Amgen reported that an injectable version of Tepezza (teprotumumab-trbw) succeeded in a Phase 3 study for thyroid eye disease, setting up direct competition with Viridian Therapeutics’ recently posted Phase 3 program. Tepezza is positioned as Amgen’s market-leading therapy for the condition, and the injectable formulation adds a new route and regimen option. Analysts in the coverage expressed doubt about the magnitude of the competitive threat, but the Phase 3 outcome provides Amgen a regulatory and commercial pathway to widen Tepezza’s use cases. For the sector, the update is another reminder that late-stage differentiation can hinge on formulation and delivery convenience as much as on target biology. The story also signals how companies are preparing for a multi-asset, multi-route race as competitors advance their own late-stage assets in thyroid eye disease.