AstraZeneca says its anti-clotting drug Exanta is unlikely to win US approval any time soon and revealed a one-year delay with new diabetes drug Galida.
The Anglo-Swedish group said today it would rely on five established drugs - Crestor, Nexium, Seroquel, Symbicort and Iressa - to drive sales and earnings growth in the near term.
The comments - at the start of a day-long presentation to analysts and investors - knocked confidence in the company's prospects and its shares fell nearly 2 per cent in early trade to a 17-month low.
AstraZeneca said Galida would not be filed for regulatory approval until 2007, rather than 2006 as initially expected because more safety tests were needed. The move follows a worldwide regulatory review of the drug class to which Galida belongs.
Galida is one of AstraZeneca's two main drugs in final Phase III tests. The other product is Cerovive, for stroke, which the company said was progressing well.
Shares in AstraZeneca were 1.8 per cent lower at £22.43 sterling in early trade up from an earlier low of £22.39.