The important data is released tomorrow, but the biotech has other study results to share about denosumab - subcutaneous injections every six months achieved significantly greater increases in bone mineral density compared with Merck’s Fosamax at all sites measured. For the primary endpoint, denosumab resulted in significant increases in BMD at the total hip - 1.9 percent versus 1.05 percent (here is the statement).

This may encourage Amgen employees and investors, but the big issue is whether denosumab significantly reduced the risk of spine fracture in a three-year trial of 7,800 post-menopausal women. Amgen released partial results this summer, but never disclosed how much the risk was reduced. That’s what everyone is waiting to hear on Tuesday at the annual meeting of the American Society of Bone Mineral Research in Montreal. (Back story).

The data could make the difference between a multi-billion-dollar med and an also-ran in a crowded field. No small moment for a company that has staggered from setback to setback with its existing anemia meds. Amgen stock rose about 37 percent since early June, in fact, over anticipation of the denosumab data to be released tomorrow. Ironically, Wall Street woes may overshadow the potential for another jump in the stock.