AstraZeneca’s revenue continues to decline with another double digit drop in the first quarter of 2017.
Overall revenue is down 12 percent at $5.4 billion for the pharmaceutical giant, which has its U.S. headquarters just outside Wilmington.
It's becoming a trend as last quarter revenue dropped 13%.
Net profit for AstraZeneca is down 17 percent this quarter as well, at $537 million.
Weak sales of the blockbuster drug Crestor are to blame in large part. The cholesterol drug is fending off challenges from new, cheaper generic options. Crestor sales fell 45 percent in Q1 to $631 million.
In a release, CEO Pascal Soriot said 2017 is a pivotal year for the company. He hopes positive results and approvals for several oncology drugs can buoy profits this year.
