AstraZeneca share price: Group posts upbeat results from Lynparza trial

First-line use could boost sales of oncology drug by more than $1bn a year

AstraZeneca share price: Group posts upbeat results from Lynparza trial

AstraZeneca (LON:AZN) has posted upbeat results from a late-stage trial for first-line use of its oncology treatment Lynparza. The news marks a boost for the Anglo-Swedish pharmco which has bet on oncology as one of its key therapy areas to propel growth.

AstraZeneca’s share price has fallen into the red in today’s session, having given up 0.86 percent to 5,164.00p as of 10:26 BST. The shares are marginally underperforming the broader UK market, with the benchmark FTSE 100 index currently trading 0.22 percent lower at 7,521.50 points.

Lynparza trial results

AstraZeneca announced in a statement today that its oncology treatment Lynparza had met the primary endpoint in a late-stage trial of progression-free survival in women with BRCA-mutated advanced ovarian cancer, showing a safety profile consistent with previous trials. The medicine, which is being developed and marketed with Merck & Co, is already approved for later use in patients with BRCA genetic mutations.

“For the first time, we see a significant and clinically-impactful improvement in progression-free survival in the 1st-line maintenance setting for women with BRCA-mutated ovarian cancer treated with a PARP inhibitor,” the FTSE 100 drugmaker’s chief medical officer Sean Bohen commented in the statement.

Analysts weigh in

Reuters reported that Deutsche Bank had said that the strong results could represent around a $1 billion incremental sales opportunity for the treatment, on top of its existing approved second- and third-line use, while Jefferies put it at $1.6 billion. A spokeswoman for AstraZeneca meanwhile told the newswire that the company viewed competitors as 18 months behind in generating similar clinical data.

The news comes after earlier this week, UBS lifted its price target on the Anglo-Swedish pharmco, arguing that sales of its oncology treatment Tagrisso looked likely to beat expectations over the coming years.

As of 10:48 BST, Wednesday, 27 June, AstraZeneca plc share price is 5,182.25p.

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