AstraZeneca Faces $100 Million Impairment After Disappointing Epanova Data -- Update
January 13 2020 - 8:22AM
Dow Jones News
(Adds impairment amount. )
By Adriano Marchese and Carlo Martuscelli
AstraZeneca PLC (AZN.LN) said Monday that it expects to book a
$100 million write-down in the fourth quarter after its decision to
discontinue a study of its Epanova cardiovascular drug following a
recommendation from an independent data-monitoring committee.
The company said it has decided to close the phase three trial
for the drug due to its low likelihood of demonstrating a benefit
to patients with mixed dyslipidaemia who are at risk of
cardiovascular disease.
"We are disappointed by these results, but we remain committed
to addressing the needs of patients in the cardiovascular space
where we have an extensive pipeline," Executive Vice President of
BioPharmaceuticals R&D Mene Pangalos said.
The British pharmaceutical major said that it is reviewing the
$533 million value it assigned to Epanova. The $100 million
impairment, related to inventories, is expected to hit its core
earnings in the final quarter of 2019.
Write to Adriano Marchese at adriano.marchese@wsj.com and Carlo
Martuscelli at carlo.martuscelli@wsj.com
(END) Dow Jones Newswires
January 13, 2020 08:07 ET (13:07 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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