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British drugmaker AstraZeneca on Thursday posted lower fourth-quarter net income, announced 6,000 further job cuts and issued a cautious 2009 sales outlook, sending shares down more than 4 percent.
"Despite a large pipeline of potential drugs to hit the market, the lack of sales growth forecast for 2009 is likely to spook the market," said Manoj Ladwa, derivatives broker at ETX Capital.
The company reported core earnings per share in the quarter up 6 percent to $1.25 on a constant currency basis. Net income declined to $1.25 billion from $1.27 billion a year ago.
A consensus of analysts polled by Reuters had predicted core earnings per share would rise 15 percent and that revenue would increase 2 percent.
Looking ahead to 2009, the company said it expects revenue to be in line with 2008 levels in constant currency terms.
Shares in AstraZeneca have risen by around 30 percent in the past year, against the FTSE 100 index which has fallen by about 28 percent.
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