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According to the company's statement, the revenue decline was comprised of 16 percent due to lower volume; the impact of changes in price and foreign exchange rates on worldwide revenue was negligible.
The 16 percent decrease in worldwide volume was primarily driven by the loss of US patent exclusivity for Cymbalta, and to a lesser extent Evista, partially offset by volume gains for most other products.
Total revenue in the US decreased 33 percent to $2.218 billion, driven primarily by lower demand for Cymbalta and Evista following their patent expirations. Total revenue outside the US increased 8 percent to $2.658 billion, driven by higher volume.
Gross margin decreased 21 percent to $3.609 billion in the third quarter of 2014 compared to the third quarter of 2013, driven by lower sales of Cymbalta and Evista due to the loss of the US patent exclusivity.
Gross margin as a per cent of total revenue was 74 percent, a decrease of 5.2 percentage points compared with the third quarter of 2013. The decrease in gross margin percent was primarily due to lower sales of Cymbalta and Evista following US patent expirations.