Thursday, 25 April 2013
Pascal Soriot, Chief Executive Officer, commenting on the results, said:
"As anticipated, the first quarter performance reflects the loss of exclusivity for several large products. We remain focused on our strategic priorities of returning to growth and achieving scientific leadership. Brilinta, the diabetes franchise, Emerging Markets, Japan and our Respiratory products have all made good progress and we continued to invest in distinctive science that will advance our knowledge of disease physiology and help to identify new drug targets."
Revenue for the first quarter was $6,385 million, down 12 percent at constant exchange rates (CER).
- Losses of exclusivity for Seroquel IR and Atacand in many markets, and for Crestor in Canada, were the key drivers for the revenue decline.
- Growth for Symbicort, Brilinta, Iressa and the inclusion of the Amylin diabetes products delivered more than $250 million of revenue growth at CER in the quarter.
- Emerging Markets revenue increased by 9 percent at CER in the quarter.
Core operating profit was down 21 percent at CER to $2,324 million in the first quarter.
- Core operating profit decline was driven by lower revenue and lower Core other income, partially offset by Core operating costs (combined R&D and SG&A) that were 4 percent lower at CER than last year.
Core EPS was $1.41, down 21 percent at CER compared to the first quarter last year.
- Core EPS declined in line with Core operating profit, as a higher tax rate this year was broadly offset by a lower number of shares outstanding and lower net finance expense.
Reported EPS was down 31 percent at CER to $0.81.
The Company continues to expect a mid-to-high single digit decline in revenue at CER and a Core EPS decline that is significantly larger than the decline in revenue for the full year.
Continued investment in distinctive science in core therapy areas through collaborations with Karolinska Institutet, Moderna Therapeutics, BIND Therapeutics and the acquisition of Alphacore Pharma.