LONDON-- AstraZeneca PLC on Friday reported a fall in
first-quarter revenue and profit as the company invests in new
drugs while sales of its older blockbusters are eroded by cheaper
rivals. But the drug maker tried to switch investor focus to its
pipeline of new cancer drugs with two licensing deals to explore
further uses of experimental treatments.
The U.K.-based company said core net profit fell to $1.37
million in the quarter ended March 31, 7% lower than a year
earlier, while revenues dipped 6% to $6.06 billion. Stripping out
the effect of the strong U.S. dollar, net profit fell 3%.
Stripping out revenues from the company's licensing deals, which
until now haven't been included in the revenue figure, sales fell
to $5.75 billion--a drop of 10% from a year earlier, or 3% at
constant exchange rates.
Separately, the company reported two licensing deals involving
its immuno-oncology program, which develops drugs that harness the
body's own defenses to fight cancer.
It will pay French biotech Innate Pharma SA up to $1.28 billion
to exclusively co-develop and commercialize a drug known as IP2201
as a combination therapy with its own drugs. It will also pay
royalties on eventual sales.
Astra has also done a deal with Celgene Corporation, whereby
Celgene will pay the U.K.-based drug maker $450 million to develop
one of its immuno-oncology treatments in a range of blood
cancers.
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