We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
AstraZeneca (AZN) Down 9% on Mixed Lung Cancer Study Results
Read MoreHide Full Article
AstraZeneca (AZN - Free Report) reported results from an interim analysis of the phase III TROPION-Lung01 study evaluating datopotamab deruxtecan (Dato-DXd) in patients with locally advanced or metastatic non-small cell lung cancer (“NSCLC”) treated with at least one prior therapy.
The company reported mixed results from the TROPION-Lung01 study. Though the TROPION-Lung01 study showed that treatment with datopotamab deruxtecan achieved one of its dual primary endpoints of progression-free survival (“PFS”) over the current standard of care chemotherapy, it did not achieve the other dual primary endpoint of overall survival (“OS”) with statistical significance.
Shares of AstraZeneca were down 8.8% on Monday post the announcement. Alhough management claimed that the OS data was still favorable and yet to mature, several Wall Street analysts pointed out that the company did not declare the positive PFS result to be “clinically meaningful”. AstraZeneca also reported that some participants in the study also experienced a Grade 5 (fatal) serious adverse event though it is unclear whether the event occurred because of the drug’s intake. Per an article by the National Library of Medicine, a grade 5 SAE indicates the worst outcome, i.e., death. The company’s press release lacked any numerical data to verify the relevance of the reported results.
AstraZeneca will continue to assess the effect of the drug on OS endpoint in the TROPION-Lung01 study.
Year to date, the stock has lost 3.8% against the industry‘s 2.2% growth.
Image Source: Zacks Investment Research
Per management, chemotherapy is the last resort for patients with advanced NSCLC despite limited effectiveness. Datopotamab deruxtecan is designed to target TROP2, a protein that is highly expressed in a large majority of lung cancers. There are no TROP2-directed antibody drug conjugates (“ADC”) approved for treating patients with lung cancer.
Datopotamab deruxtecan is being developed by AstraZeneca in collaboration with Daiichi Sankyo. Apart from NSCLC, the companies are evaluating the drug across multiple TROP2-targetable tumors, including breast cancer.
AstraZeneca and DaiiChi Sankyo initially entered into an agreement in 2019 to jointly develop and market Enhertu, which is currently approved in the United States across three oncology indications, namely breast cancer, stomach cancer and lung cancer. The companies expanded their agreement in 2020 to jointly develop datopotamab deruxtecan.
AstraZeneca is highly focused on strengthening its oncology business. In first-quarter 2023, AZN generated $4.1 billion worth of total revenues from its Oncology business, up 19% year over year at CER. The upside was driven by a solid performance of newer medicines, such as Tagrisso, Lynparza, Imfinzi and Calquence. AstraZeneca is working to further strengthen this portfolio through label expansions and advancing oncology pipeline candidates.
In the past 60 days, the estimate for AbbVie’s 2023 and 2024 EPS have increased from $10.96 to $10.99 and $11.03 to $11.04, respectively. Shares of AbbVie are down 16.5% in the year-to-date period.
Earnings of AbbVie beat estimates in each of the last four quarters, witnessing an average earnings surprise of 1.78%.
In the past 60 days, the estimate for Novartis’ 2023 and 2024 EPS have increased from $6.60 to $6.74 and $7.11 to $7.28, respectively. Shares of Novartis are up 8.9% in the year-to-date period.
Earnings of Novartis beat estimates in each of the last four quarters, witnessing an average earnings surprise of 5.15%.
In the past 60 days, the estimate for Vertex’s 2023 and 2024 EPS have increased from $14.39 to $14.48 and $15.44 to $15.66, respectively. Shares of Vertex are up 20.4% in the year-to-date period.
Earnings of Vertex beat estimates in each of the last four quarters, witnessing an average earnings surprise of 5.51%.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
AstraZeneca (AZN) Down 9% on Mixed Lung Cancer Study Results
AstraZeneca (AZN - Free Report) reported results from an interim analysis of the phase III TROPION-Lung01 study evaluating datopotamab deruxtecan (Dato-DXd) in patients with locally advanced or metastatic non-small cell lung cancer (“NSCLC”) treated with at least one prior therapy.
The company reported mixed results from the TROPION-Lung01 study. Though the TROPION-Lung01 study showed that treatment with datopotamab deruxtecan achieved one of its dual primary endpoints of progression-free survival (“PFS”) over the current standard of care chemotherapy, it did not achieve the other dual primary endpoint of overall survival (“OS”) with statistical significance.
Shares of AstraZeneca were down 8.8% on Monday post the announcement. Alhough management claimed that the OS data was still favorable and yet to mature, several Wall Street analysts pointed out that the company did not declare the positive PFS result to be “clinically meaningful”. AstraZeneca also reported that some participants in the study also experienced a Grade 5 (fatal) serious adverse event though it is unclear whether the event occurred because of the drug’s intake. Per an article by the National Library of Medicine, a grade 5 SAE indicates the worst outcome, i.e., death. The company’s press release lacked any numerical data to verify the relevance of the reported results.
AstraZeneca will continue to assess the effect of the drug on OS endpoint in the TROPION-Lung01 study.
Year to date, the stock has lost 3.8% against the industry‘s 2.2% growth.
Image Source: Zacks Investment Research
Per management, chemotherapy is the last resort for patients with advanced NSCLC despite limited effectiveness. Datopotamab deruxtecan is designed to target TROP2, a protein that is highly expressed in a large majority of lung cancers. There are no TROP2-directed antibody drug conjugates (“ADC”) approved for treating patients with lung cancer.
Datopotamab deruxtecan is being developed by AstraZeneca in collaboration with Daiichi Sankyo. Apart from NSCLC, the companies are evaluating the drug across multiple TROP2-targetable tumors, including breast cancer.
AstraZeneca and DaiiChi Sankyo initially entered into an agreement in 2019 to jointly develop and market Enhertu, which is currently approved in the United States across three oncology indications, namely breast cancer, stomach cancer and lung cancer. The companies expanded their agreement in 2020 to jointly develop datopotamab deruxtecan.
AstraZeneca is highly focused on strengthening its oncology business. In first-quarter 2023, AZN generated $4.1 billion worth of total revenues from its Oncology business, up 19% year over year at CER. The upside was driven by a solid performance of newer medicines, such as Tagrisso, Lynparza, Imfinzi and Calquence. AstraZeneca is working to further strengthen this portfolio through label expansions and advancing oncology pipeline candidates.
AstraZeneca PLC Price
AstraZeneca PLC price | AstraZeneca PLC Quote
Zacks Rank & Key Picks
AstraZeneca carries a Zacks Rank #3 (Hold).Some better-ranked stocks in the overall healthcare sector include AbbVie (ABBV - Free Report) , Novartis (NVS - Free Report) and Vertex Pharmaceuticals (VRTX - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 60 days, the estimate for AbbVie’s 2023 and 2024 EPS have increased from $10.96 to $10.99 and $11.03 to $11.04, respectively. Shares of AbbVie are down 16.5% in the year-to-date period.
Earnings of AbbVie beat estimates in each of the last four quarters, witnessing an average earnings surprise of 1.78%.
In the past 60 days, the estimate for Novartis’ 2023 and 2024 EPS have increased from $6.60 to $6.74 and $7.11 to $7.28, respectively. Shares of Novartis are up 8.9% in the year-to-date period.
Earnings of Novartis beat estimates in each of the last four quarters, witnessing an average earnings surprise of 5.15%.
In the past 60 days, the estimate for Vertex’s 2023 and 2024 EPS have increased from $14.39 to $14.48 and $15.44 to $15.66, respectively. Shares of Vertex are up 20.4% in the year-to-date period.
Earnings of Vertex beat estimates in each of the last four quarters, witnessing an average earnings surprise of 5.51%.