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AstraZeneca earnings hit by waning cholesterol drug sales

Reuters - UK Focus

LONDON, July 28 (Reuters) - Generic competition to cholesterol fighter Crestor in the key U.S (Other OTC: UBGXF - news) . market hit second-quarter earnings at drugmaker AstraZeneca (NYSE: AZN - news) , which is now banking on new cancer medicines to revive its fortunes.

Core earnings per share, which exclude some items, fell 31 percent to 83 cents as revenue slid 11 percent $5.60 billion, following the arrival of the first copies of Crestor in the United States in May.

Industry analysts had on average forecast quarterly revenue of $5.58 billion and earnings of 84 cents a share, according to Thomson Reuters (Dusseldorf: TOC.DU - news) .

The British group said on Thursday it continued to expect a low to mid single-digit percentage decline in both revenue and core earnings at constant exchange rates for the full year. (Reporting by Ben Hirschler; Editing by Adrian Croft)