AstraZeneca sees revenues slide; CEO to exit

Pharmaceuticals giant AstraZeneca said profits fell by more than a third in the first quarter after a number of patents ran out and it was hit by tough market conditions.

This led it to downgrade its full year earnings prospects. The company also announced chief executive David Brennan will retire in June. Revenues came in well below market expectations, falling 11% to $7.349bn, short of consensus forecasts of $7.874bn. Loss of exclusivity on several key brands accounted for eight percentage points of the revenue decline, the firm said. The company reported profit before tax fell 38% to $2.053bn with earnings per share (EPS) also down 38% to $1.28. Brennan said the anticipated impact from the loss of exclusivity on several brands, together with challen...