Revenue fell 15 per cent in 2012 at biopharmaceuticals company AstraZeneca, according to an update published by the FTSE 100 company on Thursday morning.
The company, which manufactures drugs to treat range of cardiovascular conditions, stated that the reduction in revenue reflected a loss of exclusivity on several brands.
Revenue for the full year stood at $27,973m compared to $33,591m in 2011. Pre-tax profit fell to $10,000m, compared to $12,739m a year earlier and operating profit was valued at $10,430m, compared to $13,167m in the previous year.
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Core earnings per share (EPS) were down 9.0% at constant exchange rates to $6.41 while reported EPS for the full year were down 29% at constant exchange rates to $4.99.
The company stated that the decline reflected the $1.08-per-share benefit in 2011 from the sale of Astra Tech and higher restructuring costs in 2012.
Pascal Soriot, Chief Executive officer of AstraZeneca, commented: "Our performance in 2012 reflects a period of significant patent expiry and tough market conditions globally.
"Despite the challenges we face, I am excited about AstraZeneca's fundamental strengths which will be key in returning the company to growth and achieving scientific leadership while maintaining our reputation for strong financial discipline.
"It is my firm belief that we have the brands, science, pipeline and people to create distinctive, long-term value for patients and shareholders. Our new leadership team and I look forward to elaborating on these themes at our capital markets day in March."
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