AstraZeneca - Fourth Quarter and Full Year Results 2012
LONDON, Jan. 31, 2013 - Financial performance for the full year reflects the loss of exclusivity on several brands. At constant exchange rates (CER), revenue declined by 15 percent and Core EPS declined by 9 percent
Brilinta/Brilique, Symbicort, Faslodex, Onglyza and Iressa continue to grow, while diabetes alliance franchise is strengthened by the inclusion of Amylin portfolio and the approval of Forxiga in Europe
The Company will hold a Capital Markets Day on 21 March 2013 to provide a strategy update
Revenue for the full year was $27,973 million, down 15 percent at CER
-Loss of exclusivity on several brands and the disposals of Astra Tech and Aptium were the key drivers of the revenue decline
-Symbicort, Faslodex, Onglyza, Iressa, Brilinta/Brilique and Seroquel XR combined to deliver $600 million of CER revenue growth for the full year
Core EPS was $6.41 for the full year, a 9 percent decline at CER
-Core EPS in 2012 benefited by $470 million ($0.37) from two separate tax related matters during the year. Proceeds from the sale of Nexium OTC rights contributed $0.16 to Core EPS
Reported EPS for the full year was down 29 percent at CER to $4.99. The decline reflects the $1.08 per share benefit in 2011 from the sale of Astra Tech and higher restructuring costs in 2012
Revenue in the fourth quarter was down 15 percent; Core EPS was up 1 percent as a result of lower operating costs (including significantly lower intangible impairment costs in R&D) and a favourable $230 million adjustment to deferred tax balances following substantive enactment of a reduction in the Swedish corporation tax rate
The Board has declared a second interim dividend of $1.90 per share, bringing the dividend for the full year to $2.80, consistent with the progressive dividend policy
The Company expects a mid-to-high single digit percentage decline in revenue at CER for 2013. With Core operating costs expected to be slightly higher than 2012 at CER, Core EPS will decline significantly more than revenue.
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Posted: January 2013
