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AZ's Q3 income up as sales stay flat

AstraZeneca's total net income jumped from $1.83bn to $3.13bn in the pharmaceutical company's financial results for the third quarter of 2011, despite sales falling by 2 per cent

AstraZeneca's (AZ) total net income jumped from $1.83bn to $3.13bn in the pharmaceutical company's financial results for the third quarter of 2011.

The increase was largely due to a growth in reporting operating profit of 78 per cent, including $1.48bn from the sale of its Sweden-based dental and devices business Astra Tech to Dentsply.

AZ's total revenue for the period was $8.21bn, a decrease of 2 per cent at constant exchange rates from 2010.

The company said more than $350m of revenue was lost due to generic competition, cancelling out strong performances for statin Crestor (rosuvastatin calcium), antipsychotic Seroquel XR (quetiapine fumarate) and Symbicort (budesonide/formoterol) for respiratory disorders.

Products affected by generic competition included heartburn treatment Nexium (esomeprazole), with sales falling by 16 per cent in the US and 50 per cent in Western Europe.

Breast cancer therapy Arimidex (anastrozole) was also hit hard, with US sales falling by 81 per cent and Western European sales down by 65 per cent.

Regionally, Western Europe was the worst affected area overall, with revenue down by 15 per cent. US revenue remained level, while, in emerging markets, it grew 7 per cent.

David Brennan, CEO, said: "We have delivered a third quarter revenue and core earnings performance in line with our expectations, against the backdrop of anticipated generic competition and government price interventions."

27th October 2011

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