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AstraZeneca Q4'16 profit rises; 2017 revenue expected to decline

AstraZeneca PLC said its fourth-quarter 2016 core profit rose to $1.53 billion, or $1.21 per share, from $1.20 billion, or 94 cents per share, in the closing months of 2015.

The S&P Capital IQ normalized EPS consensus estimate for the quarter was $1.13.

The pharma giant generated $5.59 billion in sales during the last three months of 2016, a decrease of 13% year over year. On a GAAP basis, the company booked $1.84 billion, or $1.46 per share, in net profit compared to $808 million, or 63 cents per share, in the corresponding quarter of 2015. Full-year 2016 core profit of $5.46 billion, or $4.31 per share, was a slight increase from $5.39 billion, or $4.26 per share, in 2015. The S&P Capital IQ normalized EPS consensus estimate for 2016 was $4.22.

Full-year 2016 core profit of $5.46 billion, or $4.31 per share, was a slight increase from $5.39 billion, or $4.26 per share, in 2015. The S&P Capital IQ normalized EPS consensus estimate for 2016 was $4.22. On a GAAP basis, full-year 2016 net profit rose to $3.49 billion, or $2.77 per share, from $2.82 billion, or $2.23 per share, in 2015.

On a GAAP basis, full-year 2016 net profit rose to $3.49 billion, or $2.77 per share, from $2.82 billion, or $2.23 per share, in 2015. AstraZeneca's total revenue for 2016 was $23 billion, down 7% from $24.71 billion in 2015.

AstraZeneca's total revenue for 2016 was $23 billion, down 7% from $24.71 billion in 2015. AstraZeneca said its sales were impacted by the U.S. entry of generic versions of Crestor, its cholesterol drug, as well as the reducing impact of Nexium generic medicines in the country.

AstraZeneca expects a decrease in both its 2017 revenue and core EPS for the year. Total revenues are expected to decline by a low to mid-single-digit percentage while core EPS by a low to mid-teens percentage.