AstraZeneca has been facing a slump in sales following the loss of patent cover on antipsychotic Seroquel last month. Some of its best selling drugs – Nexium and Crestor would be loosing their patent protection in 2014 and 2016 respectively. While the company’s profits have fallen by 19 % in the first quarter the company is also facing stiff competition from the generic drug makers selling cheap versions of some of its best selling medicines after the loss of its patent cover.
The exit of CEO- David Brennan comes in wake of severe investor discontent and considering inaction to tide over the implications of loss of patent cover and lack of timely focus on bringing in new drugs that could help the company retain its profit and growth outlook. David Brennan, would be stepping down formally on 1st June. He will be replaced on an interim basis by chief financial officer Simon Lowth till a permanent successor is found.