AstraZeneca First-Quarter Profit Declined 37%

Date : 05/18/2018 @ 2:57AM
Source : Dow Jones News
Stock : Astrazeneca (AZN)
Quote : 39.29  0.0 (0.00%) @ 5:42AM

AstraZeneca First-Quarter Profit Declined 37%

AstraZeneca (LSE:AZN)
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By Carlo Martuscelli and Dimitrios Kontos

 

Anglo-Swedish pharmaceutical company AstraZeneca PLC (AZN.LN) said Friday that first-quarter profit fell 37% despite a slight rise in sales, citing divestment timing as one of the factors that hurt its overall results.

The drug maker said net profit was $340 million, compared with $537 million in the first quarter of 2017 and a consensus forecast of $114.2 million, according to five analysts polled by FactSet.

Core operating profit--the company's preferred measure, which strips out one-time gains and impairments--fell to $896 million from $1.67 billion. This compares with a consensus of $993.5 million, according to FactSet.

Total revenue slipped to $5.18 billion from $5.41 billion in the year-earlier quarter. Analysts forecast revenue or the period of $5.23 billion, according to FactSet.

Product sales rose 3% to $4.99 billion in line with the company's guidance for a low single-digit percentage increase. The company said strong performance in China and newer medicines across all therapy areas was offset by the decline of Crestor sales in Europe and Japan.

 

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

 

(END) Dow Jones Newswires

May 18, 2018 02:42 ET (06:42 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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