AstraZeneca Profit Drops on Decline in Blockbuster-Drug Revenue
April 27 2017 - 2:59AM
Dow Jones News
By Denise Roland
AstraZeneca PLC said profit fell in the first quarter of the
year as it battles declining sales of its blockbuster cholesterol
pill.
Cambridge, England-based AstraZeneca said net profit fell 17% to
$537 million in the three months to March 31, from $646 million a
year earlier. Core operating profit, a measure that strips out
one-time gains and impairments, slipped 2% to $1.67 billion, while
revenue fell 12% to $5.41 billion. Analysts expected core operating
profit of $1.4 billion and revenue of $5.4 billion.
Excluding the effect of the strong dollar, core operating profit
increased 5% on a fall in research and development and marketing
spending which offset a 10% decline in revenue.
AstraZeneca is working on a string of new drugs to help return
the company to growth as the loss of patent protection erodes sales
for its old blockbusters, such as cholesterol-lowering pill
Crestor.
-Write to Denise Roland at denise.roland@wsj.com
(END) Dow Jones Newswires
April 27, 2017 02:44 ET (06:44 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
AstraZeneca (NYSE:AZN)
Historical Stock Chart
From Mar 2024 to Apr 2024
AstraZeneca (NYSE:AZN)
Historical Stock Chart
From Apr 2023 to Apr 2024
