STOCK TITAN

[424B2] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Prospectus Supplement

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
424B2
Rhea-AI Filing Summary

AstraZeneca PLC (AZN) has received accelerated FDA approval for Datroway (datopotamab deruxtecan, Dato-DXd) to treat adult patients with locally advanced or metastatic EGFR-mutated non-small cell lung cancer (NSCLC) that has progressed after EGFR-directed therapy and platinum chemotherapy. The decision makes Datroway the first and only TROP2-directed therapy authorised in the US for lung cancer.

The approval was granted on the strength of the TROPION-Lung05 Phase II subgroup (n=114) and supported by TROPION-Lung01 Phase III data. Datroway delivered a confirmed objective response rate of 45 % (95 % CI: 35-54) with a median duration of response of 6.5 months; 4.4 % achieved complete responses and 40 % partial responses. Safety across 125 pooled patients was consistent with prior findings, with no new safety concerns.

Financially, AstraZeneca owes partner Daiichi Sankyo a US$45 million milestone payment upon approval. However, US product sales will be recognised by Daiichi Sankyo under the July 2020 collaboration agreement, limiting immediate top-line impact for AZN. Datroway is already approved in >30 countries for HR-positive/HER2-negative breast cancer, and more than 20 ongoing trials (eight Phase III in lung cancer) aim to broaden indications and move the drug earlier in treatment lines.

The FDA classified the submission as Priority Review and had previously granted Breakthrough Therapy Designation. Because the approval is accelerated, continued marketing depends on confirmatory clinical benefit, data expected from ongoing Phase III trials (TROPION-Lung14 & Lung15).

Strategically, the decision reinforces AstraZeneca’s growing antibody-drug conjugate (ADC) franchise alongside Enhertu and deepens its NSCLC portfolio (Tagrisso, Imfinzi, Imjudo). While near-term revenue is limited, successful commercial uptake and future label expansions could materially enhance long-term oncology growth.

AstraZeneca PLC (AZN) ha ricevuto la approvazione accelerata della FDA per Datroway (datopotamab deruxtecan, Dato-DXd) per il trattamento di pazienti adulti con carcinoma polmonare non a piccole cellule (NSCLC) mutato EGFR localmente avanzato o metastatico, che ha progredito dopo terapia mirata EGFR e chemioterapia a base di platino. Questa decisione rende Datroway la prima e unica terapia diretta contro TROP2 autorizzata negli Stati Uniti per il cancro ai polmoni.

L'approvazione si basa sui dati del sottogruppo di fase II TROPION-Lung05 (n=114) e supportata dai dati di fase III TROPION-Lung01. Datroway ha mostrato un tasso di risposta oggettiva confermata del 45% (IC 95%: 35-54) con una durata mediana della risposta di 6,5 mesi; il 4,4% ha ottenuto risposte complete e il 40% risposte parziali. La sicurezza, valutata su 125 pazienti complessivi, è risultata coerente con precedenti studi, senza nuove preoccupazioni di sicurezza.

Dal punto di vista finanziario, AstraZeneca dovrà corrispondere al partner Daiichi Sankyo un pagamento milestone di 45 milioni di dollari USA al momento dell'approvazione. Tuttavia, le vendite del prodotto negli USA saranno riconosciute da Daiichi Sankyo secondo l'accordo di collaborazione del luglio 2020, limitando l'impatto immediato sui ricavi di AZN. Datroway è già approvato in oltre 30 paesi per il tumore al seno HR-positivo/HER2-negativo, e più di 20 studi in corso (otto di fase III nel cancro polmonare) mirano ad ampliare le indicazioni e a spostare il farmaco in linee di trattamento più precoci.

La FDA ha classificato la domanda come Priority Review e aveva precedentemente concesso la Breakthrough Therapy Designation. Poiché l'approvazione è accelerata, la commercializzazione continuerà solo se confermati i benefici clinici, dati che si attendono dagli studi di fase III in corso (TROPION-Lung14 e Lung15).

Strategicamente, la decisione rafforza il crescente portafoglio di anticorpi coniugati a farmaci (ADC) di AstraZeneca insieme a Enhertu e amplia il portafoglio NSCLC (Tagrisso, Imfinzi, Imjudo). Pur con ricavi limitati nel breve termine, un buon successo commerciale e future espansioni di indicazioni potrebbero incrementare significativamente la crescita oncologica a lungo termine.

AstraZeneca PLC (AZN) ha recibido la aprobación acelerada de la FDA para Datroway (datopotamab deruxtecan, Dato-DXd) para tratar a pacientes adultos con cáncer de pulmón no microcítico (NSCLC) mutado en EGFR localmente avanzado o metastásico que ha progresado tras terapia dirigida a EGFR y quimioterapia con platino. Esta decisión convierte a Datroway en la primera y única terapia dirigida a TROP2 autorizada en EE.UU. para cáncer de pulmón.

La aprobación se basó en el subgrupo de fase II TROPION-Lung05 (n=114) y fue respaldada por datos de fase III de TROPION-Lung01. Datroway mostró una tasa de respuesta objetiva confirmada del 45% (IC 95 %: 35-54) con una duración mediana de la respuesta de 6.5 meses; el 4.4 % logró respuestas completas y el 40 % respuestas parciales. La seguridad en 125 pacientes combinados fue consistente con hallazgos previos, sin nuevas preocupaciones de seguridad.

Financieramente, AstraZeneca deberá pagar a su socio Daiichi Sankyo un pago por hitos de 45 millones de dólares tras la aprobación. Sin embargo, las ventas del producto en EE.UU. serán reconocidas por Daiichi Sankyo según el acuerdo de colaboración de julio de 2020, limitando el impacto inmediato en los ingresos de AZN. Datroway ya está aprobado en más de 30 países para cáncer de mama HR-positivo/HER2-negativo, y más de 20 ensayos en curso (ocho de fase III en cáncer de pulmón) buscan ampliar las indicaciones y adelantar el uso del fármaco en líneas de tratamiento.

La FDA clasificó la solicitud como Priority Review y previamente otorgó la Breakthrough Therapy Designation. Dado que la aprobación es acelerada, la comercialización continuará dependiendo de la confirmación del beneficio clínico, datos que se esperan de los ensayos fase III en curso (TROPION-Lung14 y Lung15).

Estrategicamente, la decisión refuerza la creciente franquicia de conjugados anticuerpo-fármaco (ADC) de AstraZeneca junto con Enhertu y amplía su portafolio de NSCLC (Tagrisso, Imfinzi, Imjudo). Aunque los ingresos a corto plazo son limitados, una adopción comercial exitosa y futuras ampliaciones de etiqueta podrían potenciar significativamente el crecimiento oncológico a largo plazo.

AstraZeneca PLC (AZN)는 국소 진행성 또는 전이성 EGFR 변이 비소세포폐암(NSCLC) 성인 환자를 치료하기 위해 Datroway(다토포타맙 데룩스테칸, Dato-DXd)에 대해 FDA 가속 승인을 받았습니다. 이 환자들은 EGFR 표적 치료 및 백금 기반 화학요법 후 질병이 진행된 상태입니다. 이번 결정으로 Datroway는 미국에서 폐암 치료를 위한 첫 번째이자 유일한 TROP2 표적 치료제가 되었습니다.

승인은 TROPION-Lung05 2상 하위 그룹(n=114)과 TROPION-Lung01 3상 데이터에 기반했습니다. Datroway는 확인된 객관적 반응률 45%(95% 신뢰구간: 35-54)과 중앙 반응 지속 기간 6.5개월을 보였으며, 4.4%는 완전 반응, 40%는 부분 반응을 나타냈습니다. 125명의 환자를 대상으로 한 안전성 결과는 이전 연구와 일치하며 새로운 안전성 문제는 없었습니다.

재무적으로, AstraZeneca는 승인 시 파트너인 Daiichi Sankyo에 4500만 달러의 마일스톤 지급을 해야 합니다. 그러나 미국 내 제품 매출은 2020년 7월 협력 계약에 따라 Daiichi Sankyo가 인식하여 AZN의 즉각적인 매출 영향은 제한적입니다. Datroway는 이미 30개국 이상에서 HR 양성/HER2 음성 유방암 치료제로 승인되었으며, 20건 이상의 진행 중인 임상 시험(폐암 3상 8건 포함)이 적응증 확대 및 치료 초기 단계로의 이전을 목표로 하고 있습니다.

FDA는 이번 신청을 우선 심사(Priority Review)로 지정했으며, 이전에 돌파구 치료제 지정(Breakthrough Therapy Designation)을 부여했습니다. 가속 승인이므로 지속적인 판매는 확인 임상 혜택에 달려있으며, 현재 진행 중인 3상 시험(TROPION-Lung14 및 Lung15)에서 데이터를 기다리고 있습니다.

전략적으로 이번 결정은 Enhertu와 함께 AstraZeneca의 항체-약물 접합체(ADC) 제품군을 강화하고 NSCLC 포트폴리오(Tagrisso, Imfinzi, Imjudo)를 확장합니다. 단기 수익은 제한적이지만, 성공적인 상업적 수용과 향후 적응증 확대가 장기적인 종양학 성장에 크게 기여할 수 있습니다.

AstraZeneca PLC (AZN) a obtenu une approbation accélérée de la FDA pour Datroway (datopotamab deruxtecan, Dato-DXd) afin de traiter des patients adultes atteints d’un cancer du poumon non à petites cellules (NSCLC) muté EGFR localement avancé ou métastatique, évoluant après un traitement ciblé EGFR et une chimiothérapie au platine. Cette décision fait de Datroway la première et unique thérapie ciblant TROP2 autorisée aux États-Unis pour le cancer du poumon.

Cette approbation s’appuie sur le sous-groupe de phase II TROPION-Lung05 (n=114) et est soutenue par les données de phase III de TROPION-Lung01. Datroway a montré un taux de réponse objective confirmée de 45 % (IC 95 % : 35-54) avec une durée médiane de réponse de 6,5 mois ; 4,4 % ont obtenu une réponse complète et 40 % une réponse partielle. La sécurité, évaluée sur 125 patients regroupés, était conforme aux résultats antérieurs, sans nouvelles préoccupations.

Sur le plan financier, AstraZeneca doit verser à son partenaire Daiichi Sankyo un paiement de jalon de 45 millions de dollars US à l’approbation. Cependant, les ventes du produit aux États-Unis seront comptabilisées par Daiichi Sankyo selon l’accord de collaboration de juillet 2020, limitant l’impact immédiat sur le chiffre d’affaires d’AZN. Datroway est déjà approuvé dans plus de 30 pays pour le cancer du sein HR positif/HER2 négatif, et plus de 20 essais en cours (dont huit en phase III dans le cancer du poumon) visent à élargir les indications et à avancer le médicament dans les lignes de traitement.

La FDA a classé la demande en examen prioritaire (Priority Review) et avait précédemment accordé la désignation de thérapie révolutionnaire (Breakthrough Therapy Designation). Étant donné que l’approbation est accélérée, la commercialisation continue dépendra de la confirmation du bénéfice clinique, avec des données attendues des essais de phase III en cours (TROPION-Lung14 et Lung15).

Stratégiquement, cette décision renforce la franchise croissante des conjugués anticorps-médicaments (ADC) d’AstraZeneca aux côtés d’Enhertu et approfondit son portefeuille NSCLC (Tagrisso, Imfinzi, Imjudo). Bien que les revenus à court terme soient limités, une adoption commerciale réussie et de futures extensions d’indication pourraient considérablement renforcer la croissance oncologique à long terme.

AstraZeneca PLC (AZN) hat die für Datroway (Datopotamab Deruxtecan, Dato-DXd) erhalten, zur Behandlung erwachsener Patienten mit lokal fortgeschrittenem oder metastasiertem EGFR-mutiertem nicht-kleinzelligem Lungenkrebs (NSCLC), der nach EGFR-zielgerichteter Therapie und Platin-Chemotherapie fortgeschritten ist. Mit dieser Entscheidung ist Datroway die erste und einzige TROP2-zielgerichtete Therapie, die in den USA für Lungenkrebs zugelassen ist.

Die Zulassung basiert auf den Daten der Phase-II-Subgruppe TROPION-Lung05 (n=114) und wird durch Phase-III-Daten von TROPION-Lung01 gestützt. Datroway erzielte eine bestätigte objektive Ansprechrate von 45 % (95 % KI: 35-54) mit einer medianen Ansprechdauer von 6,5 Monaten; 4,4 % erreichten vollständige Remissionen und 40 % partielle Remissionen. Die Sicherheit bei 125 zusammengefassten Patienten entsprach den bisherigen Ergebnissen, ohne neue Sicherheitsbedenken.

Finanziell muss AstraZeneca seinem Partner Daiichi Sankyo eine Meilensteinzahlung von 45 Millionen US-Dollar bei Zulassung leisten. Allerdings werden die US-Produktverkäufe gemäß der Kooperationsvereinbarung vom Juli 2020 von Daiichi Sankyo verbucht, was die unmittelbaren Umsatzeffekte für AZN begrenzt. Datroway ist bereits in über 30 Ländern für HR-positiven/HER2-negativen Brustkrebs zugelassen, und mehr als 20 laufende Studien (acht Phase-III-Studien bei Lungenkrebs) zielen darauf ab, die Indikationen zu erweitern und das Medikament früher in der Behandlung einzusetzen.

Die FDA klassifizierte den Antrag als Priority Review und hatte zuvor die Breakthrough Therapy Designation erteilt. Da die Zulassung beschleunigt erfolgte, hängt die weitere Vermarktung von bestätigten klinischen Vorteilen ab, deren Daten aus laufenden Phase-III-Studien (TROPION-Lung14 & Lung15) erwartet werden.

Strategisch stärkt die Entscheidung das wachsende Antikörper-Wirkstoff-Konjugat (ADC)-Portfolio von AstraZeneca neben Enhertu und erweitert das NSCLC-Portfolio (Tagrisso, Imfinzi, Imjudo). Obwohl die kurzfristigen Einnahmen begrenzt sind, könnten ein erfolgreicher Markteintritt und zukünftige Zulassungserweiterungen das langfristige Wachstum im Onkologie-Bereich deutlich steigern.

Positive
  • FDA accelerated approval expands AstraZeneca’s marketed oncology portfolio and marks the first TROP2-directed lung cancer therapy.
  • Strong efficacy signal with 45 % ORR and 6.5-month DoR in heavily pre-treated EGFRm NSCLC patients.
  • Priority Review and Breakthrough Therapy Designation underscore unmet-need relevance and may speed broader reimbursement uptake.
  • Strategic fit strengthens AZN’s ADC platform alongside Enhertu, enhancing long-term growth prospects in oncology.
Negative
  • Limited near-term revenue: US sales booked by Daiichi Sankyo, reducing immediate top-line impact for AstraZeneca.
  • US$45 million milestone expense payable to Daiichi Sankyo upon approval, a direct cost to AZN.
  • Regulatory uncertainty: approval is conditional on confirmatory trials; failure could lead to withdrawal.
  • Competitive landscape: future entrants in TROP2 or EGFRm spaces could erode market share.

Insights

TL;DR: Approval boosts AZN’s oncology pipeline but carries limited near-term revenue and a US$45 m cost.

The FDA nod validates AstraZeneca’s ADC strategy and diversifies its NSCLC arsenal beyond Tagrisso. Datroway addresses a clear unmet need—post-EGFR progression patients—with a respectable 45 % ORR. Because Daiichi Sankyo books US sales, financial upside for AZN rests on royalties and downstream ex-US launches; near-term P&L impact is instead a US$45 million milestone expense. Importantly, accelerated approval heightens regulatory risk: failure to confirm benefit could remove the drug from market. Still, positive Phase III PFS data versus docetaxel reduce that risk. Overall, the event is strategically positive, signalling momentum in ADCs and potential future revenue, though investors should temper expectations for immediate earnings accretion.

TL;DR: Strategically meaningful; financially neutral in the short run, positive optionality long term.

This accelerated approval strengthens AstraZeneca’s competitive positioning in lung cancer and ADCs, a hot growth area drawing premium valuations. The milestone payment is immaterial (<0.1 % of 2024 operating profit), and lack of US revenue recognition caps near-term EPS impact. However, successful confirmatory trials could unlock significant global sales—consensus peak for Datroway (all indications) is ~US$4-5 bn, with profit-sharing economics varying by region. Risk profile is balanced: confirmatory failure or safety signals would damage credibility, yet robust Phase III data offer a cushion. I consider the news incrementally bullish for the stock’s multiple, supporting the oncology narrative without changing FY-25 guidance.

AstraZeneca PLC (AZN) ha ricevuto la approvazione accelerata della FDA per Datroway (datopotamab deruxtecan, Dato-DXd) per il trattamento di pazienti adulti con carcinoma polmonare non a piccole cellule (NSCLC) mutato EGFR localmente avanzato o metastatico, che ha progredito dopo terapia mirata EGFR e chemioterapia a base di platino. Questa decisione rende Datroway la prima e unica terapia diretta contro TROP2 autorizzata negli Stati Uniti per il cancro ai polmoni.

L'approvazione si basa sui dati del sottogruppo di fase II TROPION-Lung05 (n=114) e supportata dai dati di fase III TROPION-Lung01. Datroway ha mostrato un tasso di risposta oggettiva confermata del 45% (IC 95%: 35-54) con una durata mediana della risposta di 6,5 mesi; il 4,4% ha ottenuto risposte complete e il 40% risposte parziali. La sicurezza, valutata su 125 pazienti complessivi, è risultata coerente con precedenti studi, senza nuove preoccupazioni di sicurezza.

Dal punto di vista finanziario, AstraZeneca dovrà corrispondere al partner Daiichi Sankyo un pagamento milestone di 45 milioni di dollari USA al momento dell'approvazione. Tuttavia, le vendite del prodotto negli USA saranno riconosciute da Daiichi Sankyo secondo l'accordo di collaborazione del luglio 2020, limitando l'impatto immediato sui ricavi di AZN. Datroway è già approvato in oltre 30 paesi per il tumore al seno HR-positivo/HER2-negativo, e più di 20 studi in corso (otto di fase III nel cancro polmonare) mirano ad ampliare le indicazioni e a spostare il farmaco in linee di trattamento più precoci.

La FDA ha classificato la domanda come Priority Review e aveva precedentemente concesso la Breakthrough Therapy Designation. Poiché l'approvazione è accelerata, la commercializzazione continuerà solo se confermati i benefici clinici, dati che si attendono dagli studi di fase III in corso (TROPION-Lung14 e Lung15).

Strategicamente, la decisione rafforza il crescente portafoglio di anticorpi coniugati a farmaci (ADC) di AstraZeneca insieme a Enhertu e amplia il portafoglio NSCLC (Tagrisso, Imfinzi, Imjudo). Pur con ricavi limitati nel breve termine, un buon successo commerciale e future espansioni di indicazioni potrebbero incrementare significativamente la crescita oncologica a lungo termine.

AstraZeneca PLC (AZN) ha recibido la aprobación acelerada de la FDA para Datroway (datopotamab deruxtecan, Dato-DXd) para tratar a pacientes adultos con cáncer de pulmón no microcítico (NSCLC) mutado en EGFR localmente avanzado o metastásico que ha progresado tras terapia dirigida a EGFR y quimioterapia con platino. Esta decisión convierte a Datroway en la primera y única terapia dirigida a TROP2 autorizada en EE.UU. para cáncer de pulmón.

La aprobación se basó en el subgrupo de fase II TROPION-Lung05 (n=114) y fue respaldada por datos de fase III de TROPION-Lung01. Datroway mostró una tasa de respuesta objetiva confirmada del 45% (IC 95 %: 35-54) con una duración mediana de la respuesta de 6.5 meses; el 4.4 % logró respuestas completas y el 40 % respuestas parciales. La seguridad en 125 pacientes combinados fue consistente con hallazgos previos, sin nuevas preocupaciones de seguridad.

Financieramente, AstraZeneca deberá pagar a su socio Daiichi Sankyo un pago por hitos de 45 millones de dólares tras la aprobación. Sin embargo, las ventas del producto en EE.UU. serán reconocidas por Daiichi Sankyo según el acuerdo de colaboración de julio de 2020, limitando el impacto inmediato en los ingresos de AZN. Datroway ya está aprobado en más de 30 países para cáncer de mama HR-positivo/HER2-negativo, y más de 20 ensayos en curso (ocho de fase III en cáncer de pulmón) buscan ampliar las indicaciones y adelantar el uso del fármaco en líneas de tratamiento.

La FDA clasificó la solicitud como Priority Review y previamente otorgó la Breakthrough Therapy Designation. Dado que la aprobación es acelerada, la comercialización continuará dependiendo de la confirmación del beneficio clínico, datos que se esperan de los ensayos fase III en curso (TROPION-Lung14 y Lung15).

Estrategicamente, la decisión refuerza la creciente franquicia de conjugados anticuerpo-fármaco (ADC) de AstraZeneca junto con Enhertu y amplía su portafolio de NSCLC (Tagrisso, Imfinzi, Imjudo). Aunque los ingresos a corto plazo son limitados, una adopción comercial exitosa y futuras ampliaciones de etiqueta podrían potenciar significativamente el crecimiento oncológico a largo plazo.

AstraZeneca PLC (AZN)는 국소 진행성 또는 전이성 EGFR 변이 비소세포폐암(NSCLC) 성인 환자를 치료하기 위해 Datroway(다토포타맙 데룩스테칸, Dato-DXd)에 대해 FDA 가속 승인을 받았습니다. 이 환자들은 EGFR 표적 치료 및 백금 기반 화학요법 후 질병이 진행된 상태입니다. 이번 결정으로 Datroway는 미국에서 폐암 치료를 위한 첫 번째이자 유일한 TROP2 표적 치료제가 되었습니다.

승인은 TROPION-Lung05 2상 하위 그룹(n=114)과 TROPION-Lung01 3상 데이터에 기반했습니다. Datroway는 확인된 객관적 반응률 45%(95% 신뢰구간: 35-54)과 중앙 반응 지속 기간 6.5개월을 보였으며, 4.4%는 완전 반응, 40%는 부분 반응을 나타냈습니다. 125명의 환자를 대상으로 한 안전성 결과는 이전 연구와 일치하며 새로운 안전성 문제는 없었습니다.

재무적으로, AstraZeneca는 승인 시 파트너인 Daiichi Sankyo에 4500만 달러의 마일스톤 지급을 해야 합니다. 그러나 미국 내 제품 매출은 2020년 7월 협력 계약에 따라 Daiichi Sankyo가 인식하여 AZN의 즉각적인 매출 영향은 제한적입니다. Datroway는 이미 30개국 이상에서 HR 양성/HER2 음성 유방암 치료제로 승인되었으며, 20건 이상의 진행 중인 임상 시험(폐암 3상 8건 포함)이 적응증 확대 및 치료 초기 단계로의 이전을 목표로 하고 있습니다.

FDA는 이번 신청을 우선 심사(Priority Review)로 지정했으며, 이전에 돌파구 치료제 지정(Breakthrough Therapy Designation)을 부여했습니다. 가속 승인이므로 지속적인 판매는 확인 임상 혜택에 달려있으며, 현재 진행 중인 3상 시험(TROPION-Lung14 및 Lung15)에서 데이터를 기다리고 있습니다.

전략적으로 이번 결정은 Enhertu와 함께 AstraZeneca의 항체-약물 접합체(ADC) 제품군을 강화하고 NSCLC 포트폴리오(Tagrisso, Imfinzi, Imjudo)를 확장합니다. 단기 수익은 제한적이지만, 성공적인 상업적 수용과 향후 적응증 확대가 장기적인 종양학 성장에 크게 기여할 수 있습니다.

AstraZeneca PLC (AZN) a obtenu une approbation accélérée de la FDA pour Datroway (datopotamab deruxtecan, Dato-DXd) afin de traiter des patients adultes atteints d’un cancer du poumon non à petites cellules (NSCLC) muté EGFR localement avancé ou métastatique, évoluant après un traitement ciblé EGFR et une chimiothérapie au platine. Cette décision fait de Datroway la première et unique thérapie ciblant TROP2 autorisée aux États-Unis pour le cancer du poumon.

Cette approbation s’appuie sur le sous-groupe de phase II TROPION-Lung05 (n=114) et est soutenue par les données de phase III de TROPION-Lung01. Datroway a montré un taux de réponse objective confirmée de 45 % (IC 95 % : 35-54) avec une durée médiane de réponse de 6,5 mois ; 4,4 % ont obtenu une réponse complète et 40 % une réponse partielle. La sécurité, évaluée sur 125 patients regroupés, était conforme aux résultats antérieurs, sans nouvelles préoccupations.

Sur le plan financier, AstraZeneca doit verser à son partenaire Daiichi Sankyo un paiement de jalon de 45 millions de dollars US à l’approbation. Cependant, les ventes du produit aux États-Unis seront comptabilisées par Daiichi Sankyo selon l’accord de collaboration de juillet 2020, limitant l’impact immédiat sur le chiffre d’affaires d’AZN. Datroway est déjà approuvé dans plus de 30 pays pour le cancer du sein HR positif/HER2 négatif, et plus de 20 essais en cours (dont huit en phase III dans le cancer du poumon) visent à élargir les indications et à avancer le médicament dans les lignes de traitement.

La FDA a classé la demande en examen prioritaire (Priority Review) et avait précédemment accordé la désignation de thérapie révolutionnaire (Breakthrough Therapy Designation). Étant donné que l’approbation est accélérée, la commercialisation continue dépendra de la confirmation du bénéfice clinique, avec des données attendues des essais de phase III en cours (TROPION-Lung14 et Lung15).

Stratégiquement, cette décision renforce la franchise croissante des conjugués anticorps-médicaments (ADC) d’AstraZeneca aux côtés d’Enhertu et approfondit son portefeuille NSCLC (Tagrisso, Imfinzi, Imjudo). Bien que les revenus à court terme soient limités, une adoption commerciale réussie et de futures extensions d’indication pourraient considérablement renforcer la croissance oncologique à long terme.

AstraZeneca PLC (AZN) hat die für Datroway (Datopotamab Deruxtecan, Dato-DXd) erhalten, zur Behandlung erwachsener Patienten mit lokal fortgeschrittenem oder metastasiertem EGFR-mutiertem nicht-kleinzelligem Lungenkrebs (NSCLC), der nach EGFR-zielgerichteter Therapie und Platin-Chemotherapie fortgeschritten ist. Mit dieser Entscheidung ist Datroway die erste und einzige TROP2-zielgerichtete Therapie, die in den USA für Lungenkrebs zugelassen ist.

Die Zulassung basiert auf den Daten der Phase-II-Subgruppe TROPION-Lung05 (n=114) und wird durch Phase-III-Daten von TROPION-Lung01 gestützt. Datroway erzielte eine bestätigte objektive Ansprechrate von 45 % (95 % KI: 35-54) mit einer medianen Ansprechdauer von 6,5 Monaten; 4,4 % erreichten vollständige Remissionen und 40 % partielle Remissionen. Die Sicherheit bei 125 zusammengefassten Patienten entsprach den bisherigen Ergebnissen, ohne neue Sicherheitsbedenken.

Finanziell muss AstraZeneca seinem Partner Daiichi Sankyo eine Meilensteinzahlung von 45 Millionen US-Dollar bei Zulassung leisten. Allerdings werden die US-Produktverkäufe gemäß der Kooperationsvereinbarung vom Juli 2020 von Daiichi Sankyo verbucht, was die unmittelbaren Umsatzeffekte für AZN begrenzt. Datroway ist bereits in über 30 Ländern für HR-positiven/HER2-negativen Brustkrebs zugelassen, und mehr als 20 laufende Studien (acht Phase-III-Studien bei Lungenkrebs) zielen darauf ab, die Indikationen zu erweitern und das Medikament früher in der Behandlung einzusetzen.

Die FDA klassifizierte den Antrag als Priority Review und hatte zuvor die Breakthrough Therapy Designation erteilt. Da die Zulassung beschleunigt erfolgte, hängt die weitere Vermarktung von bestätigten klinischen Vorteilen ab, deren Daten aus laufenden Phase-III-Studien (TROPION-Lung14 & Lung15) erwartet werden.

Strategisch stärkt die Entscheidung das wachsende Antikörper-Wirkstoff-Konjugat (ADC)-Portfolio von AstraZeneca neben Enhertu und erweitert das NSCLC-Portfolio (Tagrisso, Imfinzi, Imjudo). Obwohl die kurzfristigen Einnahmen begrenzt sind, könnten ein erfolgreicher Markteintritt und zukünftige Zulassungserweiterungen das langfristige Wachstum im Onkologie-Bereich deutlich steigern.

Pricing supplement

To prospectus dated April 13, 2023,

prospectus supplement dated April 13, 2023 and

product supplement no. 1-I dated April 13, 2023

 

 

Registration Statement No. 333-270004

Dated June 18, 2025

Rule 424(b)(2)

 

 

$10,500,000

Callable Fixed Rate Notes due June 23, 2037

General

·The notes are unsecured and unsubordinated obligations of JPMorgan Chase & Co. Any payment on the notes is subject to the credit risk of JPMorgan Chase & Co.
·These notes are designed for an investor who seeks a fixed income investment at an interest rate of 5.50% per annum but who is also willing to accept the risk that the notes will be called prior to the Maturity Date.
·These notes have a long maturity relative to other fixed income products. Longer-dated notes may be riskier than shorter-dated notes. See “Selected Risk Considerations” in this pricing supplement.
·At our option, we may redeem the notes, in whole but not in part, on any of the Redemption Dates specified below.
·The notes may be purchased in minimum denominations of $1,000 and in integral multiples of $1,000 thereafter.

Key Terms

Issuer: JPMorgan Chase & Co.
Payment at Maturity: On the Maturity Date, we will pay you the principal amount of your notes plus any accrued and unpaid interest, provided that your notes are outstanding and have not previously been called on any Redemption Date.
Call Feature: On the 23rd calendar day of June and December of each year, beginning on June 23, 2027 and ending on December 23, 2036 (each, a “Redemption Date”), we may redeem your notes, in whole but not in part, at a price equal to the principal amount being redeemed plus any accrued and unpaid interest, subject to the Business Day Convention and the Interest Accrual Convention described below and in the accompanying product supplement.  If we intend to redeem your notes, we will deliver notice to The Depository Trust Company on any business day after the Original Issue Date that is at least 5 business days before the applicable Redemption Date.
Interest:

Subject to the Interest Accrual Convention, with respect to each Interest Period, for each $1,000 principal amount note, we will pay you interest in arrears on each Interest Payment Date in accordance with the following formula:

$1,000 × Interest Rate × Day Count Fraction.

Interest Periods: The period beginning on and including the Original Issue Date and ending on but excluding the first Interest Payment Date, and each successive period beginning on and including an Interest Payment Date and ending on but excluding the next succeeding Interest Payment Date or, if the notes are redeemed prior to that succeeding Interest Payment Date, ending on but excluding the applicable Redemption Date, subject to the Interest Accrual Convention described below and in the accompanying product supplement
Interest Payment Dates: Interest on the notes will be payable in arrears on June 23 of each year, beginning on June 23, 2026 to and including the Maturity Date (each, an “Interest Payment Date”), subject to any earlier redemption and the Business Day Convention and Interest Accrual Convention described below and in the accompanying product supplement.
Interest Rate: 5.50% per annum
Pricing Date: June 18, 2025
Original Issue Date: June 23, 2025, subject to the Business Day Convention (Settlement Date)
Maturity Date: June 23, 2037, subject to the Business Day Convention
Business Day Convention: Following
Interest Accrual Convention: Unadjusted
Day Count Convention: 30/360
CUSIP: 48130CS55

Investing in the notes involves a number of risks. See “Risk Factors” beginning on page S-2 of the accompanying prospectus supplement, “Risk Factors” beginning on page PS-11 of the accompanying product supplement and “Selected Risk Considerations” beginning on page PS-4 of this pricing supplement.

Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of the notes or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying product supplement, prospectus supplement and prospectus. Any representation to the contrary is a criminal offense.

 

  Price to Public(1)(2) Fees and Commissions(2)(3) Proceeds to Issuer
Per note $1,000 $18.377 $981.623
Total $10,499,955 $192,955 $10,307,000

(1) The price to the public includes the estimated cost of hedging our obligations under the notes through one or more of our affiliates.

(2) With respect to notes sold to eligible institutional investors or fee-based advisory accounts for which an affiliated or unaffiliated broker-dealer is an investment adviser, the price to the public will be $998.50 per $1,000 principal amount note.  Broker-dealers who purchase the notes for these accounts may forgo some or all selling commissions related to these sales described in footnote (3) below.  The per note price to the public in the table above assumes a price to the public of $1,000 per $1,000 principal amount note.  See “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement.

(3) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Chase & Co., will pay all of the selling commissions of $18.377 per $1,000 principal amount note it receives from us to other affiliated or unaffiliated dealers. Broker-dealers who purchase the notes for sales to eligible institutional investors or fee-based advisory accounts may forgo some or all of these selling commissions.  See “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement.

The notes are not bank deposits, are not insured by the Federal Deposit Insurance Corporation or any other governmental agency and are not obligations of, or guaranteed by, a bank.

 
 

Additional Terms Specific to the Notes

You should read this pricing supplement together with the accompanying prospectus, as supplemented by the accompanying prospectus supplement relating to our Series E medium-term notes of which these notes are a part, and the more detailed information contained in the accompanying product supplement. This pricing supplement, together with the documents listed below, contains the terms of the notes and supersedes all other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of ours. You should carefully consider, among other things, the matters set forth in the “Risk Factors” sections of the accompanying prospectus supplement and the accompanying product supplement, as the notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the notes.

You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

·Product supplement no. 1-I dated April 13, 2023:

http://www.sec.gov/Archives/edgar/data/1665650/000121390023029554/ea152829_424b2.pdf

·Prospectus supplement and prospectus, each dated April 13, 2023:

http://www.sec.gov/Archives/edgar/data/19617/000095010323005751/crt_dp192097-424b2.pdf

Our Central Index Key, or CIK, on the SEC website is 19617. As used in this pricing supplement, “we,” “us” and “our” refer to JPMorgan Chase & Co.

Selected Purchase Considerations

·PRESERVATION OF CAPITAL AT MATURITY OR UPON REDEMPTION — We will pay you at least the principal amount of your notes if you hold the notes to maturity or to the Redemption Date, if any, on which we elect to call the notes. Because the notes are our unsecured and unsubordinated obligations, payment of any amount on the notes is subject to our ability to pay our obligations as they become due.
·PERIODIC INTEREST PAYMENTS — The notes offer periodic interest payments on each Interest Payment Date at the Interest Rate, subject to any earlier redemption, and, if the notes are redeemed on a Redemption Date that is not an Interest Payment Date, on the applicable Redemption Date at the applicable Interest Rate. Interest, if any, will be paid in arrears on each Interest Payment Date occurring before any Redemption Date on which the notes are redeemed and, if so redeemed, on that Redemption Date to the holders of record at the close of business on the business day immediately preceding the applicable Interest Payment Date. The interest payments will be based on the Interest Rate listed on the cover of this pricing supplement. The yield on the notes may be less than the overall return you would receive from a conventional debt security that you could purchase today with the same maturity as the notes.
·POTENTIAL PERIODIC REDEMPTION BY US AT OUR OPTION — At our option, we may redeem the notes, in whole but not in part, on any of the Redemption Dates set forth on the cover of this pricing supplement, at a price equal to the principal amount being redeemed plus any accrued and unpaid interest, subject to the Business Day Convention and the Interest Accrual Convention described on the cover of this pricing supplement and in the accompanying product supplement. Any accrued and unpaid interest on the notes redeemed will be paid to the person who is the holder of record of these notes at the close of business on the business day immediately preceding the applicable Redemption Date. Even in cases where the notes are called before maturity, noteholders are not entitled to any fees or commissions described on the front cover of this pricing supplement.
·INSOLVENCY AND RESOLUTION CONSIDERATIONS — The notes constitute “loss-absorbing capacity” within the meaning of the final rules (the “TLAC rules”) issued by the Board of Governors of the Federal Reserve System (the “Federal Reserve”) on December 15, 2016 regarding, among other things, the minimum levels of unsecured external long-term debt and other loss-absorbing capacity that certain U.S. bank holding companies, including JPMorgan Chase & Co., are required to maintain. Such debt must satisfy certain eligibility criteria under the TLAC rules. If JPMorgan Chase & Co. were to enter into resolution, either in a proceeding under Chapter 11 of the U.S. Bankruptcy Code or in a receivership administered by the Federal Deposit Insurance Corporation (the “FDIC”) under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”), holders of the notes and other debt and equity securities of JPMorgan Chase & Co. will absorb the losses of JPMorgan Chase & Co. and its affiliates.

Under Title I of the Dodd-Frank Act and applicable rules of the Federal Reserve and the FDIC, JPMorgan Chase & Co. is required to submit periodically to the Federal Reserve and the FDIC a detailed plan (the “resolution plan”) for the rapid and orderly resolution of JPMorgan Chase & Co. and its material subsidiaries under the U.S. Bankruptcy Code and other applicable insolvency laws in the event of material financial distress or failure. JPMorgan Chase & Co.’s preferred resolution strategy under its resolution plan contemplates that only JPMorgan Chase & Co. would enter bankruptcy proceedings under Chapter 11 of the U.S. Bankruptcy Code pursuant to a “single point of entry” recapitalization strategy. JPMorgan Chase & Co.’s subsidiaries would be recapitalized as needed so that they could continue normal operations or subsequently be wound down in an orderly manner. As a result, JPMorgan Chase & Co.’s losses and any losses incurred by its subsidiaries would be imposed first on holders of JPMorgan Chase & Co.’s equity securities and thereafter on unsecured creditors, including holders of the notes and other securities of JPMorgan Chase & Co. Claims of holders of the notes and those other debt securities would have a junior position to the claims of creditors of JPMorgan Chase & Co.’s subsidiaries and to the claims of priority (as determined by statute) and secured creditors of JPMorgan Chase & Co. Accordingly, in a resolution of JPMorgan Chase & Co. under

Callable Fixed Rate NotesPS-2

Chapter 11 of the U.S. Bankruptcy Code, holders of the notes and other debt securities of JPMorgan Chase & Co. would realize value only to the extent available to JPMorgan Chase & Co. as a shareholder of JPMorgan Chase Bank, N.A. and its other subsidiaries and only after any claims of priority and secured creditors of JPMorgan Chase & Co. have been fully repaid. If JPMorgan Chase & Co. were to enter into a resolution, none of JPMorgan Chase & Co., the Federal Reserve or the FDIC is obligated to follow JPMorgan Chase & Co.’s preferred resolution strategy under its resolution plan.

The FDIC has similarly indicated that a single point of entry recapitalization model could be a desirable strategy to resolve a systemically important financial institution, such as JPMorgan Chase & Co., under Title II of the Dodd-Frank Act (“Title II”). Pursuant to that strategy, the FDIC would use its power to create a “bridge entity” for JPMorgan Chase & Co.; transfer the systemically important and viable parts of JPMorgan Chase & Co.’s business, principally the stock of JPMorgan Chase & Co.’s main operating subsidiaries and any intercompany claims against such subsidiaries, to the bridge entity; recapitalize those subsidiaries using assets of JPMorgan Chase & Co. that have been transferred to the bridge entity; and exchange external debt claims against JPMorgan Chase & Co. for equity in the bridge entity. Under this Title II resolution strategy, the value of the stock of the bridge entity that would be redistributed to holders of the notes and other debt securities of JPMorgan Chase & Co. may not be sufficient to repay all or part of the principal amount and interest on the notes and those other securities. To date, the FDIC has not formally adopted a single point of entry resolution strategy, and it is not obligated to follow such a strategy in a Title II resolution of JPMorgan Chase & Co.

 

Callable Fixed Rate NotesPS-3

Selected Risk Considerations

An investment in the notes involves significant risks. These risks are explained in more detail in the “Risk Factors” sections of the accompanying prospectus supplement and the accompanying product supplement.

Risks Relating to the Notes Generally

·WE MAY CALL YOUR NOTES PRIOR TO THEIR SCHEDULED MATURITY DATE — We may choose to call the notes early or choose not to call the notes early on any Redemption Date in our sole discretion. If the notes are called early, you will receive the principal amount of your notes plus any accrued and unpaid interest to, but excluding, the applicable Redemption Date. The aggregate amount that you will receive through and including the applicable Redemption Date will be less than the aggregate amount that you would have received had the notes not been called early. If we call the notes early, your overall return may be less than the yield that the notes would have earned if you held your notes to maturity and you may not be able to reinvest your funds at the same rate as the original notes. We may choose to call the notes early, for example, if U.S. interest rates decrease or do not rise significantly or if volatility of U.S. interest rates decreases significantly.
·LONGER-DATED NOTES MAY BE RISKIER THAN SHORTER-DATED NOTES — By purchasing a note with a longer tenor, you are more exposed to fluctuations in interest rates than if you purchased a note with a shorter tenor. The present value of a longer-dated note tends to be more sensitive to rising interest rates than the present value of a shorter-dated note. If interest rates rise, the present value of a longer-dated note will fall faster than the present value of a shorter-dated note. You should purchase these notes only if you are comfortable with owning a note with a longer tenor.
·CREDIT RISK OF JPMORGAN CHASE & CO. — The notes are subject to the credit risk of JPMorgan Chase & Co., and our credit ratings and credit spreads may adversely affect the market value of the notes. Investors are dependent on JPMorgan Chase & Co.’s ability to pay all amounts due on the notes. Any actual or potential change in our creditworthiness or credit spreads, as determined by the market for taking our credit risk, is likely to adversely affect the value of the notes. If we were to default on our payment obligations, you may not receive any amounts owed to you under the notes and you could lose your entire investment.
·REINVESTMENT RISK — If we redeem the notes, the term of the notes may be reduced and you will not receive interest payments after the applicable Redemption Date. There is no guarantee that you would be able to reinvest the proceeds from an investment in the notes at a comparable return and/or with a comparable interest rate for a similar level of risk in the event the notes are redeemed prior to the Maturity Date.
·LACK OF LIQUIDITY — The notes will not be listed on any securities exchange. JPMS intends to offer to purchase the notes in the secondary market but is not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the notes easily.  Because other dealers are not likely to make a secondary market for the notes, the price at which you may be able to trade your notes is likely to depend on the price, if any, at which JPMS is willing to buy the notes.

Risks Relating to Conflicts of Interest

·POTENTIAL CONFLICTS — We and our affiliates play a variety of roles in connection with the issuance of the notes, including acting as calculation agent and as an agent of the offering of the notes and hedging our obligations under the notes. In performing these duties, our economic interests and the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the notes. In addition, our business activities, including hedging and trading activities for our own accounts or on behalf of customers, could cause our economic interests to be adverse to yours and could adversely affect any payment on the notes and the value of the notes. It is possible that hedging or trading activities of ours or our affiliates in connection with the notes could result in substantial returns for us or our affiliates while the value of the notes declines. Please refer to “Risk Factors — Risks Relating to Conflicts of Interest” in the accompanying product supplement for additional information about these risks.

Risks Relating to Secondary Market Prices of the Notes

·CERTAIN BUILT-IN COSTS ARE LIKELY TO AFFECT ADVERSELY THE VALUE OF THE NOTES PRIOR TO MATURITY — While the payment at maturity described in this pricing supplement is based on the full principal amount of your notes, the original issue price of the notes includes the agent’s commission and the estimated cost of hedging our obligations under the notes through one or more of our affiliates. As a result, the price, if any, at which JPMS will be willing to purchase notes from you in secondary market transactions, if at all, will likely be lower than the original issue price and any sale prior to the Maturity Date could result in a substantial loss to you. This secondary market price will also be affected by a number of factors aside from the agent’s commission and hedging costs, including those referred to under “—Many Economic and Market Factors Will Impact the Value of the Notes” below.

The notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your notes to maturity.

·MANY ECONOMIC AND MARKET FACTORS WILL IMPACT THE VALUE OF THE NOTES — The notes will be affected by a number of economic and market factors that may either offset or magnify each other, including but not limited to:
·any actual or potential change in our creditworthiness or credit spreads;
·the time to maturity of the notes;

Callable Fixed Rate NotesPS-4

·interest and yield rates in the market generally, as well as the volatility of those rates; and
·the likelihood, or expectation, that the notes will be redeemed by us, based on prevailing market interest rates or otherwise.

Tax Treatment

You should review carefully the section in the accompanying product supplement no. 1-I entitled “Material U.S. Federal Income Tax Consequences,” focusing particularly on the section entitled “— Tax Consequences to U.S. Holders — Notes Treated as Debt Instruments and That Have a Term of More than One Year — Notes Treated as Debt Instruments But Not Contingent Payment Debt Instruments — Notes Treated as Debt Instruments That Provide for Fixed Interest Payments at a Single Rate and That Are Not Issued at a Discount.” The following, when read in combination with those sections, constitutes the full opinion of our special tax counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of the notes. Our special tax counsel is of the opinion that the notes will be treated as fixed-rate debt instruments as defined and described therein.

Supplemental Plan of Distribution

With respect to notes sold to eligible institutional investors or fee-based advisory accounts for which an affiliated or unaffiliated broker-dealer is an investment adviser, the price to the public will be $998.50 per $1,000 principal amount note.  Broker-dealers who purchase the notes for these accounts may forgo some or all selling commissions related to these sales described below.  See “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement.

JPMS, acting as agent for JPMorgan Chase & Co., will pay all of the selling commissions of $18.377 per $1,000 principal amount note it receives from us to other affiliated or unaffiliated dealers.  Broker-dealers who purchase the notes for sales to eligible institutional investors or fee-based advisory accounts may forgo some or all of these selling commissions.  See “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement.

Validity of the Notes

In the opinion of Davis Polk & Wardwell LLP, as our special products counsel, when the notes offered by this pricing supplement have been executed and issued by us and authenticated by the trustee pursuant to the indenture, and delivered against payment as contemplated herein, such notes will be our valid and binding obligations, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to (x) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above or (y) the validity, legally binding effect or enforceability of any provision that permits holders to collect any portion of the stated principal amount upon acceleration of the notes to the extent determined to constitute unearned interest. This opinion is given as of the date hereof and is limited to the laws of the State of New York and the General Corporation Law of the State of Delaware. In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture and its authentication of the notes and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the letter of such counsel dated February 24, 2023, which was filed as an exhibit to the Registration Statement on Form S-3 by us on February 24, 2023.

 

Callable Fixed Rate NotesPS-5

FAQ

What did the FDA approve for AstraZeneca (AZN) on 24 June 2025?

Datroway (datopotamab deruxtecan) received accelerated approval for previously treated EGFR-mutated NSCLC.

What efficacy did Datroway show in the TROPION-Lung05 trial?

It achieved a 45 % objective response rate with a median 6.5-month duration of response in 114 patients.

Will AstraZeneca record US sales of Datroway?

No. Daiichi Sankyo will recognise US revenue; AstraZeneca pays a US$45 m milestone and shares future economics per the 2020 agreement.

Is the approval final or conditional?

It is an accelerated approval; continued marketing depends on confirmatory Phase III data demonstrating clinical benefit.

How does Datroway complement AstraZeneca’s existing lung cancer portfolio?

It adds a TROP2-directed ADC to a portfolio that already includes Tagrisso, Imfinzi and Imjudo, broadening treatment options across disease stages.
Inverse VIX S/T Futs ETNs due Mar22,2045

NYSE:VYLD

VYLD Rankings

VYLD Latest News

VYLD Latest SEC Filings

VYLD Stock Data

4.00M
National Commercial Banks
NEW YORK