AZ pleased with Q2 progress, despite revenue loss

AstraZeneca has reported a 4% decrease in revenue in the second quarter of 2013 following a recent loss of exclusivity on several key brands. Revenue for the second quarter was US $6232 million – the loss of exclusivity accounted for approximately $500 million in revenue decline.

But despite this loss in revenue, AstraZeneca's CEO Pascal Soriot is remaining optimistic about the global pharma company's progress. AstraZeneca's acquisitions of Omthera Pharmaceuticals and Pearl Therapeutics, along with the recently announced collaboration with FibroGen, have added three promising late-stage assets to the pipeline. These assets are in core therapeutic areas of cardiovascular, metabolism and respiratory diseases.

Five of AstraZeneca's growth platforms contributed over $400 million in CER revenue growth this quarter - Emerging Markets, Japan, Brilinta, diabetes franchise and respiratory franchise.

"We have made real progress in the second quarter against our strategic priorities despite the anticipated impact on revenue of the loss of exclusivity for some brands. We continue to invest in distinctive science, our pipeline projects, products and key markets and our five key growth platforms delivered a double-digit increase in revenue contribution. Despite the fostamatinib disappointment, the late-stage pipeline in our core therapy areas is growing, and has been further strengthened with the acquisitions of Omthera Pharmaceuticals and Pearl Therapeutics and the recently announced collaboration with FibroGen. In announcing the Cambridge Biomedical Campus as the location of our new UK strategic centre, we also reaffirmed our commitment to invest in research and development productivity."

Pascal Soriot, Chief Executive Officer, commenting on the results.