31st Oct 2013 07:29
LONDON (Alliance News) - Biopharmaceutical company AstraZeneca PLC's (AZN.L, AZN) third-quarter pre-tax profit slid to $1.59 billion, from $2.03 billion, as restated, last year. Core pre-tax profit dropped year-over-year to $1.91 billion, from a restated $2.8 billion. On a reported basis, profit attributable to owners of the parent was $1.25 billion, lower than $1.51 billion reported a year back.
Quarterly earnings per $0.25 ordinary share totaled $0.99, down from the year-ago period's $1.20. Reported earnings per share in the third quarter this year includes $0.18 per share benefit from the reversal of an intangible asset impairment related to the initiation of Phase III trials for olaparib, the company said. Meanwhile, core earnings per share were $1.21 in the quarter, a 26% decline at constant exchange rates or CER.
Revenue in the third quarter was $6.25 billion, down from the prior year's $6.68 billion. As anticipated, quarterly revenue dropped due to the ongoing impact from products with recent losses of exclusivity. The 4% decline in revenue on a constant currency basis, combined with continued investment in its growth platforms and scientific leadership resulted in a greater fall in core earnings per share.
Separately, AstraZeneca announced the appointment of Marc Dunoyer as its Chief Financial Officer and he would join the board as an Executive Director. He replaces Simon Lowth, who would be leaving the company today. Dunoyer's appointment takes effect on November 1, 2013, and he would report to Chief Executive, Pascal Soriot, and remain a member of the Senior Executive Team. Dunoyer, currently Executive Vice President, Global Portfolio & Product Strategy, joined AstraZeneca from GlaxoSmithKline in June 2013.
Further, the company separately reported that the US Court of Appeals for the Federal Circuit has reversed and remanded for further proceedings a trial court decision that generic defendants involved in the litigation do not infringe a patent (US Patent No. 7,524,834) protecting PULMICORT RESPULES in the US. The Court of Appeals upheld, however, the trial court's decision that another patent, US Patent No. 6,598,603, protecting AstraZeneca's PULMICORT RESPULES in the US is invalid.
On May 24, 2013, AstraZeneca said that the US Court of Appeals for the Federal Circuit issued a temporary injunction blocking the generic manufacturers from distributing generic versions of PULMICORT RESPULES in the US during the pendency of AstraZeneca's appeal. The patents protecting PULMICORT RESPULES in the US expire in 2018, with paediatric exclusivity extending into 2019.
Copyright RTT News/dpa-AFX
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