Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

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

Mes dernières consult.
Most popular
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets

AstraZeneca CEO Leaving As Profits Slide, Warns On Outlook

share with twitter share with LinkedIn share with facebook
share via e-mail
04/26/2012 | 08:56am CEST

AstraZeneca PLC (AZN) Thursday said Chief Executive David Brennan is leaving after the troubled drug maker missed its first-quarter earnings and sales forecasts and cut its full-year profit targets yet again.

AstraZeneca, which reports in dollars, said net profit in the first three months of 2012 fell 44% to $1.64 billion from $2.91 billion a year earlier, missing analysts' expectations of $2.0 billion. Revenue was down 11% at $7.35 billion, compared with $8.29 billion a year earlier, worse than the $7.98 billion expected in a survey of 10 analysts.

Brennan, who used the update to announce his retirement, said, "The anticipated impact from the loss of exclusivity on several brands, together with challenging market conditions, has made for a difficult start to the year in revenue terms.

"Delivery on our restructuring plans and continued discipline on operating costs, together with the benefits from a lower tax rate, will only partially mitigate the revenue pressures. As a result we have lowered our core EPS [earnings per share] target for the full year to the range of $5.85 to $6.15."

The company previously foresaw core EPS coming in this year at $6.00 to $6.30, after $7.28 in 2011.

Brennan, an American, has been CEO since the start of 2006. Chief Financial Officer Simon Lowth will act as interim chief executive from June until a permanent successor is in place.

AstraZeneca faces crucial patent expiries between now and 2015 on products such as antipsychotic Seroquel and ulcer medicine Nexium, and the loss of patent protection in the U.S. in 2016 for its best-selling drug, heart drug Crestor. Coupled with a thinner late-stage pipeline and a mixed longer-term research and development track record, the U.K.'s No. 2 drug maker by sales has taken an aggressive approach to costs, shrinking operations and cutting thousands of jobs, while keeping cash flowing to shareholders.

In February, AstraZeneca announced it was cutting around 7,300 jobs as part of the company's ongoing cost-savings program. The first phase, launched in 2007, was aimed at improving long-term competitiveness and productivity. The second phase, announced in January 2010, envisioned the loss of up to 10,400 jobs by 2014.

Describing its outlook for 2012, the company said in a statement that "we now expect the decline in revenue for the full year will be in the range of the low to mid-teens in constant-currency terms."

AstraZeneca, which spent $5.6 billion last year buying back its own shares, Thursday said it spent $912 million in the first quarter on net stock repurchases.

AstraZeneca shares ended Wednesday at 2841 pence, down 6% on year-earlier levels.

-By Sten Stovall, Dow Jones Newswires; +44 207 842 9292; [email protected]

Stocks mentioned in the article
ChangeLast1st jan.
ASTRAZENECA 0.74% 602.4 Delayed Quote.5.15%
ASTRAZENECA 0.88% 5021 Delayed Quote.-2.83%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on ASTRAZENECA
04/22ASTRAZENECA : Highmark Inc. Signs Outcomes-based Agreement With AstraZeneca for ..
04/21ASTRAZENECA : AZ`s Tagrisso gets FDA nod in first-line EGFR-mutated lung cancer
04/19ASTRAZENECA : Study Results from AstraZeneca Provide New Insights into Antineopl..
04/19ASTRAZENECA : Owlstone Medical Provides Breath Biopsy Services to AstraZeneca to..
04/19ASTRAZENECA : Research from AstraZeneca Reveals New Findings on Pharmacokinetics..
04/19IONIS PHARMACEUTICALS : and AstraZeneca Advance New Drug for NASH
04/19MERCK AND : AstraZeneca and Merck - Updated Overall Survival Data for LYNPARZA i..
04/19ASTRAZENECA : to invest $90 million in India over next 5 years
04/19ASTRAZENECA : Cancer Drug Tagrisso Approved by FDA As First-Line Treatment
More news
News from SeekingAlpha
04/213 THINGS IN BIOTECH, APRIL 20 : AstraZeneca Re-Enters The Big Leagues, Aduro Loo.. 
04/203 THINGS IN BIOTECH, APRIL 19 : Let's Talk Genito-Urinary Cancer 
04/193 THINGS IN BIOTECH, APRIL 18 : Bristol Plows Ahead, Celldex Flops, Alkermes Get.. 
04/18ASLAN Pharmaceuticals Updates U.S. IPO Plans 
04/17Evelo Biosciences Files For U.S. IPO 
Financials ($)
Sales 2018 22 572 M
EBIT 2018 5 540 M
Net income 2018 1 898 M
Debt 2018 14 767 M
Yield 2018 4,01%
P/E ratio 2018 37,86
P/E ratio 2019 28,95
EV / Sales 2018 4,56x
EV / Sales 2019 4,32x
Capitalization 88 255 M
Duration : Period :
AstraZeneca Technical Analysis Chart | AZN | GB0009895292 | 4-Traders
Technical analysis trends ASTRAZENECA
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 75,5 $
Spread / Average Target 8,4%
EPS Revisions
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
Sector and Competitors
1st jan.Capitalization (M$)
ASTRAZENECA-2.83%88 255
JOHNSON & JOHNSON-9.35%339 783
PFIZER1.13%217 897
NOVARTIS-7.67%204 972
ROCHE HOLDING LTD.-12.52%191 890