AstraZeneca 2002 results ahead of expectations
On balance, 2002 was 'a very successful year' for AstraZeneca, according to ceo Sir Tom McKillop. Sales reached US$17.84bn (€16.57bn), up 9% in constant currency terms, and operating profit before exceptional items increased by 5% to just under $4.4bn (€4.1bn). Strong sales growth for the year was reported in the cns (+53%), respiratory (+16%) and oncology (+12%) product ranges. The recently launched products – Nexium, Symbicort, Faslodex (in the US) and Iressa (in Japan) – generated nearly $2.4bn (€2.2bn) in sales in 2002 (up from $651m (€605m) in 2001). Five other growth products – Casodex, Arimidex, Atacand, Seroquel and Zomig – grew by another $900m (€836m) to just over $3bn (€2.8bn) in aggregate.
Sales of GI products rose by 7%, with Nexium in particular trebling to just under $2bn (€1.9bn). However, sales of Losec/Prilosec were down 18% worldwide and 21% in the US, and this situation is likely to worsen following the release onto the market in December of a generic omeprazole product. Another star performer was Seroquel, which achieved megabrand status with sales in excess of $1bn (€0.9bn), an increase of 67%. An sNDA in the US has been submitted for the use of Seroquel in the treatment of acute mania associated with bipolar disorder, and a similar filing is expected in the EU later in the year.
McKillop said: 'Sales excluding Losec/Prilosec grew by 23%, showing the strength of our portfolio of growth products. Following the planned launches of Crestor and Exanta later this year, all the elements should be in place to drive strong sales and earnings growth from 2004.'