Sliding revenues show extent of AstraZeneca's Mystic blow

27 July 2017

AstraZeneca (LSE: AZN) suffered a fierce blow on Thursday with the announcement of the failure of its high-profile lung cancer trial Mystic to meet a primary endpoint in initial results, and its second quarter financial results, presented on the same day, did not offer much encouragement for the future either.

The Anglo-Swedish pharma major reported revenue for the quarter of $5.05 billion, a 10% decrease on the second quarter of 2016, or 8% down at constant exchange rate (CER). This decline has been blamed on the loss of exclusivity of the cholesterol-lowering pill Crestor (rosuvastatin calcium) and the anti-psychotic Seroquel XR (quetiapine), and only serves to highlight the need for the company to prove the strength of its pipeline in trials such as Mystic.

Progress in the present

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