AstraZeneca: shares tumble after disappointing trial results
(CercleFinance.com) - Shares in AstraZeneca tumbled 15 percent in London on Thursday after the company's new lung cancer drug failed to meet primary targets in a Phase III trial.
The firm said this morning that the combination of Imfinzi and tremelimumab did not meet the primary endpoint of improving progression-free survival compared to chemotherapy in non-small cell lung cancer patients.
The group admitted that the results of the trial—which has been conducted in 167 centres across 17 countries—were "disappointing."
In a separate news release, AstraZeneca said that its financial performance in the first half was "in line with expectations" after it experienced the loss of exclusivity on two drugs in the US.
First-half revenue fell 11 per cent in dollar terms to 10.45 billion, while core earnings per share (EPS) rose 5 per cent to 1.86 dollars.
AstraZeneca also said it has entered a global strategic oncology collaboration with US drugmaker Merck to co-develop and co-commercialise Lynparza for multiple cancer types, including breast, prostate and pancreatic cancers.
Listed in London, AstraZeneca are currently down 15.8 per cent at 4,304 pence.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The firm said this morning that the combination of Imfinzi and tremelimumab did not meet the primary endpoint of improving progression-free survival compared to chemotherapy in non-small cell lung cancer patients.
The group admitted that the results of the trial—which has been conducted in 167 centres across 17 countries—were "disappointing."
In a separate news release, AstraZeneca said that its financial performance in the first half was "in line with expectations" after it experienced the loss of exclusivity on two drugs in the US.
First-half revenue fell 11 per cent in dollar terms to 10.45 billion, while core earnings per share (EPS) rose 5 per cent to 1.86 dollars.
AstraZeneca also said it has entered a global strategic oncology collaboration with US drugmaker Merck to co-develop and co-commercialise Lynparza for multiple cancer types, including breast, prostate and pancreatic cancers.
Listed in London, AstraZeneca are currently down 15.8 per cent at 4,304 pence.
Copyright (c) 2017 CercleFinance.com. All rights reserved.