Pfizer Inc. announced on January 10 positive results from Cohort 3 of the BREAKWATER trial. The cohort evaluated BRAFTOVI in combination with cetuximab and FOLFIRI in patients with previously untreated metastatic colorectal cancer harboring a BRAF V600E mutation.
The analysis showed an objective response rate of 64% for the BRAFTOVI regimen. This compares to a 39% response rate observed with the standard-of-care treatment, which is FOLFIRI with or without bevacizumab.
Pfizer stated that the BREAKWATER study demonstrates statistically significant and clinically meaningful outcomes. The company highlighted potential flexibility in the chemotherapy backbone for this patient group.
In other news, Berenberg Bank reaffirmed a Hold rating on Pfizer stock on January 7, setting a price target of $25. UBS assumed coverage of the company on January 6 with a Neutral rating and the same $25 target.
UBS cited continued revenue uncertainty in its assessment. The firm noted that approximately $15 billion to $20 billion in revenues are at risk from significant drugs losing patent exclusivity over the next three years.
While positive on a recent obesity deal, UBS indicated that more action from Pfizer is required to offset the patent expiration risk anticipated by 2028.