AstraZeneca raises profit forecast on third-quarter results

AstraZeneca announced an increase in its full-year earnings per share target after publishing a third-quarter update that was broadly in line with expectations.

Revenue for the three-month period was down two percent in constant currency terms, but rose four percent on an actual basis as a result of exchange rate movements.

Sales totalled $8.21 billion (5.13 billion pounds), which compared favourably with the average of $8.16 billion forecast by analysts in a poll by Thomson Reuters.

The pharmaceutical group confirmed its core earnings per share target for 2011 has increased to between $7.20 and $7.40 per share.

David Brennan, chief executive of AstraZeneca, said the company had performed as expected "against the backdrop of anticipated generic competition and government price intervention".

The firm was boosted by the sale of Astra Tech, its dental implant and medical devices unit, to US group Dentsply International for $1.8 billion in August.

It also reported strong revenue growth for its Crestor, Seroquel XR and Symbicort treatments.