AstraZeneca has reported that group sales for 2011 were down while operating profit saw a rise, reflecting double digit sales growth for Crestor, Seroquel XR and Symbicort.
The drugs giant said sales were down 2%, at constant exchange rates, to $33,591m (2010: $33,269m) while reported operating profit was up 10% at $12,795m (2010: $11,494m).
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In a statement the firm said: "The world pharmaceutical market grew by 4.5% in 2011 and the fundamentals of the industry remain strong. While the fundamentals remain strong, the challenges facing the industry have been unprecedented in recent years. Patents on some of the world's most successful innovative medicines are starting to expire and we face increasing competition from generic alternatives.
"We are confident that long-term growth in demand for innovative biopharmaceuticals will remain strong. We continue to plan on the basis that revenue will be in the range of $28-34bn a year over the 2010-14 period, as revenue growth from key franchises that retain exclusivity and continued growth in emerging markets are pressured by the loss of market exclusivity on a number of products."
The share price fell 0.21% to 2,834.00p.
NR
-
Scammers steal over £600 million from Brits - how to protect yourselfFraud cases in the first half of the year surged by 17% compared to the same period in 2024. Is your money at risk?
-
Financial support for carers: what can you get?Unpaid carers miss out on an average £6,400 a year in annual salary by cutting work to support loved ones. We explore benefits that can plug the financial gap.
