British pharmaceutical giant AstraZeneca reported a 7% dip in its first-quarter earnings, largely driven by declining sales of some of its best-selling drugs.
The company reported (PDF) a net profit of $1.37 billion for the quarter ended March 31, compared with $1.47 billion for the same period in 2014.
Total revenue grew by 1% in 2015 to $6.06 billion at constant exchange rates, but revenue from product sales fell by 10% to $5.67 billion.
The results reflect declining sales of some of AstraZeneca's biggest-selling drugs. Worldwide sales of Crestor, the popular cholesterol treatment, were down 12% in 2015 to $1.16 billion compared with the same period last year. The company's asthma medication Symbicort saw its sales fall by 9% to $845 million.
Sales of the heartburn medication Nexium took one of the biggest hits, falling 31% to $644 million. A generic version of the drug was introduced to the U.S. market in February, which the company cited as a major factor in the decline.
Sales of AstraZeneca's diabetes medication Onglyza were up 19% for the quarter, to $186 million, despite the recent decision by a Food and Drug Administration advisory committee to recommend a labeling change that adds safety information after studies showed the drug carried an associated risk of heart failure.
The company made no change to its previous year-end forecast. It expects revenue to decline by a mid-single-digit percentage at a constant exchange rate in 2015.
Shares of AstraZeneca were down 1.08% as of Friday afternoon, selling at a price of $72.30.
