AstraZeneca weathers generic competition in Q2
Thursday, July 28, 2011
LONDON (AP) — Anglo-Swedish drug marker AstraZeneca PLC has reported more or less unchanged profits for the second quarter as it weathered a hit to sales revenue from generic competition.
AstraZeneca on Thursday reported a net profit for the period of $2.11 billion, up 0.3 percent from a year earlier.
Revenue in the three months ending June 30 was $8.34 billion. That was 3 percent higher on a reported basis but 2 percent lower if exchange rates were considered to have remained unchanged.
The company said competition from generic drugs knocked about $500 million from its sales.
AstraZeneca says its cholesterol drug Crestor and asthma medication Symbicort did particularly well.
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