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AstraZeneca profit jumps
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April 26, 2001: 6:21 a.m. ET
Sales of top-selling ulcer drug slip; warns of decline in 2Q performance
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LONDON (CNN) - AstraZeneca posted a 12 percent rise in first-quarter pretax profit on Thursday, but the drugmaker expected a decline in the second quarter.
The maker of Losec, or Prilosec in the U.S., said sales of the ulcer pill, the world's top-selling prescription drug, dipped to $1.50 billion in the three months ended March 31 from $1.59 billion in the first quarter 2000.
But that decline was partially offset by a 132 percent boost in sales of its schizophrenia drug Seroquel to $189 million.
Pretax profit from continuing operations at the drugmaker rose to $1.11 billion from $1.02 billion, just beating $1.07-$1.08 billion forecasts by analysts polled by Reuters.
Net profit rose to $782 million from $662 million.Total sales increased 7 percent to $3.99 billion, up from $3.89 billion,
Figures for the first quarter 2000 excluded its agrochemicals business which it spun off.
Prisolec is expected to lose its U.S. patent protection later this year unless the company wins a court battle to delay generic competition to the lucrative drug.
AstraZeneca said its launch of its latest anti-ulcer product Nexium has met expectations.
"Excellent progress has been made in Europe, and the early response to the US launch (of Nexium) on 19 March is very promising," the company said.
AstraZeneca said heavy research and development and launch costs will mean a decline in the second quarter, which will be compensated by a strong second half.
The first-quarter results kept AstraZeneca on track to meet its full-year targets of mid-single digit sales growth and earnings slightly ahead of that, the drugmaker said.
AstraZeneca (AZN) shares fell 0.9 percent to 3,310 pence in late morning London trade. 
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