AstraZenca CEO steps down on downbeat results 

AstraZenca, the second largest drug-maker in the United Kingdom, reported today that Chief Executive Officer David Brennan stepped down after the drug-maker posted downbeat results in the first quarter of 2012 and cut its full-year profit targets once again.

Net profit in the first quarter dropped 44% to 1.64 billion from 2.91 billion recorded a year earlier, missing forecasts of 2.0 billion. Sales revenue dropped 11% to 7.35 billion, compared with the previous of 8.29 recorded a year earlier.

Brennan said "the anticipated impact from the loss of exclusivity on several brands, together with challenging market conditions, has made for a difficult start to the year in revenue terms."

"Delivery on our restructuring plans and continued discipline on operating costs, together with the benefits from a lower tax rate, will only partially mitigate the revenue pressures. As a result we have lowered our core EPS target for the full year to the range of 5.85 to 6.15."