Drugmaker AstraZeneca's earnings fall, hit by patent expiries

[LONDON] AstraZeneca's underlying earnings fell 12 per cent in the first quarter, broadly in line with analyst expectations, hit by drug patent expiries.

Revenue at the British drug company rose 1 per cent in dollar terms to US$6.12 billion, helped by income from selling rights to some drugs, generating core earnings per share, which exclude certain items, of 95 cents.

Industry analysts had on average forecast quarterly revenue of US$5.93 billion and earnings of 94 cents a share, according to Thomson Reuters.

AstraZeneca reiterated on Friday that it expects a low to mid single-digit per centage decline in both revenue and core earnings at constant exchange rates for the full year.

REUTERS