AstraZeneca profit beat, bullish tone ease investor angst over drug pipeline
AZN•Pipeline setbacks remain in focus
AstraZeneca's diversity in therapeutic areas and approved drugs and broad success in clinical trials sets it apart from its peers. However, results from two upcoming late-stage cancer studies will be a litmus test for Soriot after clinical trial setbacks on nerve drug Wainua and experimental breast cancer treatment camizestrant.
"We remain confident in the strength of our pipeline and have more than twenty high-value readouts due over the next 18 months," he said in a statement.
AstraZeneca also detailed the outcome of a different, successful late-stage gastric cancer trial, while another study of its rare-disease drug ultomiris failed to meet the primary goal of a study in patients with a life-threatening complication from stem-cell transplants.
"Growth is clearly moderating, and investors will stay laser focused on the remaining big oncology trial readouts later this year," eToro analyst Adam Vettese said.
