Patents headache hits AstraZeneca sales
The new chief executive of AstraZeneca might need to up the dosage of his treatment plans for Britain's second-biggest drug maker, after it posted a worse-than-expected 19 per cent slump in third-quarter sales.
Pre-tax profit in the quarter fell from $4.2bn (£2.5bn) a year ago to $2bn. Pascal Soriot, who suspended AstraZeneca's share buyback scheme on his first day in the job this month, said the drug maker's chronic ailment – the expiry of patents on several key medicines – was continuing.
This year the antipsychotic drug Seroquel faced generic competition, which saw Astra's revenues in the US fall 19 per cent. Overall revenues in the third quarter fell to $6.7bn, from $8.2bn a year earlier.
Mr Soriot said: "My priority is to restore the company to growth and scientific leadership." Analysts say acquisitions are also possible.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies