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AstraZeneca slips on Losec fears

12 April 2012

WORLDWIDE drug sales of Anglo-Swedish pharmaceutical group AstraZeneca climbed to $3.9bn (£2.7bn) in the third quarter of the year ending September against $3.7bn (£2.5bn) in the previous period of 2000.

However, sales of best-selling ulcer drug Losec slipped 6% to $1.4bn (£1bn) in the third quarter. Sold under the brand name of Prilosec in the US, sales of the drug represents 40% of group sales.

Its patents expire this month and AstraZeneca is awaiting a date to be set for a main patent lawsuit against cheap generic competition.

Its third-quarter pre-tax profits before exceptionals climbed to $1.03bn (£715m) against $977m (£678m) last time, a 7% increase that was, however below expectations.

The group says it is expecting full-year earnings per share to reach double-digit figures.

AstraZeneca saw its shares slip 1.3% to 3217p, a fall of 43p.

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