AstraZeneca has reported a seven per cent rise in third quarter profits as healthy drug sales helped it return to growth after an earnings slide in the previous three months.
The Anglo-Swedish drugmaker is in the middle of a well-flagged transition from reliance on best-selling ulcer pill Losec to a new generation of products, a shift of gear requiring major investment in development and marketing.
Losec is nearing the end of its patent life but legal wrangling means the arrival of cheap generic forms of the drug is taking longer than expected, allowing AstraZeneca to edge up its guidance for full-year sales and profit growth.
Chief financial officer Mr Jon Symonds said today the full-year outcome should be somewhat better than earlier expected, with sales growth in high single digits and earnings per share growth possibly reaching double digits.
Pre-tax profit in the period to September 30th reached $1.038 billion on sales up nine per cent to $3.95 billion at constant currencies.
The company said the full-year outcome might be slightly better than earlier expected, with sales growth in high single digits and EPS possibly reaching double digits.