AstraZeneca boosted by Crestor sales
pharmafile | July 31, 2008 | News story | Sales and Marketing |Â Â Â
AstraZeneca's second quarter sales increased by 9% to $8 billion, as it rode out a 4% drop in US sales due to generic competition for heart drug Toprol-XL.
The company was buoyed by a 35% increase in sales of its statin Crestor, which made $916 million in the period, but there was less heartening news for gastro-oesophageal reflux disease blockbuster Nexium.
Its sales were almost flat, increasing by just 0.8% to $1.3 billion, and in the US they declined by 12% to $754 million due to pricing competition.
Chief executive David Brennan said the company had made good progress on three fronts: performance, pipeline and patents.
"The business is on track to achieve our increased financial target for the year and we continue to strengthen the pipeline," he added.
Since the beginning of 2008 AstraZeneca's late stage pipeline has expanded by a further two projects, bringing the total number of projects in phase III/registration to twelve.
The new additions were oral direct thrombin inhibitor AZD0837, a stroke treatment in phase III, and potential orphan drug MEDI-561/IPI-504, which will shortly begin phase III trials against refractory gastrointestinal stromal tumours.
More recently the company with partner Bristol-Myers Squibb submitted its new type II diabetes treatment Onglyzatm (savagliptin) to US and European regulators for approval.
The EU submission is a particular coup for the company, coming some 15 months earlier than originally planned.
The second quarter also marked the first time sales topped $1 billion in emerging markets.
AZ has invested heavily in this area and was rewarded by a 20% surge in sales – 29% in China – led by strong demand for its cardiovascular and respiratory products.
