Pascal Soriot, chief executive, was optimistic about the company’s prospects this morning despite disappointing figures

Sales and profits at Astrazeneca fell in the first quarter and undershot City forecasts as the launch of new medicines failed to fully offset the decline of an old blockbuster.

Total revenue fell 9 per cent to $5.18 billion in its first quarter at constant currency rates, as product sales declined by 2 per cent to below $5 billion and so-called externalisation revenue, sums from spun-off non-core drugs, dropped 67 per cent to $193 million.

The figures were weaker than consensus forecasts among analysts of revenue of $5.28 billion. Core earnings per share of $0.48 was also behind expectations of $0.60.

Astrazeneca is one of the UK’s biggest pharmaceutical companies, employing 6,700 staff across seven sites, and has been investing in a big new hub