Flood of cheap generic alternatives for branded cholesterol medicine causes sales to slump for drug giant AstraZeneca
A flood of cheap generic alternatives for branded cholesterol medicine caused sales to slump for drug giant AstraZeneca.
The pharmaceutical giant saw 2016 sales fall 5 per cent after struggling to overcome the decline of Crestor, its best-selling cholesterol treatment.
Decline: AstraZeneca’s sales were £18.3bn in 2016, down from £19.7bn the year before
The British-Swedish drugmaker’s sales were £18.3bn in 2016, down from £19.7bn the year before, and slightly below analysts’ expectations of £18.4bn.
Statutory pre-tax profit was £2.8bn compared with £2.4bn in 2015, while core operating profit was down 7 per cent to £5.4bn.
Shares closed down 0.6 per cent, or 25.5p, at 4272.5p.
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