AstraZeneca hurt by generics

Investor's Business Daily

British drugmaker AstraZeneca (AZN) reported a 6% drop in Q4 revenue, to $6.84 bil, missing consensus for $6.91 bil as it lost ground to generic versions of drugs that earlier went off patent. Core earnings per share slipped 21% from last year to $1.23, beating estimates by a penny. AstraZeneca's heartburn drug Nexium and cholesterol fighter Crestor still are expected to face generic competition, leading the company to guide EPS to fall in the teens in the coming year. Shares fell 1.4% to 62.60.

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