AstraZeneca profit down by a quarter
Britain’s AstraZeneca has posted a first-quarter profit down by 25 per cent on last year. The lower performance has been blamed on loss of patent exclusivity for bestselling drugs.
Excluding some items, profit for this first quarter fell to $2.32 billion, compared with $3.1 billion for the same period last year.
“As anticipated, the first-quarter performance reflects the loss of exclusivity for several large products. We remain focused on our strategic priorities of returning to growth and achieving scientific leadership.”
Pascal Soriot, chief executive, AstraZeneca.
The earnings figures posted by AstraZeneca have, however, beaten the average estimate of $1.37 a share given by analysts, as compiled by Bloomberg.
AstraZeneca says revenue from emerging markets rose by nine per cent at constant exchange rates in the first quarter, but overall sales were down 12 per cent.
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