Correction to AstraZeneca Profit Drops on Decline in Blockbuster-Drug Revenue Story

By Denise Roland Features Dow Jones Newswires

AstraZeneca PLC said profit fell in the first quarter of the year as it battles declining sales of its blockbuster cholesterol pill.

Continue Reading Below

Cambridge, England-based AstraZeneca said net profit fell 17% to $537 million in the three months to March 31, from $646 million a year earlier. Core operating profit, a measure that strips out one-time gains and impairments, increased 5% to $1.67 billion. Analysts expected core operating profit of $1.4 billion and revenue of $5.4 billion.

Excluding the effect of the strong dollar, core operating profit fell 2% and revenue declined 10%.

AstraZeneca is working on a string of new drugs to help return the company to growth as the loss of patent protection erodes sales for its old blockbusters, such as cholesterol-lowering pill Crestor.

-Write to Denise Roland at denise.roland@wsj.com

Corrections & Amplifications

Continue Reading Below

This item was corrected on April 27, 2017 at 0746 GMT to reflect that AstraZeneca's core operating profit increased 5% to $1.67 billion. Excluding currency effects, core operating profit fell 2% and revenue declined 10%. The original incorrectly misstated the core operating profit as 2% in the second paragraph and that it increased 5% in the third graph.

AstraZeneca's core operating profit increased 5% to $1.67 billion. Excluding currency effects, core operating profit increased fell 2% and revenue declined 10%. "AstraZeneca Profit Drops on Decline in Blockbuster-Drug Revenue," at 0644 GMT, misstated the core operating profit as 2% in the second paragraph and that it increased 5% in the third paragraph.

(END) Dow Jones Newswires

April 27, 2017 03:40 ET (07:40 GMT)