AstraZeneca shares climb 3% as drug maker ups profits forecasts

London-based drug maker AstraZeneca has cheered the City as it said profits will outpace previous forecasts after riding out unfavourable currency fluctuations and strong competition from rivals.

Shares in the British-based pharma company climbed 3% to 4250p as the drug company, which successfully resisted a takeover bid from US drugs giant Pfizer last year, said that third-quarter earnings per share increased by 8%, ahead of expectations.

Total revenue is stable so far this year at $18,309 million — and the company said it now expected 2015 revenue to match last year’s after previously predicting that revenues would fall.

Pascal Soriot, chief executive, explained that he was pleased with the company’s progress as it approached a pivotal year in 2016, when it will lose the exclusivity of its statin drug, Crestor, in the US.

Competition from generic drugs is eating into Astra’s earnings.