Soft first quarter tests patience in AstraZeneca's promise for growth

In its first quarterly results statement of 2018, AstraZeneca (LSE: AZN) says it brought in $5.2 billion sales, a drop of 4% from the previous year, with earnings per share of $0.27, following Generally Accepted Accounting Principles (GAAP).

The news sent shares falling over 2% in London on Friday morning, as investors weighed the impact of generic competition to its blockbuster Crestor (rosuvastatin). Analysts had expected closer to $5.3 billion in revenue, the gap partly accounted for by a startling 38% drop for the legacy statin, down to $389 million.

Earlier in the year, AstraZeneca’s 2017 annual results statement showed that French chief executive Pascal Soriot had missed his promise to reverse a longstanding decline in the firm’s revenues.