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BRITAIN-PHARMACEUTICAL-EARNINGS-ASTRAZENECA
AstraZeneca quarterly profits slide
LONDON, Nov 8, 2018 (BSS/AFP) – British pharmaceuticals giant AstraZeneca on
Thursday said third-quarter net profits dived on sliding revenue.
Profit after tax sank 37 percent to $431 million (377 million euros) in the
three months to September 30 compared with the third quarter of 2017,
AstraZeneca said in a statement.
Revenue sank 14 percent to $5.34 billion.
“On the face of it these numbers are far from pretty,” said analyst
Nicholas Hyett at stockbroker Hargreaves Lansdown.
“The fall (in revenue) was largely driven by lower externalisation
revenues, where AstraZeneca sells an early/late stage drug in exchange for
cash up front and some ongoing interest,” he added.
Revenue from products it kept grew nine percent, aided by new medicines
like diabetes treatment Farxiga and asthma drug Fasenra.
“Our new medicines are now firmly established as the drivers of growth,
supporting our continued success in emerging markets,” noted chief executive
Pascal Soriot.
“These new medicines are showing great promise,” he added.
BSS/AFP/SR/1800 HRS