CNBC's Angelica Peebles joins 'Squawk Box' to discuss the latest details on a COPD drug failure.

Regeneron and Sanofi have reported that their experimental drug for chronic obstructive pulmonary disease (COPD) failed to show significant benefit in one of two phase 3 clinical trials. While the drug reduced flare-ups by over 20 percent in one study, it showed minimal benefit after one year in the other study. 

The companies stated that further exploration of the results is needed and that they plan to discuss next steps with regulators. Analysts suggest that at least one more phase 3 trial will likely be necessary, potentially extending the development timeline. Following the announcement, Regeneron's shares experienced a significant decline, reflecting investor concerns over the company's future pipeline.

COPD drug fails in phase 3 trial

Now, Regeneron and Sanofi, though, are under pressure after some new disappointing data. Regeneron shares now are actually on pace for their worst day since 2011, down almost 17.5 percent. Angelica Peebles joins us with some details. So what happened here, Angelica? Yes, Sarah. Regeneron and Sanofi are saying that their experimental COPD drug failed one of two phase three trials. Now, the drug managed to decrease flare-ups by more than 20 percent in one of the studies, but in the other study, it showed hardly any benefit after one year. And the companies say that these results merit further exploration and that some people with COPD are desperate for new treatment options. And Sanofi and Regeneron plan to talk to regulators about the next steps, but RBC analysts think that at the very least, another phase three trial would be required, and that would mean running a risky study and adding years to the development program. Plus, there might not be much enthusiasm for the drug by then. And Regeneron's been under pressure over lackluster performance of its iDrug, ILEA, and concerns about what comes next when its drug, Dupixent, goes off patent. And this uncertainty does not help that narrative. Stocks down about 30 percent this year and almost 50 percent over the past year. You can see down now about 17 percent, guys. Quite a story this morning. We'll talk more about it in a bit, Angelica. Thank you.

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Washington

Global Tariffs

Trump says U.S. to hit India with 25% tariff starting August 1

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Birmingham

Ozzy Osbourne fans flood Birmingham streets to mourn late music icon

U.S. President Donald Trump told reporters before departing from Scotland that Jeffrey Epstein poached workers from his Mar-a-Lago spa. Trump mentioned Virginia Giuffre, one of Epstein's most vocal accusers, in his latest remarks.

Trump says Epstein 'stole' young women from Mar-a-Lago spa

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Jerusalem

Middle East Conflict

Palestinian activist killed by Israeli settler in West Bank

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Hawaii

Tsunami reaches Hawaii after huge quake shakes Russia's Far East

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New York

Israel and U.S. boycott UN Summit for two-state solution

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Trump officials suggest potential tariff truce with China

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Manhattan gunman had 'documented mental health history'

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Ghislaine Maxwell offers to testify before Congress

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London

UK to recognize Palestinian state unless Israel takes action

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Kyiv

Ukraine Invasion

Deadly Russian air raids hit Ukraine as Trump warns of sanctions

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Bogotá

Ex-Colombian president Uribe convicted of witness tampering, bribery

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Moscow

Russian official calls Trump's ceasefire deadline 'a threat'

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Zaporizhzhia

Russian air strikes hit a prison in Ukraine's Zaporizhzhia, 17 killed

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Traverse City

Suspect pleads not guilty in Walmart stabbing attack

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U.S. Justice Dept. shuts down four child abuse websites

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Bangkok

Gunman kills five at busy Bangkok fresh food market

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Kuala Lumpur

Thailand and Cambodia agree to ceasefire

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Stockholm

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Riedlingen

German train derails, killing at least three people

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Athens

Heat fuels destructive wildfires in parts of Europe

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Garfield Township

Suspect in Michigan stabbing rampage to face terrorism charges

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Denver

Passengers evacuate burning plane in Denver

President Trump announced Sunday that the U.S. and European Union have come to a trade agreement after high-stakes meetings in Scotland. Weijia Jiang reports.