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AstraZeneca Q3 profit falls less than expected
LONDON, Nov 1 (Reuters) - AstraZeneca Plc (AZN.L) profits fell 14 percent in the third quarter, hit by competition from cheap generics plus acquisition and restructuring charges, the Anglo-Swedish drugmaker said on Thursday.
But the decline was less than some analysts had feared and shares in the drugmaker rose just over 1 percent after the results.
Pretax profit was $1.89 billion on sales up 10 percent at $7.15 billion, equivalent to earnings per share of 91 cents. The average industry analyst forecast for EPS had been 85.4 in a Reuters poll of 18 analysts.
Top-seller Nexium had a lacklustre quarter, reflecting pressure on the gastric acid treatment from generic omeprazole, an older medicine.
But demand was strong for schizophrenia drug Seroquel and asthma treatment Symbicort, which was launched mid-year in the United States.
AstraZeneca, Britain's second biggest pharmaceuticals group, said its 2007 forecast for underlying earnings per share remained in the range of $3.60 to $3.75, excluding restructuring costs and U.S. sales of heart drug Toprol XL.
AstraZeneca stock has been under pressure year, reflecting concerns about its relatively thin pipeline of new drugs and the poorly received deal to buy MedImmune in April. Many investors criticised the price tag of $15.6 billion as too high.
The shares currently trade at 12 times forecast 2008 earnings, a 15 percent discount to the European sector .SXDP average.
