Because the profit of AstraZeneca shoulder strap
Despite growing revenue, AstraZeneca's net profit collapses due to the resolution of a dispute with Chugai Pharmaceutical. All the details
The Anglo-Swedish pharmaceutical company AstraZeneca closed the first quarter with a sharp decline in net profit compared to the same period of 2021. The collapse is due to the resolution of a dispute with the Japanese Chugai Pharmaceutical.
Here's what happened.
THE CLOSURE OF THE QUARTER OF ASTRAZENECA
AstraZeneca closed the first quarter with a net profit of 386 million dollars, a sharp decrease (-75%) compared to the same period of 2021 due to the closing of a dispute with Chugai Pharmaceutical, with a settlement agreement that has a burden one-time fee of $ 775 million provoked. Radiocor reports it.
EARNINGS DOWN BUT INCREASING TURNOVER
Despite the collapse of the net profit, the turnover grows to 11.3 billion dollars, marking a + 56% at constant exchange rates thanks to oncology products and sales of the anti Covid-19 vaccine.
The group, adds Radiocor , has confirmed its leadership for 2022, a year that according to CEO Pascal Soriot "has started well for AstraZeneca".
ONCOLOGICAL DRUGS
"Farxiga [oral drug for the treatment of type 2 diabetes mellitus, ed .] Achieved a turnover of $ 1 billion in the quarter and our oncology drugs recorded sales growth of 18%, although Covid-19 continues to have an impact on cancer diagnosis and treatment, ”Soriot said , commenting on the data .
"The high-level results of the DESTINY-Breast04 study highlighted the potential of Enhertu to redefine the treatment of HER2-low metastatic breast cancer, and Ultomiris became the first and only approved long-acting C5 inhibitor for myasthenia gravis. generalized in the United States ”, he concluded.
FUTURE PROJECTS
“Today we unveiled plans for a new strategic research and development center in the heart of Cambridge, Massachusetts' science hub – announced Soriot -. In line with our sustainability commitments, it will be designed to the highest environmental standards. Our investments in pioneering science give us confidence in further progress in the years to come ”.
WHAT HAPPENED WITH CHUGAI (IN THE UNITED STATES)
As reported by AstraZeneca in a March 17 statement , in November 2018, Chugai Pharmaceutical filed a lawsuit against Alexion (a US pharmaceutical company acquired by AstraZeneca last year for $ 39 billion) in the Delaware District Court claiming that Ultomiris , a treatment for rare diseases, violated U.S. Pat. 9,890,377 held by Chugai.
In November 2019, the note continues, upon the issue of US patent no. 10,472,623, Chugai filed a second lawsuit in the same court claiming that Ultomiris also infringed that patent.
The two cases were merged in December 2019.
WHAT HAPPENED WITH CHUGAI (IN JAPAN)
Meanwhile, AstraZeneca reports, in December 2018, Chugai filed a lawsuit against Alexion also in the Tokyo District Court claiming that Ultomiris infringed two Japanese patents (Japanese patent No. 4954326 and No. 641743) held by Chugai.
Chugai's complaint asked for unspecified damages and some injunctive relief.
THE RESOLUTION OF THE DISPUTE
On March 17, as reported by Reuters , AstraZeneca said it would pay $ 775 million to settle the patent dispute with Chugai.
As part of the settlement, both AstraZeneca and Chugai would also withdraw their cases filed in both the United States and Japan.
AstraZeneca had therefore announced that it would record the payment as a charge in its first quarter results.
ULTOMIRIS: THE DRUG OF DISPUTE
Ultomiris , which reported nearly $ 700 million in 2021 sales, is being developed by Alexion, AstraZeneca's rare disease division.
This drug is currently approved in the United States for the treatment of adults and children (from one month of age) with PNH, a serious blood disorder; in the European Union for adults, as well as for children (with a body weight of 10 kg or more) and adolescents with PNH who have haemolysis with clinical symptoms indicative of high disease activity, as well as for clinically stable individuals after having been treated with Soliris for at least the last six months; and in Japan as a treatment for adults with PNH.
Ultomiris is also approved for atypical-HUS, a condition affecting kidney function, in the United States in adult and pediatric patients; in the EU for the treatment of adults and children with a body weight of at least 10 kg and in Japan for adults and children.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/perche-utile-di-astrazeneca-tracolla/ on Fri, 29 Apr 2022 13:06:50 +0000.