AstraZeneca weathers patent expiry storm
pharmafile | October 27, 2011 | News story | Sales and Marketing | AstraZeneca, AstraZenecca, q3 2011
AstraZeneca saw its revenue decline in the third quarter due to an onslaught of patent expiries, but still saw its profits rise.
The firm lost $350 million from patent expiries in the quarter, dragging down sales by 2%, but cost-cutting and income from the sale of medical devices unit Astra Tech helped increase profits.
Sales in Western Europe were down by a massive 50% due to the combination of major patent losses and healthcare spending cuts across the continent.
Among the generic casualties were heartburn treatment Nexium, which saw sales fall 14% in Europe as generic versions of the medicine flooded the market.
Crestor led growth among the company’s top products, rising 14% at constant exchange rates, up to $1.66 billion, thanks to strong US sales.
The Seroquel franchise saw a 4% increase in sales to reach $1.4 billion, while respiratory drug Symbicort rose 9% to $755 million compared to last year.
David Brennan, chief executive of AstraZeneca said the company’s ‘disciplined execution’ continued to generate strong cash returns, with dividends and net share repurchases well ahead of last year.
Dapagliflozin delayed
AstraZeneca and Bristol-Myers Squibb’s co-developed diabetes treatment dapagliflozin has been further delayed by the FDA, and the companies must now submit more data.
The US regulator has decided to extend its review time of the drug by three months as it waits for more phase III data after serious safety concerns arose in relation to existing data.
Ben Adams
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