AZ unveils 'solid' financial results
31 Jul 2008
AstraZeneca (AZ) has reported a "solid performance" in the second quarter of the year.
It showed its strongest performance in the emerging markets, where sales were up by 20 per cent at constant exchange rates.
However, sales in the US were down by four per cent, which the firm put down to Toprol-XL facing strong generic competition.
Chief executive officer David Brennan said: "During the first half of 2008, AstraZeneca has made good progress on three fronts: performance, pipeline and patents."
He went on to say that the company is "on track" to meet its increased financial target for the year and is continuing to strengthen its pipeline of products.
Together with Bristol-Myers Squibb, AZ recently submitted a new drug application in the US for saxagliptin, an investigational drug for the treatment of type-two diabetes.
If approved, the medicine will be marketed in the country under the brand-name Onglyza.
