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4-Traders Homepage  >  Equities  >  Nyse  >  Allergan plc    AGN   IE00BY9D5467

ALLERGAN PLC (AGN)
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OFFRE ETE Zonebourse : Jusqu'à 6 mois offerts sur tous les portefeuilles

Novartis posts eye drug data amid play for Eylea's turf

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11/10/2017 | 11:42pm CEST
Swiss drugmaker Novartis' logo is seen in Stein

ZURICH (Reuters) - Novartis's (>> Novartis) bid to move in on Bayer's (>> Bayer) and Regeneron's (>> Regeneron Pharmaceuticals) eye-drug turf was buoyed on Friday by data showing patients on the Swiss drugmaker's new RTH258 drug showed less disease activity than those on its rivals' drug Eylea.

ZURICH (Reuters) - Novartis's (>> Novartis) bid to move in on Bayer's (>> Bayer) and Regeneron's (>> Regeneron Pharmaceuticals) eye-drug turf was buoyed on Friday by data showing patients on the Swiss drugmaker's new RTH258 drug showed less disease activity than those on its rivals' drug Eylea.

Active disease was observed in 23.5 percent of RTH258 patients versus 33.5 percent of Eylea patients at 16 weeks, Novartis said, of its investigational treatment for wet age-related macular degeneration (AMD), where abnormal, leaky blood vessels can cause blindness.

A second, similar study found active disease in 21.9 percent of RTH258 patients versus 31.4 percent of those on Eylea for the condition affecting 20-25 million people worldwide.

Novartis in June touted initial data showing its drug may require fewer injections directly into the eye than Eylea, while matching it on vision and safety measures.

The Basel-based drugmaker hopes this latest analysis lends RTH258 additional muscle when matched head-to-head with Eylea as well as Lucentis, which Roche (>> Roche Holding Ltd.) sells in the United States.

"When you take all of that together ... we believe we have a very compelling proposition," Vas Narasimhan, Novartis's chief drug developer who will become CEO in 2018, said on a conference call.

Novartis, which released the data at the American Academy of Opthalmology conference in New Orleans, predicts RTH258 annual sales will top $1 billion and aims to file for U.S. approval in late 2018.

Making it a success is by no means clear sailing.

For one, Novartis owns Lucentis rights in Europe where it has contractual obligations to continue marketing that drug. Analysts say cannibalization from RTH258 will be a challenge.

Competition abounds, too: Eylea, with $5 billion in annual sales, has made inroads against the $3.2 billion-per-year Lucentis, whose 2020 U.S. patent expiration will expose it to cheaper copies.

Moreover, Roche's cancer drug Avastin is effective in off-label AMD use and has won favour because it costs a fraction of Lucentis and Eylea. In Britain, Novartis and Bayer are fighting doctor groups aiming to switch to Avastin.

NEEDLE IN THE EYE

Other would-be rivals are racing to market, too.

Allergan (>> Allergan plc), whose investigational Abicipar is in Phase III trials, is also trumpeting prospects of reduced injections compared to Lucentis. Gene therapies may also be on the distant horizon.

Still, Novartis's Narasimhan remains optimistic for RTH258's reception when it hits the market, likely in 2019.

"When you actually see an image of a patient having a needle inserted into their eye, this is something patients definitely want to avoid," he said.

"Retinal surgeons have busy offices and want to do more complex retinal surgery. Today, they have offices filled with patients waiting for injections."

(Reporting by John Miller; Editing by Adrian Croft)

By John Miller

Stocks mentioned in the article
ChangeLast1st jan.
BAYER 0.88% 97.5 Delayed Quote.-2.22%
MOLECULAR PARTNERS AG 0.91% 22.2 Delayed Quote.-16.35%
NOVARTIS 0.63% 73.8 Delayed Quote.-8.25%
REGENERON PHARMACEUTICALS 3.63% 327.07 Delayed Quote.-16.13%
ROCHE HOLDING LTD. 0.73% 212.6 Delayed Quote.-14.38%
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Financials ($)
Sales 2018 15 289 M
EBIT 2018 7 368 M
Net income 2018 -1 127 M
Debt 2018 23 406 M
Yield 2018 1,59%
P/E ratio 2018 -
P/E ratio 2019
EV / Sales 2018 5,34x
EV / Sales 2019 5,03x
Capitalization 58 224 M
Chart ALLERGAN PLC
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 206 $
Spread / Average Target 19%
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Managers
NameTitle
Brenton L. Saunders Chairman, President & Chief Executive Officer
Wayne R. Swanton Executive Vice President-Global Operations
Matthew M. Walsh Chief Financial Officer & Executive Vice President
C. David Nicholson Chief Research & Development Officer
Paul M. Bisaro Director
Sector and Competitors
1st jan.Capitalization (M$)
ALLERGAN PLC5.87%58 224
JOHNSON & JOHNSON-12.25%328 858
PFIZER0.39%212 690
NOVARTIS-8.25%193 330
ROCHE HOLDING LTD.-14.81%184 168
MERCK AND COMPANY8.39%166 880