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COVID vaccine maker AstraZeneca sees profit slump

Profit after tax slumped to $386 million (366 million euros), AstraZeneca said in a statement.

April 29, 2022 / 01:36 PM IST
Representative image.

Representative image.

British COVID vaccine maker AstraZeneca on Friday announced a 75-percent slide in first-quarter net profit on higher costs linked to its takeover of US biotech firm Alexion.

Profit after tax slumped to $386 million (366 million euros), AstraZeneca said in a statement.

Revenue however surged 56 percent to $11.39 billion, helped by sales of Alexion medicines plus AstraZeneca's COVID-19 vaccine and other drugs.

But the UK group has faced vast costs following its $39-billion takeover of Alexion.

AstraZeneca on Friday said it had taken a hit totalling $775 million after Alexion reached a legal settlement with Chugai Pharmaceutical.

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Astra added that it plans a new strategic research and development centre in Cambridge, Massachusetts.



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AFP
first published: Apr 29, 2022 01:36 pm
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