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AstraZeneca profits hit by patent expiries AstraZeneca profits hit by patent expiries
(about 1 hour later)
AstraZeneca has posted a drop in first quarter profits after its earnings were by hit by patents expiring on some of its older medicines.AstraZeneca has posted a drop in first quarter profits after its earnings were by hit by patents expiring on some of its older medicines.
Pre-tax profits in the quarter fell to $638m (£380m), down from $1.3bn in the same period last year.Pre-tax profits in the quarter fell to $638m (£380m), down from $1.3bn in the same period last year.
The firm did not comment on reports that it had received a £60bn bid approach from US rival Pfizer.The firm did not comment on reports that it had received a £60bn bid approach from US rival Pfizer.
Meanwhile Swiss pharmaceutical giant Novartis reported a 24% rise in first-quarter profits to $2.97bn.Meanwhile Swiss pharmaceutical giant Novartis reported a 24% rise in first-quarter profits to $2.97bn.
The result was boost by the proceeds from the sale of its blood transfusion unit.The result was boost by the proceeds from the sale of its blood transfusion unit.
Earlier this week, Novartis struck a a multi-billion-dollar deal with GlaxoSmithKline (GSK) to join forces and reshape their businesses. Earlier this week, Novartis struck a multi-billion-dollar deal with GlaxoSmithKline (GSK) to join forces and reshape their businesses.
Under the deal, Novartis will acquire GSK's cancer drugs business for $16bn and sell its vaccines division, excluding the flu unit, to GSK for $7.1bn. The two firms will also combine their consumer health units.Under the deal, Novartis will acquire GSK's cancer drugs business for $16bn and sell its vaccines division, excluding the flu unit, to GSK for $7.1bn. The two firms will also combine their consumer health units.
In a separate deal, Novartis has agreed to sell its animal health division to Lilly for nearly $5.4bn. In a separate deal, Novartis has also agreed to sell its animal health division to Lilly for nearly $5.4bn.
It has been a busy week for deals in for the pharmaceuticals sector, as on Tuesday Canadian drugs firm Valeant offered to buy Botox maker Allergan for $47bn.
New treatments
Despite reporting a fall in first-quarter profits, AstraZeneca's revenues rose 3% to $6.42bn.
The company also flagged up progress it was making with the development of new drugs.
It said four new drugs - two for cancer and two for breathing disorders - were progressing to late-stage testing.
"We are investing in our rapidly progressing pipeline and the key platforms that are the backbone of our strategy to return to growth," said chief executive Pascal Soriot.