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AstraZeneca 2Q profit down 12%

This article was originally published in Scrip

Executive Summary

AstraZeneca expects higher costs in 2013 compared to last year as it strives to invest its way out of falling sales. Q2 figures were broadly in line with consensus estimates, with revenue dropping 4% to $6.23bn. Profit fell 12% as generic competition to big-sellers such as Crestor and Seroquel eroded sales by around $500m.

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