Historical Stock Chart
3 Months : From Dec 2019 to Mar 2020
(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 email@example.com and Carlo Martuscelli at firstname.lastname@example.org
(END) Dow Jones Newswires
January 13, 2020 08:07 ET (13:07 GMT)
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