British pharmaceuticals giant AstraZeneca on Thursday said third-quarter net profits tumbled by about a third as a large exceptional gain was not repeated. Earnings after taxation dived 32 percent to $686 million (592 million euros) in the three months to September 30, AstraZeneca said in a results statement.
That compared with net profit of $1.01 billion for the same part of the previous year, when the group had enjoyed a large one-off tax gain. AstraZeneca was boosted in 2016 by an exceptional tax benefit of $453 million following agreements on transfer pricing arrangements with British, Canadian and Swedish tax authorities for the period 2004-2016.
Total revenues meanwhile rose nine percent to $6.2 billion in the third quarter of 2017, buoyed by a multi-billion-dollar deal unveiled in July to jointly develop key cancer drugs with Merck. However, AstraZeneca’s product sales fell three percent to $4.8 billion, hit by generic competition for blockbuster cholesterol-lowering drug Crestor in the key United States market.Do you ever witness anything interesting or exciting? Just take out your phone and send us the exclusive pictures or video and we will pay you cash. E-mail to email@example.com. Please include location, date, involved persons or why it is important and other details.