AstraZeneca shares fell as much as 9.9% in London trading, the biggest intraday drop since July 2017, after its gene-silencing heart drug Wainua failed a late-stage trial. The drug, developed with Ionis Pharmaceuticals, did not reduce cardiovascular events or heart-related deaths in patients with transthyretin-mediated amyloid cardiomyopathy, a condition AstraZeneca estimates affects up to 500,000 people worldwide. Ionis shares fell as much as 15% in premarket trading. Jefferies analyst Michael Leuchten said the result may hurt AstraZeneca's credibility beyond the lost revenue opportunity, though it does not threaten the company's $80 billion sales target for 2030. Bloomberg Intelligence's John Murphy said AstraZeneca's ambition for more than $5 billion in Wainua sales now looks unlikely.
AstraZeneca PLCAstraZeneca's heart drug Wainua failed a late-stage trial, leading to a 9.9% share drop.
Ionis Pharmaceuticals IncWainua, developed with Ionis, failed a late-stage trial, causing shares to fall 15%.
Jefferies Financial Group Inc