Pfizer said a second 'phase 3' trial of abrocitinib, an oral Janus Kinase inhibitor, met the main goals of the study after twelve weeks, and focused on patients aged 12 and older with moderate to severe atopic dermatitis, the most common form of the chronic inflammatory skin disease. The full results will be published at a science and industry conference in Madrid next month, Pfizer said.
"These findings add to a growing body of evidence supporting the potential of abrocitinib to improve the lives of people living with moderate to severe atopic dermatitis," said Pfizer's Michael Corbo. "We look forward to continued findings from the JADE program, with results from the next abrocitinib efficacy study, using an active control, becoming available in spring 2020. This will further our understanding of abrocitinib as a potential medicine for patients who suffer from this chronic condition."
Pfizer shares were marked 0.9% higher Friday, indicating to change hands at $36.09 each, a move that would still leave the Dow component nursing a year-to-date decline of just under 17%.
France's Sanofi SA (SNY) - Get Report and New Jersey-based Regeneron Pharmaceuticals (REGN) - Get Report won FDA approval for their shared atopic dermatitis treatment, Dupixent, in March 2017. The drug tallied second quarter sales of $557 million, the companies reported, a 166% increase from the same period last year.
Separately, Pfizer said Friday that executive board chairman Ian Read would leave his post at the end of the year, with CEO Albert Bourla replacing him on January 1.
"It's been my greatest privilege to serve alongside Pfizer colleagues for the past 41 years. Their compassion, integrity, intellectual rigor and commitment to patients are what make Pfizer such an extraordinary company, and I'm proud to have been part of its history," Read said in a statement. "I have tremendous confidence in Albert, the board and our colleagues, and believe that Pfizer's best days are yet to come - which is an exciting thought for patients and their families across the globe."
Pfizer posted stronger-than-expected adjusted earnings of 80 cents per share for the second quarter, with group revenues rising 2% to $13.3 billion. The group also forecast full-year sales in the region of $50.5 billion to $52.5 billion.
It also announced plans earlier this summer to combine its Upjohn division, which includes key products such as Lipitor and Viagra, with Mylan NV (MYL) - Get Report with Pfizer owning 57% of the combined entity.