AstraZeneca product sales fall to $23.6bn

Multinational pharmaceutical giant AstraZeneca saw its sales dip by 9% last year, with a decline in the US and Europe buoyed by increased takings across emerging markets.

The firm, which has a number of operations in the North West, saw its total product sales fall to just over $23.6bn in FY 2015.

Despite a 9% decline in the US and Europe, AstraZeneca’s product sales increased by 12% in emerging markets, which includes China and Latin America, and by 4% in Japan.

The company’s pre-tax profit, meanwhile, slid by 1% to just under $6.4bn.

Elsewhere, AstraZeneca’s core research and development costs rose 21% last year to hit $5.6bn, with the field of oncology accounting for more than 40% of the total.

Pascal Soriot, the CEO of AstraZeneca, said: “Our culture of innovation continued to drive R&D productivity, with six regulatory approvals in the year.

“This momentum will continue in 2016 as we anticipate six regulatory submissions and around ten major data readouts.”

In November 2015, AstraZeneca acquired US drug firm ZS Pharma in a deal worth around $2.7bn and signed a $380m divestment agreement with healthcare product firm Perrigo Company plc.