LONDON (dpa-AFX) - AstraZeneca (AZN.L, AZN) reported that its profit before tax for the first-quarter declined by 36% or 27% at CER to $374 million, reflecting the level of Externalisation Revenue, the lower Reported Gross Margin and the increase in Reported SG&A costs.
Profit attributable to owners of the Parent for the quarter dropped to $340 million from $537 million in the prior year.
Reported Earnings per share were $0.27 represented a decline of 37% or 29% at CER. The performance reflected a decline in Total Revenue, the Reported Gross Margin and increased Reported SG&A costs.
Core earnings per share declined by 51% to $0.48, impacted by the factors as well as the decline in Core Other Operating Income & Expense.
Reported Operating Profit declined by 24% or 21% at CER to $696 million, driven by the declines in Total Revenue and the Reported Gross Margin, as well as the increase in Reported SG&A costs.
Total revenue for the quarter declined to $5.178 billion from $5.405 billion last year.
Looking ahead, for fiscal 2018, the company still projects core earnings per share of $3.30 to $3.50. The company still expects full-year product sales, at constant currency rates, to show a low single-digit percentage increase.
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