AstraZeneca says Crestor patent expiry will hit sales

AstraZeneca has predicted a dip in revenue this year after it loses patent exclusivity on its anti-cholesterol drug Crestor (rosuvastatin calcium).

The drug maker, reporting its financial revenue for the last quarter of 2015, said it expects a slight decline in 2016. Annual revenues last year were $24.7 billion.

AstraZeneca’s patent RE37314, which covers the compound of the drug, is due to expire on July 8, 2016.

According to the company, it expects “a low to mid-single-digit percentage decline in total revenue and a low to mid-single-digit percentage decline in core EPS [earnings per share]”.

But chief executive Pascal Soriot said it has a strong pipeline of new drugs, particularly cancer treatments.

“As we face the transitional period of patent expiry for Crestor in the US, we’re confident that our strong execution on strategy, combined with the benefits of focused investments and new launches, keeps us on track to return to sustainable growth in line with our targets,” he said.

The drug was originally due to expire on January 8 but AstraZeneca won a six-month extension keeping the patent active until July 8.