AstraZeneca reports ‘on track’ first-quarter results

AstraZeneca has announced its financial figures for the first quarter of the 2007 fiscal year. The firm reported sales of $6.97 billion (3.48 billion pounds), an increase of nine per cent when compared with the first quarter of last year, while operating profit rose ten per cent to $2.17 billion.

This growth was driven by improved sales of key pharmaceutical products, with combined revenues from Arimidex, Crestor, Nexium, Seroquel and Symbicort rising 17 per cent to $3.61 billion.

AstraZeneca reported that it has terminated its licensing and collaboration agreement with AtheroGenics, with resulting charges of $83 million, while the firm recently announced its intention to purchase MedImmune for a total cost of $15.2 billion.

David Brennan, chief executive officer of the firm, said: “With a good sales and earnings performance in the first quarter, we are on track to achieve our full year targets.

“We continue to strengthen the pipeline – our number one priority – and the entire organisation is rising to the productivity challenge.”

He added that these first quarter results marked a good opening to the 2007 financial year, with the figures building on the base built up by the company over the past three years.

Last week, secretary of state for trade and industry Alistair Darling described AstraZeneca as a “power-house” of the local economy in north-west England, while speaking at an event commemorating the 50th anniversary of the establishment of the Alderly Park laboratories.