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Investing.com - Sanofi (NASDAQ:SNY) may face downward pressure on its stock after releasing headline data for its injectable anti-OX40L treatment amlitelimab that showed efficacy below expected levels, according to BofA Securities.
The pharmaceutical company’s Phase III COAST-1 monotherapy trial in atopic dermatitis met both primary and secondary endpoints, but efficacy measures fell short of anticipated benchmarks. The placebo-adjusted EASI-75 score at the Q4W dose showed approximately 17% improvement at 24 weeks, significantly below the expected 30% threshold.
BofA Securities, which maintained its Buy rating and €115.00 price target on Sanofi , noted that the Q12W arm showed a slightly better placebo-adjusted EASI-75 score of approximately 20%. The placebo-adjusted IGA0/1 scores were approximately 12% and 13% for the Q4W and Q12W arms, respectively.
The results appear weaker in cross-trial comparisons to Dupixent, which demonstrated 26-32% benefit on EASI-75 and 27-28% for IGA0/1. The efficacy appears more in line with Amgen’s OX40R rocatinlimab, which showed approximately 19-30% improvement for EASI-75 and 13-15% for IGA0/1.
BofA Securities expects Sanofi’s share price to decline following this news, as consensus estimates include €2 billion in revenue from amlitelimab, representing approximately 5% downside to earnings per share if removed from forecasts.
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