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'So far, so good' on leading COVID vaccine, says AstraZeneca

Published 30/07/2020, 07:41
© Reuters. FILE PHOTO: The company logo for pharmaceutical company AstraZeneca is displayed on a screen on the floor at the NYSE in New York

By Pushkala Aripaka and Ludwig Burger

(Reuters) - Britain's AstraZeneca (L:AZN) said on Thursday that good data was coming in so far on its vaccine for COVID-19, already in large-scale human trials and widely seen as the front-runner in the race for a shot against the novel coronavirus.

The drugmaker, Britain's most valuable listed company, also announced second quarter results that beat its sales and profit estimates, thanks to strong sales from a diverse product line-up.

"The vaccine development is progressing well. We have had good data so far. We need to show the efficacy in the clinical programme, but so far, so good," Chief Executive Pascal Soriot said on a media call.

AstraZeneca has already reached deals with countries to make more than 2 billion doses of its COVID-19 vaccine, developed in partnership with the University of Oxford, and says it could be approved by the end of this year.

The company has had a busy few months: it took on development of the COVID-19 shot, received billions in government funding, signed several supply deals, and was even the subject of a mega-merger speculation - all while marching on with its core business.

It stuck by its 2020 outlook on Thursday, and its shares were up about 3% at 88.6 pounds after product sales of $6.05 billion (4.66 billion pounds) in the three months to June surpassed consensus of $6.01 billion. The figure excludes payments from tie-ups.

Newer drugs for diabetes, heart conditions and cancer, including its top selling lung cancer drug Tagrisso, performed well in the quarter and AstraZeneca remains on track for a third consecutive year of growth.

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Among drugs with better-than-expected revenues, sales of respiratory drug Symbicort rose 12% to $653 million, about $90 million above consensus, while revenue from cancer drug Lynparza jumped 62% to $554 million.

There are no approved vaccines for the illness caused by the new virus, but AstraZeneca's shot is widely considered the leading candidate after results from early-stage human trials showed it was safe and produced an immune response.

Core earnings of 96 cents per share beat analysts' expectation of 93 cents. Total revenue rose 11%.

Latest comments

AstraZeneca LP and AstraZeneca Pharmaceuticals LP will pay $520 million to resolve allegations that AstraZeneca illegally marketed the anti-psychotic drug Seroquel for uses not approved as safe and effective by the Food and Drug Administration (FDA), the Departments of Justice and Health and Human Services’ Health Care Fraud Enforcement Action Team (HEAT) announced today. Such unapproved uses are also known as "off-label" uses because they are not included in the drug’s FDA approved product label.
AstraZeneca has agreed to pay about $198 million to settle 17,500, or roughly two-thirds, of the lawsuits. The average payments work out to about $11,314 each.At first glance, it seems insane that AstraZeneca (AZN) would pay $55 million to settle 5,500 Seroquel lawsuits even while it pumps out promotional material that could generate more lawsuits on the same issue: Whether the antipsychotic drug carries a risk of diabetes in those who use it.The company has already paid $656 million for its own legal expenses on Seroquel cases and $520 million to resolve similar allegations from the U.S. Department of Justice.p
Normal practice of manipulative ways till date - very shameful
“WASHINGTON - Several major U.S. retailers have sued AstraZeneca Plc (AZN.L), accusing the drugmaker of using illegal tactics to maintain its monopoly over the heartburn medication Prilosec even after the drug's patent expired in 2001.”
AstraZeneca has agreed to pay about $198 million to settle 17,500, or roughly two-thirds, of the lawsuits. The average payments work out to about $11,314 each. At first glance, it seems insane that AstraZeneca (AZN) would pay $55 million to settle 5,500 Seroquel lawsuits even while it pumps out promotional material that could generate more lawsuits on the same issue: Whether the antipsychotic drug carries a risk of diabetes in those who use it. The company has already paid $656 million for its own legal expenses on Seroquel cases and $520 million to resolve similar allegations from the U.S. Department of Justice. Despite that, AZ's sales force continues to hand out leaflets that don't contain the legally required warning that Seroquel may cause diabetes, according to this FDA "untitled" letter from July 29. Why is AZ engaging in what appears to be death by a thousand legal cuts? It turns out that when you run the numbers, there's a case to be made that it's actually cheaper
Astrzeneca adjusting its share stock market figures of previous weeks due to fall but this adjustment raises percentage in disguise- your stock a week ago was over 9200 and today your stock is less 8900 how do you see profit - very manipulative and agreed with all that make a mockery of the stock market- but what do you want to achieve buy doing thid
Haha - lol - i like that - so far so good- manipulation is an illusion - haha
really 🙄
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