AstraZeneca’s stock surges on FTSE 100 on Tagrisso approval

AstraZeneca’s (LON: AZN) stock surged on the FTSE 100 index following the announcement of the approval of its lung-cancer drug Tagrisso, in combination with chemotherapy.

AstraZaneca’s shares were up by 3%, or 304.0 pence, reaching 10,398 pence. However, despite this recent rise, the stock has experienced a decline of 9.4% over the past year.

Tagrisso approval boosts

The approval was granted based on promising trial results, demonstrating that Tagrisso combined with chemotherapy significantly extended median progression-free survival by nearly nine months compared to the standard of care. This approval targets adults with locally advanced or metastatic epidermal growth factor receptor-mutated non-small cell lung cancer.

The trial, conducted across more than 150 centers in over 20 countries, involving 557 patients, including regions in the U.S., Europe, South America, and Asia, showcased the efficacy of the treatment.

What the management says

Dave Fredrickson, the executive vice president of the oncology business unit at AstraZeneca, emphasized the significance of this approval, highlighting the substantial delay in disease progression and establishing a new benchmark with the longest reported progression-free survival benefit in the first-line advanced setting.