AstraZeneca plc (LON:AZN) announced their quarterly earnings this morning, with revenue falling by a better-than-expected 7 percent in the second quarter.

Second-quarter net income fell 12 percent to $697 million as competition from generic drug companies reduced sales. Stomach-acid treatment Nexium lost patent exclusivity in the U.S. and cholesterol treatment Crestor faced competition from generic drugs.

CEO Pascal Soriot, who recently fended off a $118 billion takeover attempt by pharmaceutical giant Pfizer (NYSE:PFE) says the company made “good progress” in the period. AstraZeneca has recently received regulatory approvals for new lung cancer drug Iressa in the U.S. and breast cancer treatment Faslodex in China.

Quarterly sales totalled $6.3 billion, while core earnings per share fell 8 percent to $1.21.

AstraZeneca are currently trading up 2.36%, at 4290 pence per share.