Crestor drives positive results for AZ
pharmafile | July 31, 2009 | News story | Sales and Marketing |Â Â AZ, CrestorÂ
AstraZeneca delivered a solid second quarter performance thanks to US delays to generic rivals and strong Crestor sales.
The results were better than expected, according to the company's chief executive, though analysts say the generic competition cannot be avoided for much longer, and new upcoming products must prove themselves.
AZ's chief executive David Brennan said Crestor was the company's "star performer", adding: "Our business performance, in the context of tough global economic conditions, has been better than we anticipated."
He also attributed the success to smooth operations and the contribution from blood-pressure drug Toprol-XL in the US, and said it was reflected in the decision to raise AZ's earnings per share target for the year.
Blockbuster cholesterol drug Crestor saw sales increase 33% in the second quarter, reaching quarterly sales of $1billion for the first time. It now accounts for 14% of group sales.
The company also acknowledged its good overall performance was also owing to the delayed introduction of some generics in the US – in particular a competitor for its cancer drug Casodex and the withdrawal of two generic competitors to Toprol-XL.
The Anglo-Swedish company has high hopes for two new drugs to boost its dwindling pipeline, with four new filings expected in 2009.
One of its key new drug hopes is the diabetes medicine Onglyza, which AZ and partner Bristol-Myers Squibb had hoped would be approved in the US this week, but were disappointed by delays from the regulator.
Analysts are expecting a green light for the drug following a positive recommendation from an FDA advisory committee in April. It was also recommended for approval in Europe last month.
AZ also has a new rival to Sanofi-Aventis's top-selling blood thinner Plavix. Its drug, called Brilinta, is still gathering clinical evidence, but has been tipped as a potential blockbuster. Full phase III data is expected at the end of August.
Analyst Citigroup said the long-term success of the company hinges on Brilinta and Onglyza to offset upcoming patent losses and, until greater clarity is gained over the companies strategy to negotiate its patent cliff, it should continue to trade at a substantial discount to the sector.
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