Falling Off the Patent Cliff: AstraZeneca PLC (AZN), Sanofi (France) (SAN.PA) Post Disappointing Results
10/26/2012 8:11:23 AM
Two pharma giants today reported disappointing third-quarter results they blamed on loss of patent protection for blockbusters, though Sanofi revised its 2012 forecast with a slightly better full-year projection, while AstraZeneca announced the launch of a strategic review.
AstraZeneca finished Q3 with a 49% drop in operating profit, to nearly $2.2 billion from about $4.3 billion a year ago, following a 19% drop in sales, to almost $6.7 billion from $8.2 billion in the third quarter of 2011. At constant exchange rates reflecting the strong dollar, AZ profits fell 47% and sales, by 15%.