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AstraZeneca Q3 Pre-tax Profit Up, Product Sales Down; Revises FY17 Core EPS View

British drug maker AstraZeneca plc. (AZN.L,AZN) reported Thursday that its third-quarter profit before tax increased 10 percent to $746 million from $676 million last year.

Profit after tax, meanwhile, fell 35 percent to $649 million from $995 million a year ago. Earnings per share were $0.54, down from $0.80 a year ago.

Core earnings per share were $1.12, down 15 percent. Core operating profit increased 9 percent to $1.85 billion.

Total revenue was $6.23 billion, up 9 percent from $5.70 billion last year. Revenues grew 10 percent on a constant exchange rate.

Product Sales, meanwhile, dropped 3 percent to $4.88 billion.

Pascal Soriot, Chief Executive Officer, said, "Our financial performance in the quarter was in line with expectations, reflecting good commercial execution, including strong growth in Emerging Markets with standout sales in China."

Looking ahead, for fiscal 2017, the company now anticipates a 2017 Core earnings per share performance towards the favourable end of the guidance range of a low to mid teens percentage decline.

Total revenue for the year is still expected to a low to mid single-digit percentage decline.

by RTT Staff Writer

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