Gilead Sciences (NASDAQ:GILD) shares reached the highest level since February on Monday in reaction to its announcement that antibody-drug conjugate Trodelvy significantly improved overall survival in a Phase 3 trial involving certain patients with HR+/HER2- metastatic breast cancer.
However, with plans to announce data at an upcoming medical conference, the company said on Monday that the second interim analysis of the trial showed a statistically significant and clinically meaningful benefit with Trodelvy for overall survival.
Trodelvy is already indicated for less common triple-negative breast cancer. The new data has prompted RBC Capital Markets to raise their probability-weighted peak annual sales forecast for Trodelvy to $3.3B from $2.7B.
Meanwhile, SVB Securities cited the need for detailed data to evaluate the clinical meaningfulness of the results and the drug’s position in relation to Enhertu, the antibody-drug conjugate jointly developed by AstraZeneca (AZN) and Daiichi Sankyo (OTCPK:DSKYF) (OTCPK:DSNKY).
Last week, the FDA approved Enhertu for HER2-low breast cancer, making it the first authorized therapy for this subset of HER2-negative breast cancer.