Mike Huckman reports:
This morning, we got more evidence about the havoc generic Zocor is wreaking on all of the companies that make brand-name statins--the pills to fight cholesterol. AstraZeneca
is the latest casualty. On a down day in the markets AZN is one of the biggest losers in the sector.
The company reported that in the third quarter, worldwide sales of the most potent statin on the market, Crestor, went up only $13 million dollars from the second quarter. But in the U.S., Crestor sales actually dropped sequentially from $353 million in the second quarter to $342 million in the third quarter. That ain't good. And to make matters worse, a privately-held company is seeking permission to make generic Crestor in the U.S.
The Business also has some good analysis.
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