AstraZeneca plc (ADR) (NYSE:AZN) promise of delivering annual revenues of $45 billion by 2023 received a major boost after its lung cancer drug impressed in a phase II study against Clovis. The drug was found to extend the survival rate of patients by more than a year an indication that it can be used as a key remedy for lung cancer. AZD9291 was found to charter a median free survival of 13.5 months.
Nearly 300 patients had been enrolled in the Phase II study toppling the 9.6 month progression-free survival rate that was posted last fall. A 54% response rate complimented with a median duration of 12.4 months positions it as a possible treatment for lung cancer.
The pill should enable AstraZeneca plc (ADR) (NYSE:AZN) to compete better with Clovis Oncology lung cancer drug, which has a 10.4 months PFS rate. Analysts continue to call pharmaceutical companies to develop drugs with a PFS rate of more than a year.
AstraZeneca plc (ADR) (NYSE:AZN) should enjoy an advantage in the market in terms of sales when the drug hits the market seen by Clovis sinking in the market by 4% after the announcement of a 13.5 months PFS rate. Plans are already underway to submit AZD9291 for approval by the Federal Drugs and Administration later in the next quarter.
AstraZeneca plc (ADR) (NYSE:AZN) has also confirmed additional studies for testing in early-stage lung cancer in combination with other oncology tests. The positive findings have already caught the attention of the FDA which affirms it will accord it a speedy review as a possible treatment for lung cancer.
AstraZeneca is already betting big on the drug upon its approval with the hope it can clock the $3 billion mark in terms of annual revenue at the back of peak expectation of $6.5 billion for PD-L1 blocking immunotherapy MEDI4736.
