AstraZeneca Posts 2Q Loss as Cholesterol Drug Crestor Loses Exclusivity
July 28 2016 - 2:58AM
Dow Jones News
By Denise Roland
AstraZeneca PLC posted a loss in the second quarter as it
furiously invested in its next-generation drugs while battling
falling sales of its aging blockbuster Crestor, and took a
restructuring charge relating to a cost-reduction program.
Cambridge, England-based Astra posted a net loss of $3 million
in the three months to June 30, compared with a net profit of $697
million in the same period a year earlier. Revenue slipped 11% to
$5.6 billion. Analysts expected net profit of $403 million and
revenue of $5.6 billion.
Core operating profit, a measure which strips out one-time gains
and losses, fell 22% to $1.4 billion, beating market expectations
of $1.3 billion.
Astra's downbeat results were largely driven by a steep decline
in sales of the company's cholesterol-lowering drug Crestor after a
cheap copycat version launched in early May.
Write to Denise Roland at denise.roland@wsj.com
(END) Dow Jones Newswires
July 28, 2016 02:43 ET (06:43 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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