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