AstraZeneca says 2nd-quarter earnings dropped 27 percent

LONDON (AP) — Anglo-Swedish drugmaker AstraZeneca says second-quarter earnings dropped 27 percent as it shifted away from dependence on its former blockbuster drugs and toward new cancer drugs.

The company says net income fell to $350 million from $477 million in the same quarter a year earlier. Core operating profit, the company’s preferred performance measure, fell 18 percent to $1.26 billion.

Sales of cancer drugs, including Lynparza and Tagrisso, rose 44 percent to 1.43 billion. That helped offset a 40 percent decline in sales of Crestor as the cholesterol treatment lost patent protection in Europe and Japan.

CEO Pascal Soriot said “AstraZeneca’s rich pipeline and sharp commercial focus make us confident that we have in place the right conditions for our return to growth this year.”