Investors in the pharma/biotech sector eagerly wait for pipeline updates as they play an important role in deciding whether or not to invest in a particular company. These updates provide information on experimental drugs and at times give an insight on the commercial potential of the candidate once it is successfully developed and commercialized.
Abbott Laboratories ABT has announced results from the phase III trial, ABSORB, on drug-eluting coronary bioresorbable vascular scaffold, Absorb, at the end of one year.
The trial compared the safety and effectiveness of Absorb to metallic drug eluting stent, Xience, in about 2,000 patients suffering from coronary artery disease. Absorb is a fully dissolving heart stent.
The trial met its primary endpoint. Results from the trial showed that target lesion failure (TLF) was 7.8% for Absorb versus 6.1% for Xience. However, pre-specified secondary endpoint results were not statistically different and there was no statistically significant difference in the rate of definite and/or probable stent thrombosis.
Results from the trial will be used to support the regulatory approval of Absorb in the U.S.
These data were presented during a late-breaking session at the 27th Transcatheter Cardiovascular Therapeutics (TCT).
Abbott Labs also presented results from another randomized, single-blinded, controlled trial that compared Absorb to Xience at TCT. This trial, ABSORB China, was conducted to support Absorb’s approval in China. The trial was conducted in China.
The trial met its primary endpoint of in-segment late loss at one year as Absorb proved its non-inferiority to Xience.
We note that Abbott Labs has completed regulatory submissions for the approval of Absorb in both the U.S. and Japan. These markets along with China represent more than 50% of the world's coronary stent market and hence hold immense scope for growth upon approval.
Meanwhile, Abbott Labs has also received approval for Absorb GT1 in Europe, an improved version of the Absorb stent system that improves the ease of use.
A potential approval of Absorb in the U.S. and China will boost the vascular segment significantly.
However, Abbott Labs expects currency to have a greater-than-expected negative impact on 2015 total sales, which remains a concern.
Abbott Labs currently carries a Zacks Rank #4 (Sell). Some better-ranked stocks in the healthcare sector include AbbVie Inc. ABBV, Sanofi SNY and Novo Nordisk NVO. All three carry a Zacks Rank #2 (Buy).
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