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AstraZeneca weathers generic competition in Q2

AstraZeneca weathers generic competition in Q2

July 28th, 2011 in News

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.