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AstraZeneca profits hit by tougher competition AstraZeneca profits hit by tougher competition
(about 1 hour later)
A mixture of legal costs, competition from cheaper rivals, and the lack of a swine flu drug have hit AstraZeneca's third-quarter profits. A mixture of legal costs, competition from cheaper rivals, and the lack of swine flu drug sales have hit AstraZeneca's third-quarter profits.
Underlying pre-tax profits, which Astra said better-reflect its performance, fell 10% to $3.1bn (£1.95bn).Underlying pre-tax profits, which Astra said better-reflect its performance, fell 10% to $3.1bn (£1.95bn).
The firm has set aside $473m against claims that its anti-psychotic drug Seroquel has harmful side-effects.The firm has set aside $473m against claims that its anti-psychotic drug Seroquel has harmful side-effects.
AstraZeneca, which faces competition from generic drugs in the US, had warned that trading would be tough.AstraZeneca, which faces competition from generic drugs in the US, had warned that trading would be tough.
Revenues in the three months to end-September fell almost 4% to $7.9bn.Revenues in the three months to end-September fell almost 4% to $7.9bn.
The results were just below analysts' consensus expectations, and the company's shares were down 2% in mid-morning trading.The results were just below analysts' consensus expectations, and the company's shares were down 2% in mid-morning trading.
However, the Anglo-Swedish company said that it now expected full-year profits to be at the upper end of previous estimates.However, the Anglo-Swedish company said that it now expected full-year profits to be at the upper end of previous estimates.
Revenues rose in all regions except the US, AstraZeneca's biggest market, where there was a 13% fall due to increased competition from generic drugs.Revenues rose in all regions except the US, AstraZeneca's biggest market, where there was a 13% fall due to increased competition from generic drugs.
The company was also hit by not having a swine flu vaccine to offer during last year's health scare. A year ago, the company had also benefited from swine flu vaccine sales in the US.
David Brennan, chief executive, said: "As expected, the impact of generic competition on several products and the absence of pandemic flu vaccine revenue led to a challenging quarter in the US."David Brennan, chief executive, said: "As expected, the impact of generic competition on several products and the absence of pandemic flu vaccine revenue led to a challenging quarter in the US."
LitigationLitigation
The provision for Seroquel included $203m for agreements in principle to settle more than 18,250 claims, and $270m as a reserve to cover settlement of unresolved claims.The provision for Seroquel included $203m for agreements in principle to settle more than 18,250 claims, and $270m as a reserve to cover settlement of unresolved claims.
The company faces claims that Seroquel can cause diabetes in some patients.The company faces claims that Seroquel can cause diabetes in some patients.
Despite the litigation, sales of Seroquel were up 7% in the third quarter to $1.30bn.Despite the litigation, sales of Seroquel were up 7% in the third quarter to $1.30bn.
Sales of the cholesterol-fighting drug Crestor rose 20% to $1.37bn.Sales of the cholesterol-fighting drug Crestor rose 20% to $1.37bn.