The pharmaceuticals and biotechnology sector was at the bottom of the pile on Thursday after a disappointing set of full-year results from AstraZeneca weighed on share prices.

The company, which manufactures drugs to treat range of cardiovascular conditions, reported a 15% fall in revenue at constant exchange rates (CER) from $33.59bn to $27.97bn due to a loss of exclusivity on several brands. Core earnings per share (EPS) dropped 9.0% from $7.28 to $6.41.

Furthermore, the firm said it expects a "mid-to-high single digit percentage decline" in revenue at CER this year. Meanwhile, core EPS will decline "significantly more" than revenue due to higher operating costs.

Analyst Savvas Neophytou from Panmure Gordon said that consensus estimates for 2013 would likely come down. He maintained a 'hold' rating for AstraZeneca.

With the stock having had a good run recently, Neophytou said that shares are "up with events" for the moment, with the discount to the European pharmaceutical sector justified given "perceived increased forecast risk".

AIM-listed medial company Scancell was in the red after reporting an operating loss of £0.99m in its first half, slightly worse than the year before.

Veterinary pharmaceutical group Dechra was also lower after appointing a new Chief Financial Officer. Anne-Francoise Nesmes will join the company in April from GlaxoSmithKline where she has worked since 1997 in a number of finance roles including Senior Vice-President, Finance of Vaccines in Belgium.

However, a strong rise from FTSE 250 specialist healthcare business BTG did limit losses in the sector, after the company said that full-year revenues would likely be at the 'top end' of guidance.

BTG said the last three months have wielded positive results, particularly from acute care items. The board now anticipates revenues for the year to March 31st to reach the higher point of its estimate between £205m to £215m.


Top performing sectors so far today
Beverages 14,079.42 +1.61%
Construction & Materials 3,757.56 +1.45%
Oil Equipment, Services & Distribution 25,125.83 +1.36%
Forestry & Paper 8,073.13 +1.22%
Mining 20,242.12 +0.95%

Bottom performing sectors so far today
Pharmaceuticals & Biotechnology 10,070.84 -1.13%
Oil & Gas Producers 8,244.19 -1.11%
Software & Computer Services 989.53 -1.06%
Industrial Metals & Mining 2,974.72 -0.91%
Chemicals 8,874.18 -0.86%

BC

Related share prices
AstraZeneca (AZN) share price
Scancell Holdings (SCLP) share price
BTG (BTG) share price