By Ben Hirschler
LONDON (Reuters) - AstraZeneca highlighted progress with new cancer drugs that may revive its fortunes as it posted a 17 percent fall in core earnings per share on Thursday, reflecting patent losses on profitable older medicines.
Britain's second-biggest drugmaker made no reference to a reported 60 billion pound ($101 billion) bid approach from Pfizer in its results statement. The firm's new cancer drugs are seen as a big draw for the U.S. group.
The group said it would advance four important experimental medicines into late-stage clinical testing - two for cancer and two for breathing disorders, including the first of its closely watched immunotherapy cancer drugs, MEDI4736.
The decision to push ahead with the Phase III testing of the drug, which belongs to a class known as anti-P! D-L1 treatments that boost the immune system, follows evaluati! on of Phase I data that will be presented at the May 30-June 3 American Society of Clinical Oncology conference in Chicago.
"We are investing in our rapidly progressing pipeline and the key platforms that are the backbone of our strategy to return to growth," Chief Executive Pascal Soriot said in the statement.
"To further concentrate organisational focus, we will continue to redeploy our resources in our core priorities and pursue opportunities that maximise the value of our pipeline and portfolio."
AstraZeneca reiterated that 2014 sales were likely to fall by a low-to-mid single digit percentage figure, with earnings declining "in the teens" as generic competition is expected to kick in for Nexium, its popular heartburn and ulcer drug.
Sales in the first quarter were flat at $6.42 billion, generating "core" earnings, which exclude certain items, of $1.17 a share.
Industry analysts, on average, had forecast sales in the quarter of $6.37 b! illion and earnings of $1.20 a share, according to Thomson Reuters.
(Editing by Paul Sandle and Jane Baird)
- Pharmaceuticals & Drug Trials
- Health
- AstraZeneca
- cancer drugs
- earnings per share
Source : http://news.yahoo.com/astrazeneca-flags-cancer-advances-silent-pfizer-bid-talk-063209797--finance.html
