Regeneron, Sanofi slump after late-stage trials for “smoker’s lung” drug disappoint

Regeneron and Sanofi fell in early trading after a pair of key trials on their “smoker’s lung” drug showed mixed results.

The companies announced Friday morning that Itepekimab, an experimental drug meant to treat chronic obstructive pulmonary disease, was shown to improve the condition in one study but not the other. Houman Ashrafian, Sanofi’s head of research and development, said in a statement, “The results of both studies merit further exploration.”

The drug is seen as a potential successor to Dupixent, the companies’ jointly marketed blockbuster drug that treats inflammatory conditions like COPD.

Sanofi fell by about 5% on the news in premarket trading. Regeneron, a company half the size, fell by more than 10%. Regeneron recently announced its intention to buy 23andMe, getting its hands on a trove of consumer genetic data.

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