By Roger Baird, Press Association City Staff
Drug giant AstraZeneca raised its full-year revenue guidance after stronger-than-expected quarterly sales driven by its key heart treatment drug Brilinta.
The firm said third quarter sales fell 10% to 5.9 billion US dollars (£3.8 billion), just ahead of forecasts. This was aided by sales of Brilinta, which jumped 73%, and a 12% uplift in emerging market drug revenues over the period.
The firm raised its annual sales forecast to in line with last year's 26.1 billion US dollars (£17 billion) total, from previous guidance of a low single digit decline from 12 months ago. Shares lifted 3%.
AstraZeneca, led by chief executive Pascal Soriot, fought off a £69 billion takeover bid from US rival Pfizer last year. Mr Soriot pledged to investors he will boost revenues at the business.
The group faces increasing competition from generic rivals to its heartburn drug Nexium, and will lose its exclusive licence to manufacture its blockbuster cholesterol drug Crestor in the US next year.
However, it said over the coming year its drugs pipeline includes key tests for a range of treatments including gout, lung cancer and severe asthma.
Mr Soriot said: "Looking ahead, however, the continued performance of our growth platforms and upcoming launches will combine with our increasing focus on costs and cash generation to help offset short-term headwinds and return AstraZeneca to sustainable growth."
Analysts at Jefferies said: "AstraZeneca is our top pick of European pharmaceutical firms, with the promise of a rapidly building tempo of pivotal data and US Food and Drug Administration approvals over the next 12 months."
In February AstraZeneca boosted its portfolio with the acquisition of a branded respiratory drug business for up to 700 million US dollars (£459 million).
It struck an agreement with Dublin-based rival Actavis to buy its respiratory business in North America, which includes the purchase of inhalation powder Tudorza Pressair, used by sufferers of chronic bronchitis.
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