AstraZeneca profits dive on patent cliff pressures

AstraZeneca' profits dropped sharply in Q4 as strong emerging market sales failed to offset competition from cheap generics, and several of its leading drugs edged towards the patent cliff.

The giant pharma company reported pre-tax profit for the year slumped 57% to $3.3bn, compared with $7.6bn in 2012. Core operating profit was 29% lower in Q4 at $1.98bn, and operating profit for the full year 2013 declined 25% to $8.39bn. Revenue for the quarter fell 6% to $6.84bn, and declined 8% over the full year to $25.71bn. AstraZeneca is predicting a low to mid single digit percentage decline in revenues next year. The company proposed a second interim dividend of $1.90, leaving the full-year payout unchanged from a year ago at $2.80 and decided not to resume buying back sh...