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

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

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.

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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

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)