虽然阿斯利康(AZN)盈利受挫，但未来增长依然乐观

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虽然阿斯利康盈利受挫，但未来增长依然乐观

阿斯利康 公司公布第一季度盈利63.9亿美元，由于失去了一些核心产品的专利权，盈利同比降低13%，但是分析师们相信当公司开始生产非核心药物时这种情况将会有所改善。

阿斯利康 公司核心药物盈利降低到至23.2亿美金，同比下降25%，其中降幅最为严重的是抗精神病药物思瑞康（奎硫平）销售额下降到4.49亿美金，同比下降60%。抗高血压药坎地沙坦销售额是1.41亿美金，同比下降49%。同时一些抗肿瘤药物，瑞宁得销售额是九千两百万美金，同比下降33%；康士得销售额是九千两百万美金，同比下降13%。诺雷德同比下降8%，销售额是2.4亿美元。抗溃疡药耐信（埃索美拉唑）收益为9亿4千万美元，同比下降1%。尽管大部分药物销售额大幅下降，但易瑞沙（吉非替尼）销售额为1.68亿美元，同比上升20%。氟维司群销售额为十五亿七仟一佰万美元，上升5%。

阿斯利康公司销售量最大的药物——降胆固醇药物瑞舒伐他汀由于在加拿大地区失去了专利权所以在当地销售额下降了90%，全球销售额降低了11%，为十三亿两千万美元。 联合抗哮喘药吸必扩（布地奈德和福莫特罗）销售额上升14%，为八亿两千六百万美元，而与百时美施贵宝公司联合生产的糖尿病专利药沙格列汀销售额上升了27%，为九千万美元。

最近新上市的抗血小板药替卡格雷，被认为对阿斯利康的前景将产生至关重要的影响，在上一季度销售额为伍仟一佰万美元，而预期销售额仅为三千八百万美元。

阿斯利康的首席执行官Pascal Soriot声称：“我们的战略重点依然集中在恢复（销售额）增长和实现科学领导。”他还说：“日本已经成为（阿斯利康）糖尿病专利药替格瑞洛的新兴市场，同时（我们公司的）呼吸道相关药物都取得了很大的进步。我们将会继续投资与众不同的科学领域，让我们对于疾病生理过程有更深入的认识从而帮助我们确定新的药物靶点。

英国时间今天上午9：40分阿斯利康的股票每股为32.96英镑，下降了2.8%，但是分析师们的回应都是非常积极的。Panmure Gordon的分析师Savvas Neophytou注意到阿斯利康第一季度毛利润不错，并且目前公司的运营方式符合首席财务官Simon Lowth强调多年的运营成本的灵活性。但是他还说到目前为止没有迹象表明替格瑞洛将会有进一步加速销售的希望。

爱迪生投资研究项目的MickCooper说我们可以预计到阿斯利康公司销量的减少，并且目前想要看到罗氏制药首席运营官帕斯卡·索里奥特对其销量的真正影响还为时尚早。尽管如此，他声称：“目前已经有一些新的联盟来优化阿斯利康公司的运营流水线并且有迹象表明替格瑞洛销量已经开始上升。”

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Earnings battered but AZ optimistic for future growth

AstraZeneca has posted a 13% decline in first-quarter revenues to $6.39 billion, due to the loss of exclusivity on key brands, but analysts believe things are starting to improve at the Anglo-Swedish drugmaker.

Core operating profit was down 25% to $2.32 billion, hit by a 60% decline in the antipsychotic Seroquel (quetiapine) franchise to $449 million. Sales of the antihypertensive Atacand (candesartan) sank 49% to $141 million, while in oncology Arimidex (anastrozole) fell 33% to $92 million and Casodex (bicalutamide) decreased 13% to $92 million. Zoladex (goserelin) brought in $240 million (-8%).

However, Iressa (gefitinib) climbed 20% to $168 million and Faslodex (fulvestrant) increased 5% to reach $1571 million. Revenues for the antiulcerant Nexium (esomeprazole) dipped 1% to $940 million.

AstraZeneca's biggest-seller, the cholesterol blockbuster Crestor (rosuvastatin) decreased 11% to $1.32 billion, largely due to loss of exclusivity in Canada where sales sank 90%. The asthma combo Symbicort (budesonide and formoterol) rose 14% to $826 million, while the Onglyza (saxagliptin) diabetes franchise partnered with Bristol-Myers Squibb, brought in $90 million, up 27%.

The recently-launched antiplatelet drug Brilique/Brilinta (ticagrelor), which is seen as crucial to AstraZeneca's future prospects, had sales of $51 million, up from $38 million in the previous quarter.

Pascal Soriot, AstraZeneca's chief executive, said that "we remain focused on our strategic priorities of returning to growth and achieving scientific leadership". He added that "Brilinta, the diabetes franchise, emerging markets, Japan and our respiratory products have all made good progress and we continued to invest in distinctive science that will advance our knowledge of disease physiology and help to identify new drug targets".

AstraZeneca shares were down 2.8% to £32.96 at 9.40am this morning (UK time) but the response from analysts has been pretty positive. Panmure Gordon's Savvas Neophytou noted that gross margin was good in the first quarter and "illustrates the operational cost flexibility chief financial officer Simon Lowth has been instilling for years". He added that there are "no signs, as yet, of the great white hope of accelerating Brilinta sales but it is early days".

Mick Cooper at Edison Investment Research, said the sales decline was expected "and it is still too early to see the real impact of Pascal Soriot". However, he noted that "there has been a flurry of new alliances to enhance its pipeline" and there are signs that Brilinta is starting to improve.