AstraZeneca 2nd-qtr sales hit by loss of Crestor patent
Anglo-Swedish drugs company AstraZeneca (LSE: AZN) posted a 10% loss (at constant exchange rates) in total revenue in its second quarter results as the impact of cholesterol drug Crestor’s (rosuvastatin calcium) loss of exclusivity in the US begins to bite.
But the company said it remains confident that its transformed pipeline of differentiated medicines is advancing quickly and bodes well for a return to growth.
Total revenue for the quarter fell 10% (CER) to $5.6 billion, in line with analyst estimates of $5.58 billion, with pre-tax profits falling 27% to $1.2 billion.
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