AstraZeneca sales fall following loss of cholesterol treatment patent protection.
M2 PHARMA-February 2, 2017-AstraZeneca sales fall following loss of cholesterol treatment patent protection
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Pharmaceutical firm AstraZeneca (LSE:AZN) has seen a 13% decrease in its fourth-quarter revenue after its cholesterol treatment, Crestor, lost patent protection in the United States.
Total revenue for the period dropped from USD6.40bn last year to USD5.59bn, the Telegraph reports. In particular, Crestor sales fell 52% to USD631m after generic alternatives became available on the market.
The Anglo-Swiss drug maker has been cutting costs across the board to ensure funding for its cancer drugs. Its sales of cancer drugs rose 30% to USD930m in the fourth quarter, thanks to the introduction of a lung cancer drug named Tagrisso.
Pascal Soriot, AstraZeneca chief executive, stated that the company's results were "in line with expectations" as its structure adapts and "a new AstraZeneca emerges".
He continued: "2017 has the potential to be a turning point for our company as we near the end of our patent-expiry period and bring new medicines to patients across the globe. We anticipate defining data, in particular from our outstanding pipeline of immuno-oncology and targeted treatments.
"This year we have the opportunity to launch several life-changing medicines for cancer, respiratory and metabolic diseases. It is an exciting time as we rapidly approach the inflection point for our anticipated return to long-term growth, built on the solid foundations of a science-led pipeline."
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|Date:||Feb 2, 2017|
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