Sales Edge Above Forecasts

unduhan-34Pharmaceuticals company AstraZeneca  (AZN) reported smaller-than-expected declines in quarterly revenue and earnings and said progress on the development of new products boded well for a return to growth.

Revenue fell 11% in the second-quarter to $5.6 billion after the company lost exclusivity on the Crestor anti-cholesterol statin in the U.S. in May. The figure was slightly better than consensus expectations for just under $5.5 billion of revenue, while earnings per share of 83 cents, down 31% year-on-year, compared with a forecast for 82 cents.

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AstraZeneca is pinning its hopes on a new product pipeline as it strives to lift revenue to $45 billion by 2023 from $24.7 billion in 2015. Three products on which it has is or is about to lose patent protection by the end of next year – Nexium for heartburn, Seroquel for schizophrenia , as well as Crestor, account for almost 40% of revenue.

CEO Pascal Soriot said the pipeline is progressing, and that recently introduced, and patented, drugs are doing well.

“Our growth platforms continued to advance and made up over 60% of total revenue. Importantly, our transformed pipeline is advancing quickly and delivering a rich flow of differentiated medicines, boding well for our return to growth.”

AstraZeneca’s pipeline products include benralizumab for severe asthma, which would compete against a product being developed by GlaxoSmithKline (GSK) and for which it expects to seek approval from U.S. and European regulators in the second half. They also include the Faslodex breast cancer treatment and Tagrisso for lung cancer.