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AstraZeneca posts disappointing Q1 figures

AstraZeneca reveals fall in first-quarter sales and profit following increased generic competition and government price intervention

AstraZeneca has reported a 6 per cent fall in pre-tax profit to $3.3bn, at constant exchange rates (CER), for the first quarter of 2011.

Revenue for the period was $8.3bn, down 4 per cent, reflecting the loss of more than $550m of revenue from generic competition, as well as the impact from government price interventions. However, the company said revenue from emerging markets increased by 13 per cent at CER.

David Brennan, chief executive, said: "Our first quarter revenue performance reflects the anticipated generic competition in the US and Western Europe, which we partially mitigated by our continued double digit growth in emerging markets. We remain focused on driving operating performance in order to invest in the development of innovative new products while providing attractive cash returns to shareholders."

The company reported that it spent $143m on restructuring costs in the first quarter, related to previously announced business reshaping programmes. It said that the programmes remain on track for costs incurred and benefits achieved.

The company said it continues to anticipate that revenue for the full year could range from flat to a low-single digit decline compared with 2010 on a constant currency basis.

28th April 2011

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