Shares in drugs giant AstraZeneca have fallen by more than 6% after a new stroke treatment it had been developing failed a key clinical trial. The company said that it would now be dropping its experimental NXY-059 stroke drug from development.
The news overshadowed AstraZeneca's third-quarter results, which showed pre-tax profits rose 25% from the same period a year ago to $2.2bn (�1.2bn).
Sales in the quarter were up by 13% on a year ago to $6.5bn.
The company said that five key drugs were behind the sales growth:
- Nexium for acid stomach,
- cholesterol drug Crestor,
- breast cancer treatment Arimidex,
- asthma drug Symbicort
- and schizophrenia treatment Seroquel.
The five saw combined sales growth of 21%.
AstraZeneca also raised its forecast for full-year earnings per share to $3.85-$3.95, from its previous estimate of $3.60-$3.90.
However, analysts focussed on the failure of the NXY-059 stroke drug. New products are key for drug companies as they are needed to replace treatments that are running out of patent protection.
John Patterson, director of development at AstraZeneca, said the trial results were "disappointing" as the company sought to build up its pipeline of drugs in research and development.
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