Stockwatch: Regeneron Failure Could Hurt Rivals More
A Friday morning clinical trial result at Regeneron had implications across a large number of companies marketing and developing ant-VEGF and anti-PDGF drugs including Ophthotech, Allergan, Roche and Novartis.
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The failure of two Phase III Fovista and Lucentis combination trials in treating wet AMD probably lifts the threat of shifts towards PDGF/VEGF combinations and thereby leaves Regeneron's Eylea sales in the clear.
The reasons behind Lilly's latest clinical failure had much less to do with the indication and more to do with repeating the past mistakes of Inspire and Sunesis. Unfortunately, that same die has already been cast for the trials of Biogen and Ophthotech that are due to report imminently.
Last week was a bad week all round for investors in pharma and biotech. It wasn't only the seasonal affective disorder of quarterly reporting. It was more that, judging by share price movements, investors seemed to miss many of the good news stories buried amongst the results. And they missed bad news stories, too. And then they got confused about which was which.