Astra Reports Negative MYSTIC Data, Leading to Fair Value Reduction
In the backdrop of a solid earnings report, AstraZeneca announced the MYSTIC study failed to show a benefit of immuno-oncology drugs Imfinzi plus tremelimumab over chemotherapy in lung cancer, which will lead to almost a 10% decrease in Astra’s fair value estimate. Despite the setback, we continue to view Astra as maintaining its wide moat, but the important trial failure increases pressure on the moat and the company is close to a potential moat rating downgrade.The failed MYSTIC study reduces...
AstraZeneca is a holding company. Through its subsidiaries, Co. operates as a biopharmaceutical company engaged in discovering, developing, manufacturing and commercializing its pipeline of small molecule and biologic prescription medicines, including targeted business development through collaboration, in-licensing and acquisitions. Co. is focused on three main therapy areas: Oncology, Cardiovascular and Metabolic Diseases, and Respiratory. Co. is also selectively active in autoimmunity, infection and neuroscience. In addition, Co. works across small molecules, oligonucleotides and other drug platforms, as well as biologic medicines.
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