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Financial Reports: AstraZeneca

Generics drive sales down, more layoffs planned

By: Gil Roth

President, Pharma & Biopharma Outsourcing Association

AstraZeneca 4Q13

4Q Revenues: $6.8 billion (-6%)

4Q Loss: $524 million (earnings of $1.5 billion in 4Q12)

FY Revenues: $25.7 billion (-8%)

FY Earnings: $2.6 billion (-60%)

Comments: For FY13, AstraZeneca’s U.S. revenues fell by 9%, while Rest of World (RoW) revenues fell 4%. Crestor revenues fell by 8% in both 4Q and FY, to $1.5 billion and $5.6 billion, respectively. Onglyza reenues grew 17% in FY to $378 million, but only 6% in 4Q to $93 million. Symbicort sales were up 11% in 4Q to $976 million and 10% in FY to $3.5 billion. Generic pressure erased 39% of Seroquel sales, which dropped from $2.8 billion in FY12 sales to $1.7 billion in FY13. Brilinta sales were $92 million in 4Q, up from $75 million in 3Q13. Sales of Atacand and Seloken/Toprol-XL began to crater from generic exposure. Atacand sales fell 39% in FY to $611 million, while Seloken 4Q sales fell 32% to $170 million. Losec/Prilosec sales fell 28% in FY to $486 million. Nexium sales were flat at $3.9 billion in FY, but generics will enter the U.S. market in 2Q14. The company announced an additional $700 million in restructuring programs, which will lead to cuts of approximately 550 staffers and is projected to result in $300 million in annual benefits. In total, the company’s current restructuring will cost $3.2 billion, yield annual benefits of $1.1 billion, and result in layoffs of 5,600 people.

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