Drugmaker AstraZeneca says profit tumbles in Q2

Anglo-Swedish pharmaceutical company AstraZeneca today announced a 43% drop in second-quarter net profits, hit by the loss of market exclusivity for some of its main drugs.

AstraZeneca said profit after tax slumped to $1.834 billion in the three months to June 30 compared with the second quarter of 2012.

Revenue declined 6% to $6.2 billion, the company said in an earnings statement.

'As expected, the impact from the loss of exclusivity for several brands affected performance in the first quarter, and whilst this impact will be felt throughout the year, comparisons with prior year periods did moderate in the second quarter,' AstraZeneca added in the statement.

AstraZeneca recently lost market exclusivity for schizophrenia treatment Seroquel IR and heart-failure medication Atacand in many markets, and for anti-cholesterol drug Crestor in Canada.

In March, the company announced plans to cut 5,050 jobs- or about 9% of its current global workforce -- over the next three years as it faces increased competition amid patent expiries.