More on AstraZeneca Q2: Net profit -48% to $823M

|About: AstraZeneca Group plc (AZN)|By:, SA News Editor

AstraZeneca (AZN): net profit -48% to $823M, worse than consensus

Core pretax profit -12% to $1.94B

Results hurt by loss of patent protection for key drugs, which amounted to $500M in lost sales, and a higher tax rate.

Emerging markets sales +12%, with nearly half the improvement due to a 21% increase in China.

Sales of new heart drug Brilinta, for which there are high hopes, rose to $65M from $51M in Q1.

AstraZeneca reaffirms that it expects a mid-to-high single digit percentage fall in revenue, and it estimates that earnings will decline significantly more than revenue.

Expects operating costs to rise in the low-to-mid-single digits at constant exchange rates vs previously guidance for a "slight increase."

Shares -0.7% in London. (Previous) (PR)