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AstraZeneca reports profit fall

AstraZeneca has reported a fall in pre-tax profit in its second quarter financial results despite sales increasing

Anglo-Swedish pharmaceutical company AstraZeneca (AZ) has posted a 2 per cent fall in pre-tax profit to $2.97bn for the second quarter of 2011.

The company reported a 3 per cent rise in sales to $8.4bn for the three month period, boosted by positive exchange rate movements.

The global performance reflects government price interventions, as well as the impact of more than $0.5bn in revenue lost to generic competition, AZ said.

David Brennan, CEO, said: "Despite the anticipated impact of generic competition and government pricing interventions in the quarter, we are able to raise our core earnings per share guidance and increase our shareholder cash return targets for the full year."

The company reported that in the second quarter of 2011 it spent $138m on restructuring the company, with more than half of this related to R&D activities.

AZ's pipeline includes 88 projects in the clinical phase of development, while nine new molecular entities projects are in the late stage development, either in phase III or under regulatory review.

28th July 2011

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