“Challenging market conditions” for AstraZeneca as profits fall

Source: Healthcare Exec

Date :01/02/2008 10:06:40

AstraZeneca warns of “increasingly challenging market conditions” as the Anglo-Swedish pharmaceutical group reports 13 percent fall in fourth quarter.

For the fourth quarter, the group reported fourth-quarter profits of $1.8 billion (£905 million) offset by weak sales of its ulcer drug Nexium.

Sales of the $5.2 billion (£2.6 billion) drug were down 18 percent in the US and twelve percent globally.

Competition

The company looked to continue this streak in 2008. “This year globally we expect declining sales,” said Chief executive David Brennan.

He explained: “….generics are being used more, the market for branded products is shrinking."

MedImmune

The $15 billion acquisition of MedImmune, the US biotechnology firm, last year and other efforts to revamp its pipeline of biomedical medicines are part of the group’s efforts to boost long-term sales growth.

Astra’s wants biological medicines to comprise 25 percent of its entire late-phase development pipeline by 2010.

February 01, 2008