Astrazeneca reports worse-than-expected drop in Q3 revenue

(ShareCast News) - Astrazeneca shares edged lower on Thursday as it reported a worse-than-expected drop in third quarter revenue.Revenue fell 4% to $5.7bn in the three months ended 30 September, missing forecasts of $5.87bn, as cheaper generic versions of its best-selling medicine Crestor hurt sales.Core operating profit declined 2% to $1.7bn.However, net profit jumped 32% to 41bn, boosted by a one-off $453m payment relating to agreements between the Canadian tax authority and those of the UK and Sweden. Core earnings per share increased 28% to $1.32.Astrazeneca reiterated its full year forecast for a low to mid single-digit percentage fall in revenue and core earnings at constant exchange rates."The performance in the third quarter was in line with our expectations, reflecting the transitional impact from the first full quarter of generic competition to Crestor in the US," said chief executive Pascal Soriot. "We sharpened significantly our focus on our three therapy areas, by prioritising our portfolio through externalisation and divestments."Soriot said in the pipeline the company has seen positive results for lung cancer treatment Tagrisso, ovarian cancer treatment Lynparza, and the company's first respiratory biologic medicine, benralizumab, for severe uncontrolled asthma.Shares fell 1.46% to 4,508.50 at 0858 GMT.