AstraZeneca ‘confident after strong quarter’

AstraZeneca has announced it is confident about its prospects for the remainder of the year and it has upped its financial targets in response to a “strong” first quarter.

Europe’s third-largest pharmaceuticals company reported increased sales of 12 per cent compared to the same time last year, up to $6.18 billion (3.46 billion pounds), as well a 33 per cent increase in operating profit.

The company revised its earnings-per-share prediction for 2006, placing it between $3.60 and $3.90, while sales of its “key growth products” – Nexium, Seroquel, Arimidex, Crestor and Symbicort – increased by 25 per cent.

David Brennan, chief executive officer, said: “The momentum we have generated in our business is evident in the strong first quarter sales growth of 12 per cent. This, coupled with continued cost discipline, has resulted in another strong quarterly earnings performance, with EPS up 40 percent per cent.”

He concluded: “This outcome gives us confidence for the remainder of the year and we have increased our financial targets.”

Yesterday, AstraZeneca revealed that it will sell its anaesthetic and analgesic products to Abraxis, which will in turn allow AstraZeneca to co-promote its anti-cancer Abraxane drug in the US.

AstraZeneca employs approximately 11,000 people in the UK, of which more than half work in Cheshire. It claims to spend $14 million on drug research and development every day.

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