AstraZeneca (LON:AZN) primed its defences against another assault from US pharma Pfizer by blasting past forecasts helped by a surge in sales of heart drug Brilinta.
Sales rose by 4% to US$6.45bn (£3.8bn) in the three months to June as heart drug Brilinta’s revenues rose by 84% and Astra’s new range of diabetes medicines more than doubled sales. Market predictions had been for about a 1% sales rise overall.
The UK pharma received an approach worth £55 a share (£69bn) from Pfizer in March, but the board refused to start talks despite the urging of some some influential shareholders and the US company decided not to make a formal offer.
Rumours recently, however, have suggested Pfizer may come back again, especially after a string of other big deals in the pharma sector. Under City rules, Pfizer has to wait until November unless Astra agrees to start talks.
A key plank of Astra’s defence was a forecast that it could double sales by 2023 due to its strong pipeline of treatments for cancer, heart problems diabetes and other areas.
Pascal Soriot, Astra’s chief executive, today said the company had made significant progress in its first half with “visible momentum across our cardiovascular, diabetes and respiratory franchises as well as strong growth in the emerging markets."
Core profits for the second quarter were down 1% to US$2.03bn. For the six months to June, Astra made core profits of US$3.98bn, down 8%, on sales of US$12.9bn.
Shares drifted 1% to 4,313p.