By Adam Clark
AstraZeneca PLC (AZN.LN) reported Thursday that its operating profit for the third quarter of 2017 increased, boosted by a one-off tax benefit, but product sales continued to decline due to the loss of exclusivity on some key drugs.
The pharmaceutical company's operating profit rose 12% to $1.15 billion, up 9% in constant currencies. Pretax profit rose 33% to $1.82 billion.
However, product sales for the quarter fell 3% to $4.88 billion, which AstraZeneca said was due to a loss of exclusivity on its Crestor and Seroquel products. Total revenue rose 9% to $6.23 billion, benefiting from a contribution from externalization revenue--proceeds from partnerships and licensing deals.
AstraZeneca narrowed its 2017 guidance, saying it now expects its core earnings per share to be towards the favorable end of a low to mid-teens percentage decline. It reiterated its 2017 revenue guidance of a low to mid single-digit percentage drop.
Chief Executive Pascal Soriot said the most notable developments of the quarter were positive data from the company's drugs pipeline, especially its Tagrisso and Imfinzi cancer therapy candidates.
Write to Adam Clark at [email protected]; @AdamDowJones