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
-
Would you delay retirement to help your children through university?Parents are missing out on as much as £45,000 that could have gone into their pensions because they are using that money to pay their children’s way through university, according to new research
-
Family face £100k stamp duty bill after avoidance scheme crashes in court – the mistakes to avoidA couple faces a substantial stamp duty bill after trying to reduce the amount they owed
