AstraZeneca PLC (AstraZeneca), a UK-based medical devices company, has reported sales of $7.7 billion for the first quarter of 2009, compared with the sales of $7.6 billion in the year-ago quarter. It has also reported a profit of $2.1 billion, or $1.48 per share, for the first quarter 2009, compared with the profit of $1.5 billion, or $1.03 per share, in the year-ago quarter.
First Quarter Results 2009
Crestor sales increased by 35% at CER.
Emerging Markets sales increased by 15% at CER.
Benefit to US sales of Toprol-XL from withdrawal of some generic competitors.
Core operating profit increased by 19% at CER to $3,362 million.
Core operating margin improved on sales growth, operational efficiencies, higher other income from disposals and currency benefit.
Core EPS increased by 20% at CER to $1.58.
Reported EPS growth rate affected by higher intangible impairment and restructuring costs last year.
Progress on previously announced restructuring programmes on track
Strong cash performance; after payment of the second interim dividend of $2,103 million, net debt was reduced by a further $321 million since December 31.
Core EPS guidance confirmed; Core EPS target remains $5.15 to $5.45.
David Brennan, chief executive officer, said: “Our business has proved to be resilient in the first quarter, the result of excellent execution in driving growth in key product franchises and in all regions, whilst delivering improvements in operating efficiency. Our full year target for Core EPS remains unchanged, reflecting our continued caution about the 2009 outlook for the pharmaceutical sector in the context of global economic conditions.”