AstraZeneca Q3 net profit down 27 per cent

LONDON: AstraZeneca PLC has reported a 27 per cent drop in third-quarter profit as it took nearly half a billion dollars in charges for product liability litigation on its anti-psychotic drug, Seroquel.

The company said on Thursday that net profit was $1.55 billion compared to $2.12 billion a year earlier. Revenue was down 3.7 per cent to $7.9 billion.

AstraZeneca said third-quarter results included a charge of $473 million for current and future settlements of product liability claims involving Seroquel, its second-biggest-selling drug.

The company faces claims that the drug caused diabetes and other harmful effects to some patients.