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A lack of generic competition to some key drugs saw profits of pharmaceutical company AstraZeneca PLC rise 6% in second quarter, it has been revealed.
The Anglo-Swedish drug maker raked in net profit of £1.05 billion for the three months to June 30. This is up from the £990,000 million seen the same time 12 months ago.
There was little difference to revenue over the year, with the 2009 figure standing at £4.85 billion, compared with £4.80 billion in 2008. This was due to the impact of the exchange rate negating the 9% gain on a constant currency basis.
The impact of the global recession on the company’s business and markets had been less severe than first thought, according to AstraZeneca chief executive David Brennan.
“Our efforts to build a sustainable pipeline are bearing fruit,” he added, referring to the company’s attempts to expand its range of future drugs.
The drug firm focused on all aspects of its business in order to cut costs, including distribution, its research and development arm and selling expenses.
Investors welcomed the earnings update, with AstraZeneca shares lifting 2.4% to £28.70p on the London Stock Exchange.
Copyright Press Association 2009