AZ looks to new medicines to drive growth
AstraZeneca plc (LSE:AZN; NYSE:AZN) said Nov. 8 it will look to 10 new drugs to support a return to growth. The pharma reported 3Q18 product sales of $5.3 billion, up 9% at constant exchange rates from 3Q17 and driven by an 86% increase in new medicines and a 16% increase in emerging markets. It is the first time in three quarters that AstraZeneca reported year-over-year product sales growth at constant exchange rates; the Street was expecting 3Q18 product sales of $5.1 billion.
The highlighted 10 therapies include cancer drugs Tagrisso osimertinib, Imfinzi durvalumab and Lynparza olaparib; diabetes drug Farxiga dapagliflozin; and asthma drug Fasenra benralizumab. Of the 10, only three -- Farxiga, chronic obstructive pulmonary disease (COPD) drug Bevespi Aerosphere glycopyrronium/formoterol and acute coronary syndrome (ACS) drug Brilinta ticagrelor -- were launched before 3Q17...