AstraZeneca was dealt a fresh blow when it was forced to cut its 2006 earnings forecast after the launch in America of a copycat version of a top-selling heart drug.
The Anglo-Swedish company said that it expected the launch of the unauthorised copy of Toprol XL, by Novartis, to knock $150 million (£78 million) off its fourth-quarter results. The group added that 2006 earnings per share were likely to be at the lower end of its current $3.85 to $3.95 forecast range.
Toprol XL, a beta-blocker marketed in Europe as Seloken, generated global sales of $1.7 billion for AstraZeneca in 2005, making it the company’s third-bestselling drug. Sales in the United States accounted for $1.3 billion of this total.
The product is a popularly prescribed product for patients with high blood pressure, angina and heart failure.