Sponsored Links

AstraZeneca drug sales fall on patent expiries in second quarter

LONDON | Thu Aug 1, 2013 2:19am EDT

LONDON Aug 1 (Reuters) - AstraZeneca sales fell by a slightly more -than-expected 6 percent in the second quarter, hurt by loss of patent protection on key drugs, while earnings tumbled nearly a quarter due to a higher tax rate.

New Chief Executive Pascal Soriot is striving to turn around the business after a series of setbacks in research and a wave of patent expiries, but has warned that fixing Britain's second biggest drugmaker will take several years.

The group reiterated its expectation for a mid-to-high single digit percentage fall in revenue this year, while operating costs are now seen increasing by a low-to-mid single digit rate. Earnings are expected to decline significantly more than revenue in 2013.

Sales in the quarter were $6.232 billion, generating "core" earnings, which exclude certain items, down 23 percent at $1.20 a share, AstraZeneca said on Thursday.

Analysts had, on average, forecast sales of $6.248 billion and earnings of $1.20, according to Thomson Reuters I/B/E/S.

 
We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (0)
Be the first to comment on reuters.com.
Add yours using the box above.