The company had previously warned it expected a tough year as key products come off patent and it loses unexpected factors that boosted its 2009 earnings,Juicy Couture tracksuits, like the swine flu outbreak.
Revenue rose 2.8 percent to $8.18 billion, from $7.96 billion. Strong sales in emerging markets outweighed declining revenue in the United States where it faced tough generic competition for its products.
Eli Lilly & Co. launched its own drug, Effient, last summer, but it has faced an uphill climb with sales of $22.9 million in the last quarter.
LONDON – AstraZeneca PLC posted a 22 percent rise in second quarter net profit on Thursday as it also revealed that a key new drug — its blood thinner Brilinta — has been given a thumbs up by an advisory committee of the U.S. Food and Drug Administration.
The approval from the FDA committee came despite revelations earlier this week that study results in the U.S. did not match the positive reports from abroad. An international, 18,G-Star,000-patient study conducted by AstraZeneca showed that patients taking Brilinta versus Plavix were less likely to experience various heart-related problems, including heart attack and stroke. But U.S. patients studied were more likely to report heart problems while taking Brilinta.
The blood thinner market is currently dominated by Sanofi-Aventis SA and Bristol-Myers Squibb Co.’s blockbuster drug Plavix. With global sales of $9.1 billion in 2009, Plavix was the world’s second-best selling drug behind Pfizer Inc.’s cholesterol drug Lipitor.
The Anglo-Swedish drugmaker raised its full-year earnings forecast after reporting a net profit of $2.1 billion for the three months to June 30, compared with a $1.72 billion profit in the same period a year ago.
In another win for the company, FDA advisory committee members have voted 7 to 1 to recommend the approval of Brilinta in patients with acute coronary syndrome, or blocked arteries. The FDA usually follows the advice of its advisory committee.
“Our second quarter performance reflects continued strong growth in our emerging markets and good performance for key brands Crestor, Seroquel and Symbicort,” Chief Executive Officer David Brennan said on Thursday.
The positive news led the London-based company to lift its full year earnings forecast for the fourth time, this time taking it to $6.35-$6.65 per share from the $6.05-$6.35 per share it predicted when it announced first quarter earnings in April.