Thursday, July 26, 2012

Oh dear, how sad, never mind

AstraZeneca sales hit hard by generic competition

By Ben Hirschler

LONDON | Thu Jul 26, 2012 2:59am EDT

(Reuters) - AstraZeneca's sales tumbled 21 percent in the second quarter, punished by generic competition to its best-selling antipsychotic medicine Seroquel and pressure on health spending in Europe.

With patent losses rapidly eroding revenue and few new drugs to replace them, Britain's second-biggest drugmaker is throwing itself into deal-making to bolster the pipeline, following the early exit of its chief executive at the end of May

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