AstraZeneca Says Net Profits Climb On Cost-cutting

AstraZeneca says net profits climb on cost-cutting

LONDON, Feb 2 (Pakistan Point News - APP - 02nd Feb, 2017 ) - British pharmaceuticals giant AstraZeneca on Thursday said profits after tax rose by almost a quarter last year thanks partly to a deep cost-cutting programme. Net profit rallied 24 percent to $3.5 billion (3.2 billion Euros) in 2016 compared with a year earlier, the company said in a results statement. However, revenues retreated seven percent to $23 billion, hit by generic competition for blockbuster cholesterol drug Crestor in the key United States market, AstraZeneca added.