1Q Revenues: $6.4 billion (-13%)
1Q Earnings: $1.0 billion (-37%)
Comments: U.S. revenues were down 16% ($2.4 billion), as Seroquel IR revenues dropped 99%. Excluding Seroquel IR, U.S. revenues were up 3%, due mainly to the inclusion of Amylin diabetes products and growth for Symbicort, Brilinta and Onglyza. Revenue from Europe were down 16% ($1.7 billion), due largely to loss of exclusivity for Seroquel IR and erosion from the XR variety. Overall Seroquel sales fell 60% from $1.1 billion to $449 million in the quarter. Crestor revenues fell 11% to $1.3 billion, Nexium dropped 1% to $940 million, Symbicort sales rose 14% to $826 million, and Synagis sales rose 5% to $404 million. Crestor lost patent protection in Canada in April 2012 and its revenues in that market fell 90%. Brilinta revenues were $51 million, up from $9 million in 1Q12. Revenue in Emerging Markets (excluding those markets that are now included within Europe) was up 9% ($1.3 billion), largely driven by a 21% increase in China. Established Rest-of-World (Japan, Canada, Australia and New Zealand) were down 17% to $950 million. Restructuring costs and the negative impact of U.S. healthcare reform ($223 million) impacted earnings.