AstraZeneca revenues fall amid generic competition
LONDON (AP) — Anglo-Swedish drug firm AstraZeneca says third quarter revenue fell 10 percent to $5.95 billion as competition from generic drugmakers hit sales.
The company on Thursday noted tough competition for some of its big sellers, such as stomach-acid treatment Nexium, which lost patent exclusivity in the U.S., and cholesterol treatment Crestor.
CEO Pascal Soriot described 2016 as a "pivotal" year as the company faces the impact of the loss of exclusivity for Crestor in the United States.
Soriot says continued growth among some of its products and upcoming launches "will combine with our increasing focus on costs and cash generation to help offset short-term headwinds and return AstraZeneca to sustainable growth."
The company says profit more than tripled to $770 million from $254 million for the same period a year earlier.