LONDON: British Covid-19 vaccine maker AstraZeneca today announced a 75% slide in first quarter net profit on higher costs linked to its takeover of US biotech firm Alexion.
Profit after tax slumped to US$386 million, AstraZeneca said in a statement.
Revenue however surged 56% to US$11.39 billion, helped by sales of Alexion medicines plus AstraZeneca’s Covid vaccine and other drugs.
But the UK group has faced vast costs following its US$39 billion takeover of Alexion.
AstraZeneca said it had taken a hit totalling US$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.