COVID vaccine maker AstraZeneca sees profit slump

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.