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AstraZeneca PLC (AZN) Touts 2nd Quarter Results After Fending Off Pfizer Inc. (PFE), CEO And Investors Rejoice



8/1/2014 6:01:42 AM

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Astrazeneca PLC Second Quarter And Half Year Results 2014 Pascal Soriot, Chief Executive Officer, commenting on the results, said:

“We have made significant progress in the first half of the year, with visible momentum across our cardiovascular, diabetes and respiratory franchises as well as strong growth in the emerging markets. This has driven revenue growth for the second consecutive quarter and achieved a 13% increase in Core EPS in the quarter. The pace of execution of our strategy and the underlying performance of our teams give us confidence to raise 2014 guidance for the full year.

“The business combination with Almirall will offer strategic long-term value, bringing together the two innovative portfolios to strengthen further our commitment to respiratory disease and contribute to our growth.

“We now have one of the most exciting pipelines in the industry with 14 assets in late stage development. Over recent weeks, we have presented compelling data that demonstrate our potential to significantly advance the way patients are treated, including in immuno-oncology. The quality of transformation we are seeing across all core areas of our business further underpins our confidence in AstraZeneca's longer term prospects.”

Second quarter and half year results 2014

Announced on Thursday 31 July 2014

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Highlights

Revenue in the second quarter was $6,454 million, up 4%* - second consecutive quarter of revenue growth. Half year revenue up 3%, driven by the five growth platforms.

  • Brilinta: +84%, with continued momentum in the US and Europe.
  • Diabetes: +128%, following successful integration of BMS assets and strong US Farxiga launch.
  • Respiratory: +9%, driven by US Symbicort growth of 25%.
  • Emerging Markets: +11%, with China growth of 23%.
  • Japan: +1%, impacted by biennial price decreases.

Core EPS in the second quarter was $1.30, up 13%. Half year Core EPS declined 1%.

Almirall deal offers multiple benefits and long-term value to AstraZeneca’s respiratory franchise, a key growth platform and an area of strategic priority.

  • Immediate and growing product revenues with earnings accretion from 2016.
  • Enhances portfolio in asthma and COPD with novel bronchodilators.

Significant progress made towards achieving scientific leadership.

  • 14 projects in Phase III, up from 8 a year ago.
  • Strong data presented at ATS for respiratory biologics assets; at ASCO for immuno-oncology portfolio and AZD9291, olaparib and cediranib, and at ADA for saxagliptin and dapagliflozin combination.

The Company increases its revenue and Core EPS guidance for the full year.

  • Revenue is expected to be in line with 2013 at CER, an increase on our previous guidance of low-to mid single digit percentage decline.
  • Core EPS is expected to decrease in low double digits at CER, an update on our previous guidance of a percentage decrease in the teens.
    • For planning purposes, revenue and Core EPS guidance assumes US Nexium generic enters on 1 October 2014.
    • The Company continues to pursue multiple productivity initiatives and redeploy resources to fund its pipeline and growth platforms, whilst managing its total cost base.

The Board has recommended a first interim dividend of $0.90.

Investor Day planned for 18 November 2014.

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