AstraZeneca 1Q Net Income Rises 17%, Beats Estimates
April 29 2016 - 2:52AM
Dow Jones News
By Denise Roland
AstraZeneca PLC said net income increased in the first quarter
even as it plowed heavy investment into the development of a string
of new drugs it is betting on for future growth, thanks to lower
amortization charges.
The Cambridge, U.K.-based drug maker said net income increased
17% to $646 million, from $550 million a year earlier. Revenue
increased 1% to $6.12 billion, from $6.06 billion a year ago. Both
beat estimates: analysts had expected net income of $494 million
and revenue of $5.93 billion.
Core operating profit, a measure which strips out one-time gains
and impairments, fell 12% to $1.6 billion, from $1.8 billion last
year. Astra said that was partly due to increased investment in
research, which climbed 15% to $1.4 billion in the first
quarter.
Write to Denise Roland at denise.roland@wsj.com
(END) Dow Jones Newswires
April 29, 2016 02:37 ET (06:37 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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