AstraZeneca 4th-qtr profits plunge 26% on generic woes

Increasing generic competition took its toll on Anglo-Swedish drug major AstraZeneca (LSE: AZN), which this morning reported a fall of 26% (at constant exchange rates) to $1.98 billion in profit (excluding restructuring costs and certain other items), for the fourth quarter of 2013, resulting in earnings per share of $1.23, but beating significantly the $1.18 average estimate of 13 analysts compiled by Bloomberg.

Revenue for the quarter dipped 4% (CER) to $6.84 billion, just ahead of the $6.82 billion average estimate of 15 analysts surveyed by Bloomberg. AstraZeneca’s shares were down 1.3% to £38.27 shortly after trading commenced this morning.