ARTICLE | Financial News

Seroquel legal charges weigh on AstraZeneca

October 29, 2010 12:55 AM UTC

AstraZeneca plc (LSE:AZN; NYSE:AZN) said 3Q10 reported EPS fell 26% at constant exchange rates compared to 3Q09, largely due to the impact of $473 million in legal provisions related to ongoing product liability litigation for depression and schizophrenia drug Seroquel quetiapine. Reported EPS was $1.08 compared to $1.46 in 3Q09. Third quarter revenues were $7.9 billion, down 2% at constant exchange rates from $8.2 billion in 3Q09. AstraZeneca narrowed its full-year core EPS guidance to $6.50-$6.65 from $6.35-$6.65.

AstraZeneca also said it withdrew an EU mutual recognition procedure application to expand the label for Seroquel XR to treat generalized anxiety disorder (GAD) after the reference member state, the Netherlands, said the application was not approvable. AstraZeneca markets Seroquel XR for major depressive disorder (MDD), schizophrenia and bipolar disorder. ...