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Third quarter profits at AstraZeneca fell by 27% as it reeled from a sizeable product liability litigation bill for an anti-psychotic drug.
The company took nearly half a billion dollars in charges for product liability litigation on Seroquel, it confirmed.
Net profit fell to $1.55 billion (£983 million) from $2.12 billion in the previous year, while revenue fell 3.7% to $7.9 billion.
AstraZeneca said the results for the third quarter included a charge of $473 million for ongoing and future settlements of product liability claims involving the anti-psychotic drug Seroquel. It is the company’s second biggest selling drug.
It faces accusations that Seroquel caused diabetes and other harmful effects to some patients.
Copyright Press Association 2010