AstraZeneca reports ‘strong’ financial results for 2006

AstraZeneca has published its financial results for the 2006 fiscal year, reporting an 11 per cent increase in sales for the year to $26.48 billion (13.46 billion pounds). Operating profit rose by 28 per cent during 2006, reaching $8,216 million, with operating margin as a percentage of sales growing by 3.8 per cent to 31 per cent.

The company reported “strong” performances of Arimidex, Crestor, Nexium, Seroquel and Symbicort, five of its important growth products, with the combined sales of these products rising 23 per cent for the year to $13.32 billion.

Also during 2006, AstraZeneca entered into nine significant research partnerships and 12 noteworthy licensing and acquisition projects.

David Brennan, chief executive officer of the company, said: “In 2006, AstraZeneca reported another strong set of financial results and progress in strengthening the pipeline, but more remains to be done.”

He added that the company would aim to further build its pipeline and continue the sales progress of its current pharmaceutical portfolio in order to maintain the growth of the firm.

AstraZeneca has stated that its growth in the past three years has been a result of disciplined cost-management and good top-line growth. The company states that, with the aim of “enhancing productivity”, it will reduce its workforce by 3,000 over the next three years.

It has been widely reported that a contributing factor to these job losses is increased competition to the firm from the manufacturers of generic forms of heart drug Toprol XL.