AstraZeneca's 3rd-qtr profit falls but results still just beat consensus forecasts

Anglo-Swedish drug major AstraZeneca has posted third-quarter 2007 sales of $7.15 billion, a rise of 6% (on a constant exchange rates basis), with operating profit declining 7% to $2.02 billion, pretax profit at $1.89 billion, a fall of 16%, and earnings per share down 13% at $0.91. Although the shares dipped immediately after the release of the result, they stabilized later, rising 0.3% on the London Stock Exchange.

The downturn was attributed to restructuring and acquisition costs, as well as generic competition for some of the firm's pharmaceutical products, notable among which was the antiulcerant Nexium (esomeprazole).

AstraZeneca's results announcement came too late to be included in the November 5 print issue of the Marketletter, but will be covered in full next week, as well as on November 2 for electronic subscribers.