The drugmaker blamed copycat versions of its top-selling Nexium ulcer med and the Crestor cholesterol pill for the decline. Acquisition costs didn’t help, either. Net income fell 15 percent to $1.34 billion, or 90 cents a share, from $1.59 billion, or $1.01, a year ago, and missed analyst estimates. Sales, however, rose to $7.15 billion from $6.52 billion. Here is the earnings release and the figures.

AstraZeneca is in the process of absorbing Cambridge Antibody Technology and MedImmune after suffering late-stage trial failures of four experimental medicines in the last two years. “They’ve got short-term growth, but the pipeline is uncertain,” Michael Leacock, an ABN Amro analyst in London, told Bloomberg News. “The rest is all going to be what’s going on with the integration.”

Generic competition was underscored this morning when Canada’s Cobalt Pharmaceuticals disclosed that it’s seeking regulatory permission to sell a copycat version of Crestor. The news contributed to a decline in the drugmaker’s stock this morning. According to Bloomberg’s European Pharmaceutical Index, the drugmaker’s shares have declined 15 per cent this year, making AZ the second-worst performer.