AstraZeneca Faces $100 Million Impairment After Disappointing Epanova Data -- Update

Date : 01/13/2020 @ 1:22PM
Source : Dow Jones News
Stock : AstraZeneca PLC (AZN)
Quote : 42.47  0.0 (0.00%) @ 1:00AM

AstraZeneca Faces $100 Million Impairment After Disappointing Epanova Data -- Update

Astrazeneca (LSE:AZN)
Historical Stock Chart

3 Months : From Dec 2019 to Mar 2020

Click Here for more Astrazeneca Charts.

(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.

Latest AZN Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


$
Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.