AstraZeneca sales drop but new products on the horizon for 2018

Business | Fri 2 Feb | Author – Business & Finance

Sales figures for 2017 dropped but the pharmaceutical firm says new products in 2018 will give rise to income figures again.

A 2% fall was recorded in 2017 to $22.46 billion (£15.70 billion). Product sales dropped 5% to $20.15 billion (£14.17 billion). These figures are a result of a huge setback on a immunology treatment last July.

The first round of the ‘Mystic trail’ for lung cancer showed that a combination of durvalumab and tremelimumab does not improve survival rates any more than chemotherapy.

For this year, AstraZeneca is putting forward a single-digit percentage increase in product sales as it launches new treatments for uncontrolled asthma and unresectable lung cancer.

CEO Pascal Soriot missed his 2017 targets but remained positive, saying, “AstraZeneca’s revenues improved over the course of the year, a sign of how our company is steadily turning a corner.

“Strong commercial execution helped us bring our science to more patients, making the most of our exciting pipeline.

“We remain committed to our progressive dividend policy.Our strategy is working, propelled by a strong pipeline, good sales performance and continued cost discipline.”

Fourth-quarter revenue came in 3% higher at $5.77 billion (£4.06 billion) and shares were at 4,870p.