AstraZeneca sales hit hard by generic competition

LONDON (Reuters) – AstraZeneca’s sales tumbled 21 percent in the second quarter, punished by generic competition to its best-selling antipsychotic medicine Seroquel and pressure on health spending in Europe. Continued supply chain disruptions triggered by problems with a new IT system at a plant in Sweden added to the group’s woes and the shares fell 1.8 percent by 04.30 a.m. EDT in a flat market for European drug stocks. …

India’s Biocon expects to launch psoriasis drug by end FY13

Kiran Chairman and Managing Director of Biocon Ltd speaks during a news conference in BangaloreMUMBAI (Reuters) – Biocon, India's top listed biotechnology company, expects to launch Itolizumab, a drug to treat psoriasis, by end of the current fiscal year, its Chairman Kiran Mazumdar-Shaw said. "We are going to apply for market authorization very soon. Hopefully, if everything goes well, by end of this fiscal, we should be in the market," she told Reuters by telephone. Biocon's consolidated net profit rose 12.5 percent 788 million rupees during the fiscal first quarter ended June, it said. (Reporting by Kaustubh Kulkarni)

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