The new drugs from AstraZeneca PLC (LON:AZN) pipeline of emerging treatments can’t come quickly enough for the Anglo-Swedish giant.
Copycat competition for big sellers such as cholesterol-buster Crestor ate into first quarter revenues, which fell by 12% to US$5.54bn in the first-quarter.
AZ is predicting the top line will be down low- to mid-single digits percentage points for the year as a whole, with earnings likely to fall in the low- to mid-teens. Core EPS for the first half fell by 4% at constant exchange rates to 99 cents.
Chief executive Pascal Soriot said AZ had made a strong start to the year. Analysts and investors might beg to differ, though the figures were in line with forecasts.
He focused on the emerging markets and said 2017 would be a pivotal year for its portfolio of emerging treatments, particularly in oncology.
“In addition to the availability of positive data for Lynparza in ovarian and breast cancer, we also received full approvals in the US and Europe for Tagrisso in lung cancer and launched this important medicine in record time in China,” the CEO said.
The company, in common with the other drugs giants, is running into a headwind of patent expiries such as the top-selling Crestor and struggling to bring through new products fast enough.
However, it is reckoned by City analysts to have one of the best line-ups of new products coming through clinical trials.
In the meantime, it has slimmed down and offloaded lines to focus on research and development in new areas such as immuno-oncology.
It has been reported AZ has hampered by a clinical trial setback with its experimental immunotherapy drugs for lung cancer patients expected to be delayed several months.