Several of Europe's major pharma companies announced news today that is taking a toll on their stocks.
AstraZeneca (NASDAQ:AZN) said it will take a $381.5 million pretax charge in its fiscal fourth quarter related to disappointing results of two studies.
AstraZeneca not expects earnings in the lower half of its previously forecast range of $7.20 to $7.40 per share.
Shares are trading lower Tuesday.
And Novartis (NYSE:NVS) said it has decided to terminate its Altitude study of blood pressure Rasilez/Tekturna in patients with type 2 diabetes and renal impairment.
The data monitoring committee overseeing the trial said patients were unlikely to benefit from the treatment, and identified higher adverse events in the subjects receiving the drug compares to placebo.
Novartis said total sales of Rasilez/Tekturna related products were $449 million in the first nine months of 2011, and are likely to be negatively impacts by the study results.
Novartis shares are trading lower Tuesday.
And, Sanofi's (NASDAQ:SNY) Genzyme unit said that in a phase 3 trial of its multiple sclerosis treatment Rebif, no statistical superiority was observed in comparing Rebif to teriflunomide on risk of treatment failure, the study's primary endpoint.
Additionally, adverse events like diarrhea, hair thinning and back pain were more common in patients treated with Rebif.
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