AstraZeneca stock falls after FDA panel votes against new cancer drug

astrazeneca shares fell 2% in london friday morning after an fda advisory panel voted 6-3 against its experimental breast cancer drug camizestrant. the panel cited concerns that the phase 3 serena-6 trial didn't prove early switching to the drug improved long-term survival compared to existing treatments. the vote was nuanced — the panel didn't question the drug's safety or future potential, just the trial's design. serena-6 showed a 56% reduction in disease progression or death risk versus standard care, but the panel wasn't convinced that acting on tumor detection before radiographic progression actually improves outcomes. jefferies analysts noted the group characterized the trial as "too large a shift in clinical practice for what they viewed as a modest and uncertain benefit." barclays analyst james gordon called the debate nuanced. astrazeneca said it would keep working with the fda as it completes its review. the company still believes strongly in the drug. jefferies said serena-6 was only a small part of astrazeneca's $80 billion 2030 sales goal and shouldn't be a major issue beyond a sentiment hit. shares are up about 25% over the past year, outperforming the ftse 100.