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AstraZeneca PLC (AZN) - $25 value - yours FREE >>
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AstraZeneca Nasal Spray Flu Vaccine To be Hit By ACIP Vote
AstraZeneca plc (AZN - Free Report) confirmed that the Advisory Committee on Immunization Practices (ACIP) of the Centers for Disease Control and Prevention (CDC) has provided its interim recommendation related to the use of the company’s “nasal spray” flu vaccine - FluMist Quadrivalent Live Attenuated Influenza Vaccine (LAIV).
The ACIP voted that the vaccine should not be used during the 2016-2017 flu season in the U.S. The vote was based on data showing poor or relatively lower effectiveness of FluMist Quadrivalent from 2013 through 2016. The data indicated that the vaccine did not show statistically significant effectiveness in children (2-17 years).
Although AstraZeneca is working with the CDC to understand its data and ensure that eligible patients continue to receive the vaccine, the compact expects limited demand for its vaccine in the U.S. in the second half of the year. FluMist Quadrivalent had brought in sales of $290 million last year, including sales of $206 million in the U.S.
AstraZeneca said that it will be taking an inventory write-down of about $80 million in the second quarter of 2016. However, 2016 guidance remains unchanged. At the time of reporting first quarter results, the company had reiterated its guidance of a low to mid single-digit percentage decline in both revenues and earnings (at constant exchange rates).
The guidance takes into account the recent entry of generic competition for one of AstraZeneca’s key branded drugs, Crestor, in the U.S. Crestor had brought in worldwide sales of $5 billion in 2015 including U.S. sales of $2.8 billion.
AstraZeneca is a Zacks Rank #3 (Hold) stock. Some better-ranked stocks in the large-cap pharma sector include Pfizer Inc. (PFE - Free Report) , GlaxoSmithKline plc (GSK - Free Report) and Johnson & Johnson (JNJ - Free Report) . While Pfizer is a Zacks Rank #1 (Strong Buy) stock, Glaxo and Johnson & Johnson are Zacks Rank #2 (Buy) stocks.
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