AstraZeneca reports ‘solid’ financial performance

AstraZeneca has announced its financial results for the second quarter and first half of the 2007 fiscal year, reporting a “solid” financial performance throughout the period.

Sales for the second quarter rose by six per cent on the same period last year to $7,273 million (3,549 million pounds).

Operating profit for the quarter rose by 11 per cent on last year’s figure, reaching $2,452 million, excluding restructuring charges and the impact of the MedImmune acquisition.

Earnings per share for the quarter were $1.19 – a rise of 13 per cent when compared to the second quarter of 2006.

MedImmune saw an operating loss of $103 million during the quarter, while restructuring charges were equal to $376 million.

David Brennan, chief executive officer of AstraZeneca, said: “A solid underlying financial performance puts us on track to deliver our full year targets.

“The first half saw excellent progress in strengthening the product pipeline.”

He added that the company saw two new compounds progress to phase III of clinical development, while the MedImmune acquisition will further develop the firm’s science base.

AstraZeneca completed its purchase of MedImmune last month, acquiring the Maryland-based biotechnology company for the sum of $15.6 billion.