Astra profits hit by cheaper rivals
Pharmaceuticals giant AstraZeneca highlighted its battle against cheaper generic drugs today as it posted a 14% drop in third quarter profits.
The UK’s second largest drugs maker reported that US sales of two of its major treatments were under pressure from rivals and it also revealed another of its top-selling treatments was under threat from potential competition.
Astra posted pre-tax profits of $1.89bn US (€1.3bn) for the three months to the end of September, down from $2.19bn US (€1.52bn) in the same quarter last year.
Sales of Toprol-XL, a treatment for angina, heart failure and high blood pressure, dived by 43% in the quarter, after generic competition launched in August.
Demand for Astra’s ulcer pill Nexium also fell amid competition from generic rivals, with sales down 1% in the quarter.
Further competition may be in store for its cholesterol treatment Crestor, after it emerged that Canadian firm Cobalt Pharmaceuticals was seeking US regulatory approval to sell copies.
However, Astra said today it had “full confidence in its intellectual property protecting Crestor”.
