AstraZeneca profits fall after jobs cull

Pharmaceuticals giant AstraZeneca today said full-year profits fell 4% after it counted the cost of a jobs cull and its battle against competition from cheaper generic drugs.

The UK-based firm, which is best known for cholesterol-lowering product Crestor and angina treatment Toprol, reported operating profits of $8.1bn (€5.4bn) for 2007, against $8.2bn (€5.5bn) in 2006.