AstraZeneca reports lower 3Q profits
The Anglo-Swedish pharmaceuticals company AstraZeneca has reported pre-tax profits of SEK 12.2 billion for the third quarter. That’s down from SEK 14 billion for the same quarter in 2013.
The company gives three reasons for the drop: The decision to continue working on the cancer drug Olatarib, which created a goodwill post of USD 285 not included in the third quarter results, the acquisition of Bristol-Myers Squibb’s share of a global diabetes alliance, and an extra payment to the American Internal Revenue Service to finance a health insurance reform.
Earlier this year, AstraZeneca fended off several takeover bids from US drugmaker Pfizer.
AstraZeneca has revised its forecast for turnover and profits for the entire year 2014. Turnover is expected to go up by 2 percent, while the profit per share for core operations is expected to drop by 10 percent.