AstraZeneca's net income slips 1.6% in 4th qtr as generic competition starts to bite
AstraZeneca says its fourth-quarter 2008 profit fell 1.6% year-on-year to $1.25 billion, or $0.86 per share, despite a 4% rise in sales to $8.19 billion.
Excluding special items, the Anglo-Swedish drug major said earnings totaled $1.25 per share during the period, beating the $1.15 average estimated by four analysts polled by Bloomberg.
Sales in the USA were up just 3% to $3.78 billion, reflecting generic competition for Toprol-XL (metoprolol), while income from established markets in the rest of the world rose 3% to $3.09 billion.
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