AstraZeneca reported a double-digit decline in sales and earnings as top-sellling drugs moved to generic status.
Revenue for the first quarter was $6,38 million, down 12 percent.
Losses of exclusivity for Seroquel and Atacand in many markets, and for Crestor in Canada, were the key factors in the revenue decline, the company stated.
Core operating profit was down 21 percent $2.32 million in the first quarter. The company continues to expect a mid-to-high single digit decline in revenue.
AstraZeneca is cutting staff by 1,200 at its Delaware site as it cuts costs and restructures its research and development activities. In the U.S., it is betting on Medimmune, a company it acquired for $15 billion to lead the charrge.
Pascal Soriot, Chief Executive Officer, commenting on the results, said: “As anticipated, the first quarter performance reflects the loss of exclusivity for several large products. We remain focused on our strategic priorities of returning to growth and achieving scientific leadership. Brilinta, the diabetes franchise, Emerging Markets, Japan and our Respiratory products have all made good progress and we continued to invest in distinctive science that will advance our knowledge of disease physiology and help to identify new drug targets.”
