1Q Revenues: $7.3 billion (-11%)
1Q Earnings: $1.6 billion (-43%)
Comments: Loss of exclusivity on several key brands, mainly Seroquel IR, Nexium and Arimidex, accounted for 8% of revenue decline, which included a $223.0 million returns reserve against US trade inventories of Seroquel IR. Restructuring costs were $702.0 million in the quarter. U.S. revenues were down 12% impacted by generic competition. Revenue in the Rest of World was down 11%, with revenue declines in Brazil, Turkey and Mexico accounting for more than 40% of the shortfall. R&D expense increased 2% in the quarter.