Mubasher: AstraZeneca posted a decrease of 37% in net profit to $431 million during the quarter of 2018 compared with $686 million in the corresponding period a year ago.

The pharmaceutical company registered a decline of 14% in revenues to $5.34 billion as externalisation revenue declined sharply, while product sales rose by 7.9%.

AstraZeneca has “backed its full-year outlook after posting a net profit fall in the third quarter, and said that its portfolio of new medicines has been firmly established as a growth driver,” Market Watch reported.

Core operating profit shrank by 29% to $1.32 billion, dragged by declining total revenue.

“AstraZeneca backed its previous guidance of a low, single-digit percentage increase in product sales in 2018, and core earnings per share of between $3.30 and $3.50,” Market Watch added.