AstraZeneca Q4 Profit Misses Estimates

posted a net loss in the fourth quarter. AstraZeneca posted a quarterly loss of $321 million, versus a year-ago loss of $524 million. The company's profit, excluding certain items, shrank to $1.18 billion, or $0.76 per share, compared to $1.54 billion, or $1.23 per share. Analysts expected adjusted earnings of $0.82 per share. Its sales slipped 2% to $6.68 billion, versus analysts' estimates of $6.79 billion. Sales at constant exchange rates gained 2% in the quarter. Pascal Soriot, Chief Executive Officer said, "Our guidance for 2015 reflects our focus on creating value by investing in our new brands and exciting pipeline while we continue improving productivity to protect our profitability in the face of patent expiries. With the depth of our science and the momentum we have built across our organisation, we are on track to return to growth by 2017 and are well positioned to deliver our long-term goals." For 2015, AstraZeneca projects sales revenue, at constant exchange rates, to fall by a mid-single-digit percent. The company also expects core EPS to rise by a low-single-digit percentage. AstraZeneca also announced its plans to acquire the rights to Actavis' branded respiratory business in the US and Canada for an initial consideration of $600 million. AstraZeneca shares declined 0.07% to close at $71.06 yesterday.