LONDON: AstraZeneca said it would take an $80 million writedown on stocks of its flu vaccine Flumist Quadrivalent, which is sprayed into the nose, after US health authorities decided they would not use the product.
The US Centers for Disease Control and Prevention (CDC) ruled the vaccine should not be used in any setting, based on US data indicating it did not demonstrate statistically significant effectiveness in children.
Despite the setback, AstraZeneca said it maintained its financial guidance for 2016. US sales of the product in 2015 totalled $206 million.
The company said the CDC data contrasted with its own studies as well as preliminary independent findings by public health authorities in other countries suggesting the vaccine was 46 to 58 percent effective overall against flu strains during the 2015-2016 season.
"The distribution and use of the vaccine in other countries are progressing as planned for the forthcoming influenza season, pending the annual release process from relevant regulatory authorities," AstraZeneca said in a statement on Thursday.
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