Short-Term Outlook Good For Astra

Swedish pharmaceutical company Astra is awaiting approval of itsantiasthma agent Pulmicort Turbuhaler (budesonide; Marketletter January 27), a move which should boost its share price, and result in Pulmicort being a successor to Astra's leading product, the antiulcerant Losec (omeprazole).

One Swedish analyst said that Pulmicort has a large potential market in the USA, and should lead to stronger growth for the company. He told the Wall Street Journal that he expects Astra's share price to rise to 405 kroner ($52.50) by the end of the year.

However, there remains some concern about the longer-term outlook at Astra, as the firm starts to lose patent protection for omeprazole. It is understood that the US patent expires in 2001 and in Europe between 2000 and 2002.