AstraZeneca's stock tumbled after the pharmaceutical company said its Wainua drug failed to meet the primary target in a late-stage clinical trial for heart disease, denting investor hopes for pipeline expansion beyond its core cancer-treatment business.
The U.K. company said the drug didn't meet its primary objective in a Phase 3 trial when treating transthyretin amyloid cardiomyopathy, a rare type of heart disease.
London-listed shares were down 9% at 129.58 pounds in morning trading, leading the FTSE 100 index's fallers. Shares have fallen 6% over the year to date.
Investors were awaiting news on pipeline drugs outside the company's core cancer-treatment business, including Wainua, that could open up new sales opportunities.
Bernstein analysts said the unexpected outcome was especially disappointing after AstraZeneca recently doubled the size of the trial to increase the likelihood of positive, statistically rigorous results.
The trial results represent a setback for what seemed like a promising treatment, Dan Coatsworth, head of markets at AJ Bell, said in a note.
"It is not unusual to see Phase 3 trials fail, but AstraZeneca has had far more hits than misses so far this year," he said, adding that the company's position in the drugs industry creates high expectations for success.
Investors might now question whether the company's plans to hit $80 billion in sales by 2030 are credible, he said.
Analysts at J.P. Morgan said commercialization of the drug could now be challenging, though AstraZeneca will likely talk to regulators about the data to determine a path forward.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
July 09, 2026 06:32 ET (10:32 GMT)
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