Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland

AstraZeneca hit by steep drop in profits

Share this article

AstraZeneca hit by steep drop in profits
09:53 CEST+02:00
Anglo-Swedish pharmaceutical company AstraZeneca on Thursday said that its net profit tumbled 38 percent in the first quarter of the year to $1.0 billion after losing market exclusivity for some of its key drugs.

AstraZeneca said earnings after tax for the January-March period compared with net profit of $1.6 billion in the first quarter of 2012.

Pre-tax profit dropped 36 percent to $1.3 billion in the reporting period.

"As anticipated, the first quarter performance reflects the loss of exclusivity for several large products," AstraZeneca chief executive said in the earnings statement.

Group revenue slid 13 percent to $6.38 billion compared with one year earlier, as AstraZeneca lost exclusivity for schizophrenia treatment Seroquel IR and heart-failure medication Atacand in many markets, and for anti-cholesterol drug Crestor in Canada.

SEE ALSO: Get the latest exchange rates and transfer money on The Local's Currency page

"Whilst this impact will be felt throughout the year, comparisons with prior year periods should improve as the 12 month anniversaries for generic competition for Seroquel IR in many markets, and for Crestor in Canada are reached," AstraZeneca added in Thursday's statement.

"Consequently, for the full year the company continues to anticipate a mid-to-high single digit decline in revenue on a constant currency basis."

AstraZeneca last month settled a long-running patent lawsuit over its top-selling Crestor treatment. Also in March, the company announced plans to cut 5,050 jobs -- or about 9.0 percent of its current global workforce – over the next three years.

AFP/The Local/dl

Follow The Local on Twitter

Get notified about breaking news on The Local

Share this article

The Local is not responsible for content posted by users.
Become a Member or sign-in to leave a comment.
Advertisement

From our sponsors

Change the world with a master's degree from Sweden's Linköping University

Master's students at world-leading Linköping University (LiU) aren't there simply to study. They solve real-world problems alongside experts in fields that can create a better tomorrow. Do you have what it takes to join them?

Advertisement