AstraZeneca publishes full-year results for 2007

AstraZeneca has announced its results for the 2007 fiscal year, reporting ahead-of-target earnings per share while noting the addition of six molecules to its late stage drug development pipeline, bringing the total number of projects in phase III of clinical development to ten.

During 2007, AstraZeneca generated revenues of $29.56 billion (14.85 billion pounds), an increase of 12 per cent over the previous year’s figures.

Profit before tax fell seven per cent to $7.98 billion, while earnings per share dropped by three per cent to $3.74.

The company also forecast that it will file license applications for up to three compounds during 2008, while adding that it will bring an average of two medicines to market every year from 2010 onwards.

David Brennan, chief executive officer of AstraZeneca, said: “The strong underlying results for the full year reflect our determined action in three priority areas.

“Our pipeline is significantly stronger, with the acquisition of MedImmune creating a leading position in biologics, key product sales have been robust in major markets and we have achieved strong growth in the emerging markets.”

He added that productivity initiatives, including the company’s restructuring programme, have progressed according to plan.

In December 2007, AstraZeneca presented its recent acquisition MedImmune at its 2007 Analyst and Investor Research & Development day.