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AstraZeneca shares dive after failure of 'Mystic' lung cancer drug trial AstraZeneca shares dive after failure of key lung cancer drug trial
(35 minutes later)
Shares in AstraZeneca have slumped by 15%, wiping nearly £10bn off the value of the pharmaceutical group after the failure of a key lung cancer drug trial. Shares in AstraZeneca have slumped by 15%, wiping nearly £10bn off the value of the pharmaceuticals group after the failure of a key lung cancer drug trial.
Initial results from the study, known as Mystic, showed a combination of two injectable drugs, durvalumab and tremelimumab, was no more effective at stopping disease progression than chemotherapy in affected patients. Initial results from the study, known as Mystic, showed a combination of two injectable drugs, durvalumab and tremelimumab, was no more effective at stopping disease progression in affected patients than chemotherapy.
The clinical study was seen as key to proving the value of the group’s new drug pipeline. Uncertainty about its outcome has been heightened by recent speculation about the tenure of chief executive Pascal Soriot. The clinical study was seen as key to proving the value of the group’s new drug pipeline. Uncertainty about its outcome has been heightened by recent speculation about the tenure of the chief executive, Pascal Soriot.
“Despite the outcome of the initial readout, we must be patient as the Mystic trial continues as planned to evaluate overall survival,” Soriot said.“Despite the outcome of the initial readout, we must be patient as the Mystic trial continues as planned to evaluate overall survival,” Soriot said.
Immunotherapies, which boost the immune system’s ability to fight tumours, promise to revolutionise cancer care, prompting a race among companies to develop rival treatments. Lung cancer is the single biggest market opportunity. Immunotherapies, which enhance the immune system’s ability to fight tumours, promise to revolutionise cancer care, prompting a race among companies to develop rival treatments. Lung cancer is the biggest market opportunity.
The news came as AstraZeneca reported drug sales fell again in the second quarter, hit by loss of patents on blockbusters like cholesterol pill Crestor. The news on Thursday came as AstraZeneca reported that drug sales fell again in the second quarter, hit by a loss of patents on blockbusters such as the cholesterol pill Crestor.
Despite income from disposals and external deals, first-quarter revenue fell 10% in dollar terms to $5.05bn, while core earnings per share rose 5% to 87. Despite income from disposals and external deals, first-quarter revenue fell by 10% in dollar terms to $5.05bn (£3.8bn), while core earnings per share – the closely watched measure of profitability – rose by 5% to 87 cents.
Industry analysts, on average, had forecast revenue of $5.0bn and earnings of 80c, according to Thomson Reuters data. Industry analysts, on average, had forecast revenue of $5bn and EPS of 80 cents, according to Thomson Reuters data.
AstraZeneca reiterated its outlook for the full year that revenue would decline at a low to mid single-digit percentage rate, with core EPS dropping by a low to mid-teens percentage. AstraZeneca reiterated its outlook for the full year that revenue would decline at a low to mid single-digit percentage rate, with EPS dropping by a percentage in the low-to-mid teens.
There was some better news elsewhere, with the company announcing that its lung cancer pill Tagrisso had significantly improved progression-free survival another clinical trial called Flaura. There was some better news elsewhere, with the company announcing positive results with its lung cancer pill Tagrisso.