AstraZeneca Reports Positive Phase 2 Results For Cancer Drug
AstraZeneca ($AZN) achieved an important milestone as the company announced that its Phase III OlympiAD trial comparing LYNPARZA™ (olaparib) tablets (300mg twice daily) to physician’s choice of a standard of care chemotherapy in the treatment of patients with HER2-negative metastatic breast cancer harboring germline BRCA1 or BRCA2 mutations met its primary endpoint.
The company said that the patients treated with the drug candidate showed a statistically-significant and clinically-meaningful improvement in progression-free survival (PFS) compared with those who received chemotherapy. Initial findings from the OlympiAD study indicate that the safety profile of LYNPARZA was consistent with previous studies.
AstraZeneca recently announced its better than expected fourth quarter results. The company had earned net income of $1.84 billion for the fourth quarter of the year. Its revenue for the quarter stood at $5.59 billion during the same time period. The company reported that its earnings, adjusted for non-recurring gains, were $1.21 per share.
The company stock has gained over 5 percent this year so far. Its 12 months performance is a little shaky as the stock lost 3 percent of its value during this time period. However, with upcoming strong trial results and strong quarterly numbers, the stock is expected to perform robust in the coming months.
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