AstraZeneca reported lower revenues and earnings as patents expired on blockbuster drugs and generic competition increased. One of those drugs is Seroquel, developed at the company’s labs in north Wilmington and used in treating mental illness.
- AstraZeneca headquarters in London.
At the same time, the company reported that its drug development pipeline shows promise. Financial targets for the year remain unchanged.
Revenue for the second quarter was $6.66 billion, down 18 percent from the same period a year earlier. Problems with supplying materials to a Swedish plant were also a factor in reducing revenuess.
Earnings per share for the company $1.53 in the second quarter, down 6 percent.
The company noted that its diabetes alliance will expand through Bristol-Myers Squibb’s acquisition of Amylin Pharmaceuticals and agreements with that company.
London-based AstraZeneca has headquarters and manufacturing operations in northern Delaware.
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