Arvinas hits all-time low after breast cancer drug trial results

Drug developer Arvinas' ARVN.O shares fall 50.3% to $8.73, hitting all-time low

Pfizer PFE.N and ARVN say their experimental breast cancer treatment failed to delay progression of the disease in a broader group of patients in a late-stage trial

Pfizer's PFE.N shares fall 1.6% to $26.22

Arvinas says vepdegestrant failed to show statistically significant improvements in the intent-to-treat (ITT) population

The ITT population represents a substantially larger group of patients, which could have led to a ~$4 bln in additional revenue upside - Brokerage BMO Capital Markets

*But the drug helped improve progression-free survival in a subgroup of patients with a genetic form of the most common type of breast cancer

As of last close, ARVN down 62.7% in past 12 months