AstraZeneca sales dip but profits up on windfall tax gain

Anglo-Swedish pharma major AstraZeneca’s (LSE: AZN) shares dipped 1% to £45.31 mid-morning after it reported financial results, with sales hit by generic competition for its leading cholesterol drug.

Total Revenue declined 3% at constant exchange rates (-5% actual) in the year to date to $17,417 million, reflecting a decline in product sales that was driven by the entry in the US of multiple Crestor (rosuvastatin) generic medicines. Total sales in the third quarter were $5,699 million, down 4%.

Reported earnings per share (EPS) declined by 26% to $1.31 in the year to date, reflecting the fall in product sales, and were down 4% to $0.80 in the third quarter. Core EPS declined by 10%, to $3.10 reflecting the phasing of other operating Income towards the final quarter of the year, and were up 12% at $1.32 for the third quarter.