Anglo-Swedish drugmaker AstraZeneca says fourth-quarter revenue fell 13 percent after the cholesterol treatment Crestor lost patent protection in the United States.
Total revenue dropped to $5.59 billion from $6.40 billion in the same period a year earlier. Crestor sales fell 52 percent to $631 million as generic competitors ate into its market share. AstraZeneca says Crestor is the last of its so-called blockbuster drugs — those with annual sales over $1 billion — to lose patent protection before new treatments start coming to market.
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AstraZeneca has been cutting costs so it can devote more resources to cancer drugs. Sales of cancer treatments rose 30 percent to $930 million, driven by the introduction of the lung cancer drug Tagrisso.
Net income rose to $1.84 billion from $808 million.