AstraZeneca NYSE:AZN fell 8.71% intraday after the British-Swedish drugmaker disclosed that the Phase III CARDIO-TTRansform trial of Wainua (eplontersen), co-developed with Ionis Pharmaceuticals NASDAQ:IONS, failed to meet its primary efficacy endpoint. The trial evaluated Wainua's ability to reduce cardiovascular deaths and recurrent cardiovascular events in patients with transthyretin-mediated amyloid cardiomyopathy when added to stabiliser-based standard care and showed no statistically significant benefit over placebo. A prespecified subgroup analysis showed a nominally significant benefit for patients on Wainua as monotherapy rather than on top of a stabiliser, but that was not enough to change the outcome.
Citi NYSE:C had projected peak annual Wainua sales of more than $6 billion in the ATTR-CM indication and estimated the programme represented roughly 2.8% of AstraZeneca's overall valuation, figures that now need to be written down.