AstraZeneca fails to please, despite posting a 34% rise in 3rd-qtr 2006 earnings
Worries about Anglo-Swedish drug major AstraZeneca's R&D pipeline and what were described as "mixed" 2006 third-quarter financial results, caused the firm's share price to slump 8% to L32.62 on October 26, the day the figures were released.
The main negative factor was the company's announcement that NXY-059, under development with US firm Renovis, had not demonstrated efficacy in the treatment of acute ischemic stroke, and so AstraZeneca would not pursue further development of the drug (Marketletter October 30). This leaves the group with just one late-stage Phase III drug in its pipeline, AGI-1067 for atherosclerosis, which is due for filing next year.
Increases full-year EPS forecast
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