Anglo-Swedish drug firm AstraZeneca reports slide in second quarter profits

MarketsAssociated Press

Anglo-Swedish drug firm AstraZeneca says second-quarter net income fell 12 percent to $697 million as competition from generic drug companies reduced sales.

Revenue declined 6.7 percent to $6.31 billion as stomach-acid treatment Nexium lost patent exclusivity in the U.S. and cholesterol treatment Crestor faced competition from generic drugs.

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CEO Pascal Soriot says the company made "good progress" in the period, with cost reductions supporting investment in science. Soriot also highlighted progress in the company's oncology research, with AstraZeneca receiving regulatory approvals for lung cancer drug Iressa in the U.S. and breast cancer treatment Faslodex in China.

Soirot predicted there would be positive news on the company's drug pipeline in the second half, with regulatory decisions expected for four drugs, including Brilinta, a medication for people who have had heart attacks.