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ASTRAZENECA

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AstraZeneca's Tagrisso gets China OK for type of lung cancer

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09/04/2019 | 04:26am EDT
FILE PHOTO: A sign is seen at an AstraZeneca site in Macclesfield, England

(Reuters) - AstraZeneca Plc said on Wednesday it had received marketing authorisation from China's National Medical Products Administration for its top-selling drug, Tagrisso, to treat adults with a form of lung cancer.

China approved Tagrisso as a first-line treatment for adults with non-small cell lung cancer patients whose tumours have certain genetic mutations, AstraZeneca said.

Last month, the British drugmaker said a late-stage study showed Tagrisso had significantly helped patients with epidermal growth factor receptor-mutated metastatic non-small cell lung cancer live longer.

The company has moved deeper into cancer therapy through wide-ranging deals, including those for immunotherapy and targeted therapy. Earlier this year, it agreed to a multi-billion dollar oncology deal with Japan's Daiichi Sankyo Co.

Sales from AstraZeneca's oncology unit soared 57% to $2.17 billion in the second quarter, accounting for 38% of total product sales, with revenue from Tagrisso nearly doubling to $784 million.

AstraZeneca had also raised its product sales forecast for 2019, thanks in part to strong sales of cancer drugs.

(This story corrects to show study in August points to overall survival and not progression free survival in paragraph three)

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Bernard Orr)

Stocks mentioned in the article
ChangeLast1st jan.
ASTRAZENECA 0.56% 7167 Delayed Quote.22.03%
DAIICHI SANKYO COMPANY, LIMITED 0.36% 7152 End-of-day quote.108.82%
SANKYO CO., LTD. -0.66% 3765 End-of-day quote.-5.40%
SEVEN & I HOLDINGS CO., LTD. -0.86% 4142 End-of-day quote.-13.35%
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Financials (USD)
Sales 2019 23 963 M
EBIT 2019 6 402 M
Net income 2019 2 299 M
Debt 2019 11 472 M
Yield 2019 3,13%
P/E ratio 2019 50,1x
P/E ratio 2020 36,0x
EV / Sales2019 5,37x
EV / Sales2020 4,89x
Capitalization 117 B
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 93,80  $
Last Close Price 89,43  $
Spread / Highest target 45,0%
Spread / Average Target 4,89%
Spread / Lowest Target -29,2%
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Managers
NameTitle
Pascal Soriot Chief Executive Officer & Executive Director
Leif Valdemar Johansson Non-Executive Chairman
Pam P. Cheng Executive VP-Operations & Information Technology
Marc Pierre Jean Dunoyer Chief Financial Officer & Executive Director
Shriti Vadera Independent Non-Executive Director
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