AstraZeneca profits rise as imitations fail to dent sales
DRUGMAKER AstraZeneca reported an 18 per cent jump in second-quarter pre-tax profits yesterday, as competition from imitations of its pharmaceuticals proved less fierce than expected.
Pre-tax earnings rose to $2.61bn (£1.58bn), up from $2.47bn in the same quarter of 2008, bringing half-year profits to $5.61bn, 27 per cent ahead of last year’s six-month performance of $4.42bn.
Chief executive David Brennan said that generic drugmakers – which copy medicines once they are out of patent – had been less active than usual, particularly with regard to heart treatment Toprol-XL and prostate cancer drug Casodex.
The group was buoyed by increased sales in the crucial US and Japanese markets, which were up 10 per cent and 23 per cent respectively over the six months.
Global sales at constant exchange rates were up eight per cent with cholesterol Crestor drug emerging as the group’s jewel in the crown, increasing sales by 33 per cent.
Brennan said the firm was also exploring new ways to administer a swine flu vaccine, adding that AstraZeneca hoped to have 200m doses of the vaccine.