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AstraZeneca Q2 net profit down 24 pct as generic competition bites
LONDON (AP) ¯¯¯ Pharmaceutical maker AstraZeneca PLC says its net profit fell by 24 percent in the second quarter compared to a year ago as the company lost exclusivity on some of its leading products.
AstraZeneca said Thursday that its net profit for the period was $1.6 billion, down from $2.1 billion a year earlier. Revenue was down 21 percent to $6.66 billion.
The company said the loss of exclusivity accounted for 15 percentage points of the revenue drop. In the United States, the loss of exclusivity on Seroquel IR for bipolar disorder accounted for 80 percent of the fall in revenue.
AstraZeneca shares were down 1.3 percent at 2,871 pence in morning trading in London.