FTSE 100 drug giant AstraZeneca PLC (LON:AZN) shares moved up in early afternoon Monday after its Brilinta treatment met its primary endpoint in a Phase III clinical trial.
The company said during the trial Brilinta, when taken in conjunction with aspirin, had shown “a statistically-significant reduction” in major adverse cardiovascular events, such as heart attacks or strokes, compared to taking aspirin alone.
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The trial, which began in early 2014, involved 19,000 patients suffering from coronary artery disease and type-2 diabetes across 42 countries.
Brilinta is one of Astra’s most important medicines having generated around US$1.6bn in sales 2018, 6% of its overall product total for the year.
In a note to clients, analysts at broker Shore Capital retained their ‘Buy’ rating on the stock, saying consensus forecasts saw Brilinta generating US$1.8bn in sales by 2023.
The broker added that the companies “strong growth” was underpinned by several on-market products, including Brilinta, and that the results from the trial confirmed their confidence in the commercial potential of the drug.
Shares were up 1.2% at 6,232p.