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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  AstraZeneca    AZN   GB0009895292

ASTRAZENECA (AZN)
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AstraZeneca : 3Q Operating Profit Rises Despite Product Sales Decline

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11/09/2017 | 08:55am CET

By Adam Clark

AstraZeneca PLC (AZN.LN) reported Thursday that its operating profit for the third quarter of 2017 increased, boosted by a one-off tax benefit, but product sales continued to decline due to the loss of exclusivity on some key drugs.

The pharmaceutical company's operating profit rose 12% to $1.15 billion, up 9% in constant currencies. Pretax profit rose 33% to $1.82 billion.

However, product sales for the quarter fell 3% to $4.88 billion, which AstraZeneca said was due to a loss of exclusivity on its Crestor and Seroquel products. Total revenue rose 9% to $6.23 billion, benefiting from a contribution from externalization revenue--proceeds from partnerships and licensing deals.

AstraZeneca narrowed its 2017 guidance, saying it now expects its core earnings per share to be towards the favorable end of a low to mid-teens percentage decline. It reiterated its 2017 revenue guidance of a low to mid single-digit percentage drop.

Chief Executive Pascal Soriot said the most notable developments of the quarter were positive data from the company's drugs pipeline, especially its Tagrisso and Imfinzi cancer therapy candidates.

Write to Adam Clark at [email protected]; @AdamDowJones

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Financials ($)
Sales 2017 21 854 M
EBIT 2017 5 694 M
Net income 2017 2 297 M
Debt 2017 12 304 M
Yield 2017 3,87%
P/E ratio 2017 36,07
P/E ratio 2018 30,88
EV / Sales 2017 4,62x
EV / Sales 2018 4,62x
Capitalization 88 627 M
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Mean consensus OUTPERFORM
Number of Analysts 33
Average target price 69,1 $
Spread / Average Target -2,2%
EPS Revisions
Managers
NameTitle
Pascal Soriot Chief Executive Officer & Executive Director
Leif Valdemar Johansson Non-Executive Chairman
Pam P. Cheng Executive VP-Operations & Information Technology
Marc Dunoyer Chief Financial Officer & Executive Director
Sean Bohen Chief Medical Officer & Executive Vice President
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