AstraZeneca has reported a 2% rise in annual pre-tax profits – helped by higher sales of its cholesterol treatment Crestor.

The pharmaceutical giant made profits of $10.98bn in 2010, with sales up 3% to $33.3bn.

It said falling US profits, amid competition from generic drugs as patents lapsed, was offset by good growth in the rest of world.

Sales in emerging markets exceeded $5bn for the first time, it added.

“The coming years will be challenging for the industry and for the company as its revenue base transitions through a period of exclusivity losses and new product launches,” AstraZeneca said.

As well as double-digit sales growth for Crestor, Astra also saw strong revenues from Symbicort, an asthma treatment, and Seroquel XR, a medicine for bipolar disorder.

But last month, the Anglo-Swedish firm cancelled further development of its antibody Motavizumab for the prevention of a respiratory virus – a move which forced it to write-down $445m in its results.