AstraZeneca (AZN) chief executive Pascal Soriot previously said 2016 would be a tough year for the pharma giant, but that the pain would ease in 2017. So far, that prediction has proved prescient. During the first six months of the financial year, the patent expiration of cholesterol drug Crestor in the US prompted a 2 per cent decline in product sales, while costs from recent acquisitions are still working their way through.
The so-called 'growth platforms' - which include areas such as emerging markets, diabetes and new oncology medicines - saw a 7 per cent sales increase, and now contribute more than 60 per cent to overall turnover. New oncology drugs performed particularly well, with lung cancer treatment Tagrisso and ovarian cancer medicine Lynparza helping to generate sales of $251m (£191m).