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).
Revenue in the US was down 2%, down 11% in Western Europe, and up 10% in emerging markets. Reported earnings per share were up 29% at $7.33 (2010: $5.60). Core operating profit was down 4%.
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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.
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