Drug giant AstraZeneca, which reports its third quarter results on Thursday, is expected to remain under pressure from generic competition.
Morgan Stanley, AstraZeneca’s house broker, said to expect “another tough quarter”, with sales at constant currency down some nine per cent because of rising competition for Astra’s blockbuster anti-cholesterol drug Crestor in the US.
In July the US Food and Drug Administration approved generic versions of the pill, rejecting a last-ditch and controversial effort by AstraZeneca to stop cheaper competition from reaching pharmacy shelves.
Last month it was revealed AstraZeneca would be among UK pharma giants to meet ministers in a bid to press their case for support ahead of formal talks on exiting the European Union.
Shares in the UK-based drugmaker have fallen sharply since highs in August as fears that Hillary Clinton could crack down on drug pricing if she gains the White House in the US election tomorrow.