Industry news: Astra Zeneca half year results

Commenting on the company's half-year financial results, David Brennan, Chief Executive Officer of AstraZeneca PLC, said that a solid underlying financial performance puts the company on track to deliver its full-year targets.

“The first-half of the year saw excellent progress in strengthening the product pipeline with the addition to two new compounds progressing into Phase III. In addition, we concluded the successful acquisition of MedImmune, which will have a transformational impact upon AstraZeneca's science base.”

Second quarter sales increased six percent, operating profit increased 11 percent and earnings per share increased 13 percent. The combined sales of five key growth products increased 15 percent in the first half: Nexiamâ (up 4 percent), Seroquelâ (up 12 percent), Crestorâ (up 47 percent), Arimidexâ (up 12 percent) and Symbicortâ (up 22 percent). Symbicordâ was launched in the US market in June.

Highlights include: the successful completion of the MedImmune acquisition and two new compounds (dapagliflozin for diabetes and ZD4054 for prostate cancer) progressed to Phase III development, bringing the total number of Phase III projects to eight. Expenditures on R&D were up 20 percent to US$1,225-million and 10 new molecules have had their first dosing in man since 1 February, bringing the year to date total to fourteen, a record number for AstraZeneca, with a number of additional opportunities planned for the second half.

Says Dr Guni Goolab, AstraZeneca's local CEO: “The pipeline has been significantly enhanced by the addition of the MedImmune portfolio which includes 14 products in clinical development and a further 28 projects. The majority of the MedImmune portfolio is in monoclonal antibodies and vaccines. The extensive development and commercial antibody production capabilities give AstraZeneca the capacity and skills to deliver an industry leading biologicals product range significantly ahead of plan. “

For further information visit www.astrazeneca.co.za