Earnings at the lower end of forecasts, says AstraZeneca

Biopharmaceutical giant AstraZeneca has said that full-year earnings are now expected to come in at the lower end of previous guidance.

While the firm reiterated that core earnings per share (EPS) for 2011 will come within the expected range of $7.20 to $7.40 a share (set out in its third quarter results in October), they are now likely to be in the lower half of forecasts.

Nevertheless, the figure is still an improvement on the $6.71 core EPS reported in 2010.

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Astra also reaffirmed its revenue, margin and cash deployment guidance for the period 2010 to 2014.

Back in January 2011, the group said that revenue will be in the range of $28-34bn per annum over the period, "as revenue growth from key franchises that retain exclusivity and continued growth in Emerging Markets are pressured by the loss of market exclusivity on a number of products."

BC