AstraZeneca records fall in 2nd-qtr revenue but 21% rise in China sales

Anglo-Swedish drug major AstraZeneca (LSE: AZN) has reported second-quarter 2013 financial results with a 4% decrease in revenues to $6.23 billion, due to patent expiry on several products, but beating the $6.22 billion average estimate compiled by Bloomberg.

Profit excluding some items declined to $2.06 billion, or $1.20 a share, from $2.33 billion, or $1.57, a year earlier. That matched the $1.20 average of 15 analyst estimates compiled by Bloomberg. The company’s stock rose 0.9% in early morning trading. Core earnings per share (EPS) were $1.20, down 21% due to a higher tax rate. The board recommended a first interim dividend of $0.90.

Revenue for the rest of the portfolio was up 4%, fuelled by a double-digit increase in contribution from five growth platforms – Brilinta (ticagrelor), diabetes franchise, respiratory franchise, emerging markets and Japan.