British Covid vaccine maker AstraZeneca 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, AstraZeneca said in a statement.
Revenue however surged 56 per cent 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. Astra added that it plans a new strategic research and development centre in Cambridge, Massachusetts.
Source: eNCA
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