2012 revenue down 15 per cent at AstraZeneca

Revenue fell 15 per cent in 2012 at biopharmaceuticals company AstraZeneca, according to an update published by the FTSE 100 company on Thursday morning.

Revenue fell 15 per cent in 2012 at biopharmaceuticals company AstraZeneca, according to an update published by the FTSE 100 company on Thursday morning.

The company, which manufactures drugs to treat range of cardiovascular conditions, stated that the reduction in revenue reflected a loss of exclusivity on several brands.

Revenue for the full year stood at $27,973m compared to $33,591m in 2011. Pre-tax profit fell to $10,000m, compared to $12,739m a year earlier and operating profit was valued at $10,430m, compared to $13,167m in the previous year.

Core earnings per share (EPS) were down 9.0% at constant exchange rates to $6.41 while reported EPS for the full year were down 29% at constant exchange rates to $4.99.

The company stated that the decline reflected the $1.08-per-share benefit in 2011 from the sale of Astra Tech and higher restructuring costs in 2012.

Pascal Soriot, Chief Executive officer of AstraZeneca, commented: "Our performance in 2012 reflects a period of significant patent expiry and tough market conditions globally.

"Despite the challenges we face, I am excited about AstraZeneca's fundamental strengths which will be key in returning the company to growth and achieving scientific leadership while maintaining our reputation for strong financial discipline.

"It is my firm belief that we have the brands, science, pipeline and people to create distinctive, long-term value for patients and shareholders. Our new leadership team and I look forward to elaborating on these themes at our capital markets day in March."

MF

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

“Joke” cryptocurrency dogecoin goes to the moon. What’s going on?
Bitcoin

“Joke” cryptocurrency dogecoin goes to the moon. What’s going on?

Dogecoin – a cryptocurrency created as a joke – has risen by more than 9,000% this year alone. Saloni Sardana looks at how something that began as an …
19 Apr 2021
Lab-grown meat: how “moo’s law” will drive innovation
Soft commodities

Lab-grown meat: how “moo’s law” will drive innovation

Jim Mellon and Anthony Chow, co-founders of Aim-listed Agronomics, explain why they believe that “cellular agriculture” will benefit from massive long…
16 Apr 2021
The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021