Should have resisted the urge to get up and pee. I have a small number of NVS shares which I was debating selling yesterday. Won't help MNTA.
LONDON/ZURICH, Jan 27 (Reuters) - Drugmakers AstraZeneca (AZN.L) and Novartis (NOVN.VX) set a cautious tone for the year ahead on Thursday, bracing the sector for challenging patent expiries and price pressures from U.S. health reforms.
While AstraZeneca delivered above-forecast fourth quarter earnings and a promise to buy back $4 billion of shares, it joined its Swiss rival in warning that pressure from generics, U.S. healthcare reform and price cuts would take their toll.
Novartis, the first European drugmaker to report in this earnings season, missed analysts' expectations with fourth quarter core earnings per share of $1.14 and said it expected its sales for 2011 to be lower.
Astra is facing pricing pressure from key competitor brands losing exclusivity, such as Pfizer's (PFE.N) Lipitor, which competes in the statin market with its blockbuster Crestor.
"The coming years will be challenging for the industry and for the company as its revenue base transitions through a period of exclusivity losses and new product launches," Astra said in a statement<snip>
