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Article: Profits down at AstraZeneca as Prilosec sales plummet, but Nexium turnover soars.
- Article from:
- Pharma Marketletter
- Article date:
- May 5, 2003
CopyrightCOPYRIGHT 2003 Marketletter Publications Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Anglo-Swedish drugmaker AstraZeneca has posted a 3% decline in pretax profits for the first quarter of 2003 as the company began to feel the full effect of generic competition to its blockbuster antiulcerant Prilosec/Losec (omeprazole). However, a strong sales performance from the follow-up to Prilosec, Nexium (esomeprazole), helped to compensate for the loss, which some analysts and commentators had expected to manifest itself earlier, towards the end of last year.
Overall Prilosec turnover fell 45% to $692 million, although this steep decline was largely offset by a 136% increase in total Nexium sales to $835 million. Prilosec turnover slumped 60% in the ...