Astellas Pharma Rises on FDA Approval of AMD Drug Izervay

Astellas Pharma rises as much as 8%, the most since March 2020, after the US Food and Drug Administration approved the company’s Izervay for the treatment of age-related macular degeneration, the Japanese drugmaker said in a statement Saturday.

• The news is positive, as the approval was two weeks earlier than expected, Citi analyst Hidemaru Yamaguchi writes in a note
  • Estimates peak annual sales in the US at ¥200b
  • Expectations are low given side-effect issues with earlier drugs and lack of information for patients
  • Remains bullish on the shares
• The stock has risen 6.8% so far this year, still trailing the ...