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AstraZeneca profits and revenues fall

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October 31, 2013 06:53 AM EST | AP

LONDON (AP) — British drugmaker AstraZeneca says third-quarter net profit fell 17.5 percent to 1.25 billion pounds ($200 billion) as the patents on older drugs expired.

The company said Thursday that revenue declined 4 percent to 6.25 billion pounds.

Chief Executive Pascal Soriot says the results were expected and the company is continuing to focus on investment to bring new drugs to market. He says three regulatory filings for new treatments were accepted during the quarter.

The company says U.S. revenue was down 8 percent in the third quarter. It says U.S health care reform hurt revenue by approximately $199 million.

The company also announced it is cooperating with U.S. Justice Department inquiries related to the Plato clinical trial for the blood thinner Brilinta.