AstraZeneca Swings to $477 Million Net Profit in 2Q
July 27 2017 - 2:53AM
Dow Jones News
By Denise Roland
AstraZeneca PLC (AZN.LN) swung to a net profit in the second
quarter, thanks to lower spending on research and marketing,
proceeds from several licensing deals, and a favorable year-earlier
comparison, though revenue fell as sales of new drugs struggled to
offset the decline of the company's old best-sellers.
Cambridge, England-based AstraZeneca posted net profit of $477
million, compared with a $3 million net loss a year earlier, when
the company took a restructuring charge related to job cuts.
Revenue dropped 10% to $5.05 billion. Analysts had expected net
profit of $450 million on revenue of $5.05 billion.
AstraZeneca's top line has been shrinking for several years as
its historic best-sellers such as cholesterol-lowering pill Crestor
lose patent protection, allowing cheap copycats to enter the
market. Chief Executive Pascal Soriot has promised investors that
2017 will be the year when sales bottom out.
Write to Denise Roland at denise.roland@wsj.com
(END) Dow Jones Newswires
July 27, 2017 02:38 ET (06:38 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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