Shares in drug giant AstraZeneca (AZN) were looking healthier today after it hailed the success of an experimental drug to treat a chronic lung disease.
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Reduced Flare-Ups
It said that its treatment tozorakimab had succeeded in two late-stage Phase III clinical trials – OBERON and TITANIA – reducing the rate of moderate-to-severe exacerbations – flare-ups – in patients with chronic obstructive pulmonary disease (COPD). The progressive lung condition causes restricted airflow and breathing problems, and is the third leading cause of death worldwide, affecting nearly 400 million people.
While tobacco smoke is a major trigger, fume inhalation, chemicals and dust in many working environments can also cause onset.
AstraZeneca said that in the primary population of former smokers, and in the overall population, which included former and current smokers, and patients across all stages of lung function severity, Tozorakimab was “generally well tolerated with a favorable safety profile.”
Hard-to-Treat Disease
Frank Sciurba, MD, FCCP, Professor of Pulmonary and Critical Care Medicine, University of Pittsburgh, Chief Investigator of the trial program, said: “COPD has long been a difficult-to-treat disease with inherent heterogeneity and significant unmet need, with up to half of patients worldwide at risk of exacerbations, hospitalisations, cardiopulmonary events, and death — underscoring the importance of these results for advancing COPD science.”
Tozorakimab is also being studied for other drugs in AZN’s pipeline. It is involved in a Phase III trial for severe viral lower respiratory tract disease and in a Phase II trial in asthma.
AstraZeneca has forecast peak annual sales of $3 billion to $5 billion for tozorakimab. It hopes its more than 20 expected drug launches, along with demand for its cancer drugs, will enable it to achieve its target of $80 billion in annual sales by 2030.
Is AZN a Good Stock to Buy Now?
On TipRanks, AZN has a Strong Buy consensus based on 13 Buy, 2 Hold and 1 Sell ratings. Its highest price target is $273.55. AZN stock’s consensus price target is $216.83, implying an 18.23% upside.
