Roche Drops as Key Study on Cancer Drug Combo Disappoints
- Results ‘went down like lead balloon,’ analyst writes
- Drugmaker’s executives argue study has been misunderstood
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Roche Holding AG shares fell by the most in almost a year after the Swiss drugmaker struggled to explain disappointing results from a study intended to secure the future of its lucrative breast cancer franchise.
The trial threw into question how much of the market Roche will be able to push from Herceptin, an aging mainstay that will face pressure from copycat versions later this year, onto a pricey new combination treatment. Before an audience of skeptical investors and analysts late Monday in Chicago, Roche executives and a doctor who has worked on many of the company’s clinical trials argued that the study had been misunderstood.