AstraZeneca profit hit by patent expirations

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

AstraZeneca (AZN) Q4 core EPS dropped 28% to $1.23 and beat consensus of $1.18.

Revenue -4% in constant exchange rates to $6.84B, just above forecasts of $6.82B.

Adjusted profit fell 26% to $1.98B, dragged down by patent expirations on key drugs.

The loss of IP protection will continue to hurt the company, and it forecasts that 2014 revenue will drop by a low-to-mid single digit percentage and that EPS will decline "in the teens."

AstraZeneca declared a second interim dividend of $1.90 a share. (PR)

This was corrected on 02/06/2014 at 05:42 AM. The consensus EPS figure was misstated.