Swedish drug firm AstraZeneca says revenue will decline this year as it loses patent exclusivity in the United States on its top selling anti-cholesterol drug Crestor.
The company said Thursday that revenue and core earnings per share will decline by a "low to mid-single digit percentage" in 2016.
But CEO Pascal Soriot says the company has a strong pipeline of new drugs, particularly in cancer treatments.
He says the company is confident that strong strategic execution, combined with benefits from investments and new launches will keep it "on track to return to sustainable growth in line with our targets."
The comments came as AstraZeneca reported fourth quarter net income $808 million compared with a restated loss of $321 million in the same period a year earlier.