,