AstraZeneca sees profits rocket

Anglo-Swedish pharmaceuticals giant AstraZeneca posted third quarter profits on Thursday up 28.8 percent on the same period last year.

Net profits surged to $1.73 billion in the third quarter.

Revenue rose by 8.7 percent to 7.775 billion dollars in the three months to September compared to the same period a year earlier, the company said in an official statement.

“AstraZeneca has delivered a robust set of results that deliver on our performance commitments despite an increasingly challenging environment for the pharmaceutical sector and business in general,” said Chief Executive David Brennan in the earnings release.

“We continue to make good progress on reshaping our cost base, including advancing innovation in our research and development activities with greater productivity and efficiency.”