4Q Revenues: $7.3 billion (-16%)
4Q Earnings: $1.5 billion (-8%)
FY Revenues: $28 billion (-17%)
FY Earnings: $6.3 billion (-18%)
Comments: U.S. revenues were down 23% in the quarter as a result of the loss of exclusivity for Seroquel IR. The negative impact of U.S. healthcare reform on revenue and costs in the quarter was approximately $250 million. Revenue in the Rest of World was down 9% and revenue in Western Europe was down 16%. Loss of exclusivity on Seroquel IR, Atacand, Nexium and Merrem, accounted for 85% of the revenue decline. There were a few bright spots in AZ’s newer products: Symbicort sales were up 8% (CER) to $891 million in the quarter, Faslodex sales were up 20% to $175 million, Onglyza sales were up 24% to $88 million, and Iressa sales were up 10% to $160 million.