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AstraZeneca hit by copycat Nexium and strong dollar in Q1

Reuters - UK Focus

LONDON, April 24 (Reuters) - AstraZeneca (NYSE: AZN - news) 's sales fell by a slightly less-than-expected 6 percent in the first quarter, hit by the launch of generic copies of its popular stomach acid pill Nexium in the vital U.S. market and the strong dollar.

The group, which saw off a $118 billion bid by Pfizer last year, reiterated its forecast of a low single-digit percent increase in 2015 "core" earnings at constant exchange rates.

Quarterly sales were $6.06 billion, generating adjusted core earnings per share (EPS) that were down 7 percent at $1.08 cents, AstraZeneca said on Friday.

Industry analysts had on average forecast sales of $5.98 billion and earnings of $1.07 cents a share, according to Thomson Reuters.

(Reporting by Ben Hirschler; Editing by Pravin Char)