AstraZeneca reports promising results for its breast cancer therapy

AstraZeneca plc (LON: AZN) closed up roughly 4.0% on Monday after the pharmaceutical behemoth said its cancer drug, Enhertu, showed promising results against a type of breast cancer with poor treatment options.

According to the British multinational, its late-stage clinical trial suggests Enhertu significantly prolongs progression-free survival in women suffering from a metastatic breast cancer with low levels of HER2 protein.

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It’s the first time that patients with the aforementioned type of breast cancer have responded to such a therapy. In a statement, Susan Galbraith – the executive vice president of R&D in Oncology at AstraZeneca said:

The results could reshape how breast cancer is classified and treated. This is about redefining the categorisation of breast cancer and increasing the number of options for women.

AstraZeneca won rights for Enhertu in a $6.9 billion deal with Japan’s Daiichi Sankyo in 2019.

Enhertu will also be tested at earlier stages of the disease

AstraZeneca said it will report detailed results of the clinical study at a medical conference but hasn’t identified which one yet. The biotech firm intends to request a speedy review from the regulators to secure widespread use of Enhertu.

The Cambridge-headquartered company plans on testing Enhertu at earlier stages of the unresectable breast cancer as well that will radically increase the number of eligible patients per year.

The news comes shortly after AstraZeneca said sales of its COVID-19 vaccine will slow down this year but guided for revenue to grow in 2022 partially on strength of its cancer portfolio.

The $193 billion company trades at a PE multiple of 1,584 at present and is up just under 10% for the year.