AstraZeneca plc (LON:AZN) announced late last month that revenues had slipped 12% in the January-March period at constant exchange rates, to $6.4 billion, in turn sending pre-tax profit 31% lower to $1.3 billion. The company is suffering heavily from a loss of exclusivity on a range of its products, and Q1's insipid performance was attributed to accelerating competition for its Seroquel IR and Atacand drugs in numerous markets, as well as Crestor in Canada. The company has announced ambitious restructuring plans to boost R&D work and mitigate patent expiry across a whole host of its pharma products. But measures to address a weak pipeline will take years to bear fruit, during which time revenues are likely to come under sustained pressure.