GSK share price: Heart drug fails late-stage trial

on May 13, 2014
Updated: Apr 9, 2020
Listen, Tuesday, May 13: GlaxoSmithKline Plc (LON:GSK) has said that a drug failed to reduce heart attacks or other major events in patients with acute coronary syndrome in a late-stage trial. The result came after the drug, called darapladib, failed in another trial last November.

GSK’s share price has added about 0.2 percent in London so far today.
**Disappointing study results**
GSK this morning unveiled the results from its second Phase III study with darapladib, reporting that the drug had not achieved the primary endpoint of a reduction of major coronary events in patients with acute coronary syndrome versus placebo when added to standard of care.

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Acute coronary syndrome is a term used to describe situations or events, including heart attack, where there is a sudden reduction of blood flow to the heart.
Patrick Vallance, GSK’s president of Pharmaceuticals R&D, said in the statement that the company was disappointed with the outcome which did not support a regulatory submission for the drug.

“We will now work to further analyse the data and better understand the findings,” he added. GSK’s darapladib is not approved for use anywhere in the world.

Today’s results came after last November, the company announced results of another study, STABILITY, which showed that darapladib had failed to achieve a statistically significant reduction in the primary endpoint of major adverse cardiovascular events, including cardiovascular death, myocardial infarction and stroke, versus placebo in patients with chronic coronary heart disease.

Rival FTSE 100 drugmaker AstraZeneca Plc (LON:AZN) today unveiled upbeat results from a late-stage trial of a combination treatment for patients with type 2 diabetes. (AstraZeneca studies results)
**Analysts on GSK**
The 24 analysts offering 12 month price targets for GSK for the Financial Times have a median target of 1,700p, with a high estimate of 3,546.2p and a low estimate of 1,500p. As of May 9, the consensus forecast amongst 48 polled investment analysts covering the stock advises investors to hold their position in the FTSE 100 company.

Last month, GSK updated investors on its first-quarter performance, saying that its sales had dropped two percent to £5.6 billion on a constant-exchange-rate basis. (GSK share price: Drugmaker’s sales drop two percent in Q1) GSK’s core operating profit came in 18 percent lower at £1.53 billion.
**As of 09:46 BST, buy GSK shares at 1625.50p.**
**As of 09:46 BST, sell GSK shares at 1624.50p.**


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