Why it’s important: CSL’s “second heart attack” drug was one of the m ost promising in its pipeline
Context: Analysts said CSL112’s potential blockbuster status wasn’t in the share price, but the shares slipped nearly 5 per cent
UBS analyst Laura Sutcliffe says the challenge for the company now is to reset its growth story
Investors wiped $7.1 billion off CSL’s market value after the blood products giant reported a setback in the phase 3 trial of its drug candidate for treating dangerous second heart attacks and abandoned plans to seek regulatory approval for it near-term.
CSL, which reports half-year earnings on Tuesday, said the phase 3 study in human patients did not achieve its goal of showing that the drug candidate, known as CSL112, could reduce “major adverse cardiovascular events” at 90 days after a first heart attack.
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Ben Potter was a senior writer at The Australian Financial Review.
