1.
|
Press release
entitled, “Summary Judgment Granted for Seroquel Patent Litigation in the
US”, dated 2 July 2008.
|
2.
|
Press release
entitled, “AstraZeneca releases final terms in relation to EUR 500 million
eurobond”, dated 9 July 2008.
|
3.
|
Press release
entitled, “AstraZeneca and Bristol-Myers Squibb Submit New Drug
Application in the United States and Marketing Authorisation Application
in Europe for ONGLYZA™ (Saxagliptin) for the Treatment of Type 2
Diabetes”, dated 23 July 2008.
|
4.
|
Press release
entitled, “AstraZeneca second quarter and half year results 2008”, dated
30 July 2008.
|
5.
|
Press release
entitled, “AstraZeneca PLC Second Quarter and First Half Results 2008”
(front half), dated 31 July 2008.
|
6.
|
Press release
entitled, “AstraZeneca PLC Second Quarter and First Half Results 2008
Responsibility Statement of the Directors in Respect of the Half-Yearly
Financial Report” (back half), dated 31 July
2008.
|
7.
|
Press release
entitled, “Transparency Directive Voting Rights and Capital”, dated 31
July 2008.
|
AstraZeneca PLC | ||||
Date: 04
August 2008
|
By: | /s/ Justin Hoskins | ||
Name: |
Justin
Hoskins
|
|||
Title: |
Deputy
Company Secretary
|
Steve Brown | +44 207 304 5033 (24 hours) | |
Chris Sampson | +44 20 7304 5130 (24 hours) | |
Neil McCrae | +44 207 304 5045 (24 hours) | |
Investor
Enquiries UK:
|
||
Jonathan Hunt | +44 207 304 5087 | mob: +44 7775 704032 |
Mina Blair | +44 207 304 5084 | mob: +44 7718 581021 |
Karl Hard | +44 207 304 5322 | mob: +44 7789 654364 |
Investor
Enquiries US:
|
||
Ed Seage | +1 302 886 4065 | mob: +1 302 373 1361 |
Jorgen Winroth | +1 212 579 0506 | mob: +1 917 612 4043 |
Peter Vozzo (MedImmune) | +1 301 398 4358 | mob: +1 301 252 7518 |
Steve Brown | +44 207 304 5033 (24 hours) | |
Chris Sampson | +44 20 7304 5130 (24 hours) | |
Neil McCrae | +44 207 304 5045 (24 hours) | |
Jim Minnick | +1 302 886 5135 | |
Investor
Enquiries UK:
|
||
Jonathan Hunt | +44 207 304 5087 | mob: +44 7775 704032 |
Mina Blair | +44 207 304 5084 | mob: +44 7718 581021 |
Karl Hard | +44 207 304 5322 | mob: +44 7789 654364 |
Investor
Enquiries US:
|
||
Ed Seage | +1 302 886 4065 | mob: +1 302 373 1361 |
Jorgen Winroth | +1 212 579 0506 | mob: +1 917 612 4043 |
Peter Vozzo (MedImmune) | +1 301 398 4358 | mob: +1 301 252 7518 |
-
|
Solid
performance with sustained progress on the key
priorities.
|
-
|
Continued
progress on strengthening and balancing the
pipeline.
|
-
|
Summary
Judgement ruling in US upholds valid intellectual property for Seroquel.
|
-
|
The
Board has recommended a first interim dividend of
$0.55.
|
Group
|
2nd
Quarter
2008
$m
|
2nd
Quarter
2007
$m
|
Actual
%
|
CER
%
|
Half
Year
2008
$m
|
Half
Year
2007
$m
|
Actual
%
|
CER
%
|
|
Sales
|
7,956
|
7,273
|
+9
|
+2
|
15,633
|
14,239
|
+10
|
+3
|
|
Reported
|
|||||||||
Operating
Profit
|
2,473
|
1,973
|
+25
|
+12
|
4,730
|
4,143
|
+14
|
+3
|
|
Profit
before Tax
|
2,279
|
1,991
|
+14
|
+1
|
4,422
|
4,258
|
+4
|
-7
|
|
Earnings
per Share
|
$1.11
|
$0.95
|
+17
|
+4
|
$2.14**
|
$1.97
|
+9
|
-3
|
|
Core***
|
|||||||||
Operating
Profit
|
2,737
|
2,409
|
+14
|
+3
|
5,502
|
4,683
|
+17
|
+7
|
|
Profit
before Tax
|
2,543
|
2,427
|
+5
|
-6
|
5,194
|
4,798
|
+8
|
-2
|
|
Earnings
per Share
|
$1.25
|
$1.17
|
+7
|
-4
|
$2.53
|
$2.24
|
+13
|
+3
|
|
*
|
For
the second half of 2008 guidance is based on original assumptions for
currency: fourth quarter 2007 average rates.
|
**
|
Included
in Reported EPS for Half Year 2008 is a $0.12 charge taken in Q1 08 for
impairment of intangible assets related to Ethyol.
|
***
|
Core
financial measures are supplemental non-IFRS measures which management
believe useful to understanding the Company’s performance; it is upon
these measures that financial guidance for 2008 is based. See
pages 8 and 9 for a reconciliation of Core to Reported financial
measures.
|
·
|
Based on a
successful Phase IIb proof of concept programme, the decision has been
taken to progress the oral direct thrombin inhibitor AZD0837 into Phase
III development for the prevention of stroke in patients with atrial
fibrillation.
|
·
|
A Phase III
trial for the heat shock protein 90 (Hsp90) inhibitor MEDI-561/IPI-504 for
the orphan indication of treatment of patients with refractory
gastrointestinal stromal tumours (GIST) is planned to commence in the
third quarter. This compound is being jointly developed by AstraZeneca and
Infinity Pharmaceuticals, Inc.
|
·
|
The US
submission for Seroquel
XR for use in generalised anxiety disorder was made during the
second quarter. The EU filing is on track for submission in the
fourth quarter 2008.
|
·
|
Supplemental
NDAs (sNDA) were submitted in the US for Symbicort use in COPD
and for paediatric asthma in April and June 2008,
respectively.
|
·
|
In May 2008,
an sNDA was submitted to the US FDA for Nexium I.V. for
injection, seeking approval for use in patients with peptic ulcer bleeding
following therapeutic endoscopy. This was followed by a
Marketing Authorisation Application (MAA) submission in the European Union
in June, with Sweden as Reference Member State.
|
·
|
In May 2008,
an MAA was submitted to the European Medicines Agency seeking approval for
Iressa as a
treatment for locally advanced or metastatic non-small cell lung cancer
(NSCLC) in patients who have been pre-treated with platinum-containing
chemotherapy.
|
·
|
The Phase III
Iressa Pan-Asian
Study (IPASS) exceeded its primary objective and demonstrated superior
progression-free survival for Iressa compared to
intravenous carboplatin/paclitaxel chemotherapy. In addition,
Iressa
demonstrated a more favourable tolerability profile. IPASS was
an open-label, randomised parallel-group study which enrolled 1,217
clinically selected Asian patients with advanced NSCLC who had not
received prior chemotherapy, whose tumours had adenocarcinoma histology
and who had either never smoked, or were long-term
ex-smokers. The study data are still being analysed and more
detailed study results will be presented at a forthcoming medical
congress.
|
Second
Quarter
|
CER
%
|
Half
Year
|
CER
%
|
|||
2008
$m
|
2007
$m
|
2008
$m
|
2007
$m
|
|||
Nexium
|
1,323
|
1,312
|
-4
|
2,561
|
2,620
|
-7
|
Losec/Prilosec
|
290
|
298
|
-13
|
542
|
577
|
-15
|
Total
|
1,634
|
1,630
|
-6
|
3,144
|
3,237
|
-8
|
·
|
In the US,
Nexium sales in
the second quarter were $754 million, a 12 percent decline compared with
last year. Volumes were up 11 percent, chiefly on growth in
lower priced non-retail channels. Dispensed retail tablet volume grew by
0.4 percent. The back-loaded phasing of lower price realisation
over the course of last year will continue to give rise to significant
negative price variances this year until the fourth quarter.
|
·
|
Nexium sales in the US
in the first half were down 13 percent to $1,490 million.
|
·
|
Nexium sales in other
markets in the second quarter were up 11 percent to $569
million. Sales growth of 36 percent in Emerging Markets was the
key performance driver.
|
·
|
Nexium sales in other
markets were up 6 percent in the first half to $1,071
million.
|
·
|
The Company
continues to expect a mid-single digit decline for worldwide sales of
Nexium for the
full year.
|
·
|
Prilosec sales in the
US were down 15 percent in the second quarter and 14 percent year to
date.
|
·
|
Sales of Losec in the Rest of
World markets were down 12 percent in the second quarter and 15 percent in
the first half.
|
Second
Quarter
|
CER
%
|
Half
Year
|
CER
%
|
|||
2008
$m
|
2007
$m
|
2008
$m
|
2007
$m
|
|||
Crestor
|
916
|
678
|
+27
|
1,688
|
1,306
|
+22
|
Seloken /Toprol-XL
|
206
|
457
|
-58
|
396
|
901
|
-59
|
Atacand
|
388
|
318
|
+10
|
734
|
614
|
+9
|
Plendil
|
70
|
74
|
-14
|
136
|
139
|
-10
|
Zestril
|
65
|
76
|
-24
|
124
|
156
|
-28
|
Total
|
1,807
|
1,755
|
-5
|
3,378
|
3,408
|
-8
|
·
|
In the US,
Crestor sales in
the second quarter were $415 million, an 18 percent increase over last
year. Crestor is the only
branded statin to gain share in the US during 2008, fuelled by promotion
of the atherosclerosis indication. Crestor share of total
prescriptions increased to 9.1 percent in June, up 0.5 points since
December 2007. Crestor prescriptions
increased 8.0 percent compared with second quarter 2007, more than twice
the market rate.
|
·
|
US sales for
Crestor in the
first half increased 10 percent to $768 million.
|
·
|
Crestor sales in the
Rest of World were up 37 percent to $501 million in the second quarter, on
strong growth in Western Europe (up 19 percent), Canada (up 30 percent)
and Japan (up 150 percent).
|
·
|
Crestor sales in the
Rest of World were up 35 percent in the first half to $920
million.
|
·
|
US sales of
the Toprol-XL
product range, which includes sales of the authorised generic, were down
79 percent in the second quarter to $71 million. Generic
products accounted for 88 percent of dispensed prescriptions in the second
quarter.
|
·
|
Sales of Seloken in other
markets in the second quarter were up 1 percent, to $135 million, as
growth in China and other Emerging Markets was able to more than offset
the decline in Western Europe.
|
·
|
Atacand sales in the
second quarter were up 10 percent in the US. Sales in the Rest
of World were up 11 percent on a 30 percent increase in Emerging
Markets.
|
Second
Quarter
|
CER
%
|
Half
Year
|
CER
%
|
|||
2008
$m
|
2007
$m
|
2008
$m
|
2007
$m
|
|||
Symbicort
|
518
|
414
|
+12
|
989
|
768
|
+16
|
Pulmicort
|
383
|
320
|
+14
|
794
|
721
|
+6
|
Rhinocort
|
92
|
95
|
-8
|
172
|
187
|
-12
|
Accolate
|
19
|
19
|
-5
|
37
|
38
|
-5
|
Oxis
|
21
|
23
|
-22
|
38
|
46
|
-28
|
Total
|
1,078
|
911
|
+9
|
2,118
|
1,842
|
+7
|
·
|
Symbicort sales in the
US were $57 million in the second quarter. Key metrics tracking
the progress of the launch continue to show steady
improvements. Trial rates among target specialists is now
approaching 80 percent; these specialists are starting 27 percent of
patients new to combination therapy on Symbicort. The
trial rate among primary care physicians has increased to 34 percent, and
primary care physicians are now using Symbicort in one out of
six patients newly starting combination therapy. Overall, Symbicort share of new
prescriptions for fixed combinations reached 9.1 percent in the week
ending 18 July; market share among patients newly starting combination
treatment has increased to 17.6 percent.
|
·
|
Symbicort sales in
other markets were $461 million, 6 percent ahead of the second quarter
last year. A 29 percent increase in Emerging Markets accounts
for more than half of the sales growth.
|
·
|
US sales for
Pulmicort were up
24 percent to $251 million in the second quarter. Pulmicort Respules
sales were up 20 percent, with volume growth and price realisation
contributing equally to the sales increase.
|
·
|
On 30 June,
Ivax Pharmaceuticals (IVAX) (now known as Teva Pharmaceutical Industries
Ltd.), filed a motion for summary judgement of no infringement of
AstraZeneca’s patents covering Pulmicort
Respules. AstraZeneca will oppose the
motion. A hearing on the motion has been scheduled for 23
September 2008.
|
·
|
Sales of Pulmicort in the Rest
of World in the second quarter were down 2 percent to $132
million.
|
Second
Quarter
|
CER
%
|
Half
Year
|
CER
%
|
|||
2008
$m
|
2007
$m
|
2008
$m
|
2007
$m
|
|||
Arimidex
|
490
|
430
|
+6
|
920
|
831
|
+4
|
Casodex
|
358
|
331
|
-2
|
674
|
641
|
-4
|
Zoladex
|
310
|
275
|
+1
|
565
|
524
|
-2
|
Iressa
|
67
|
61
|
-
|
125
|
113
|
+2
|
Faslodex
|
65
|
53
|
+11
|
121
|
102
|
+10
|
Nolvadex
|
24
|
20
|
+5
|
42
|
39
|
-5
|
Ethyol
*
|
6
|
8
|
n/m
|
20
|
8
|
n/m
|
Total
|
1,338
|
1,195
|
+2
|
2,503
|
2,291
|
+1
|
*
|
Sales
of this MedImmune product were consolidated in AstraZeneca accounts from 1
June 2007. As a result, the prior period reflects one month’s
sales.
|
·
|
In the US,
sales of Arimidex
were up 13 percent in both the second quarter and first
half. Total prescriptions increased by 1.1 percent year on year
in the first half in what was essentially an unchanged total market for
hormonal treatments for breast cancer.
|
·
|
Arimidex sales in other
markets were up 1 percent in the second quarter and were down 2 percent
for the first half.
|
·
|
Casodex sales in the
second quarter were up 4 percent in the US and were down 4 percent in
other markets.
|
·
|
Worldwide
sales of Iressa
were unchanged in the second quarter, as a small increase in sales in
Emerging Asian markets offset a small decline in Japan.
|
·
|
The 11 percent
increase in second quarter Faslodex sales is
primarily a result of a 19 percent increase in Rest of
World. Sales in the US were up 4
percent.
|
Second
Quarter
|
CER
%
|
Half
Year
|
CER
%
|
|||
2008
$m
|
2007
$m
|
2008
$m
|
2007
$m
|
|||
Seroquel
|
1,112
|
963
|
+11
|
2,162
|
1,886
|
+10
|
Zomig
|
114
|
106
|
-1
|
221
|
213
|
-4
|
Total
|
1,488
|
1,293
|
+9
|
2,866
|
2,520
|
+8
|
·
|
In the US,
Seroquel sales
were up 8 percent to $733 million in the second quarter. Total
prescriptions were up 6.4 percent in the quarter, with 40 percent of the
growth attributable to Seroquel
XR. Seroquel is the market
leading antipsychotic, with a total prescription share of 31.6 percent in
June 2008.
|
·
|
Seroquel sales in other
markets increased by 18 percent to $379 million in the second quarter,
with sales in Established Markets up 20
percent.
|
·
|
Once the
regulatory filing in the European Union seeking approval for Seroquel XR for use in
generalised anxiety disorder is accomplished in the fourth quarter 2008,
then all the major life cycle management filings for Seroquel XR will be
complete, and commercial launches should commence in late 2008 and into
2009.
|
·
|
Sales of Zomig in the second
quarter were up 10 percent in the US and were down 8 percent in other
markets.
|
Second
Quarter
|
CER
%
|
Half
Year
|
CER
%
|
|||
2008
$m
|
2007
$m
|
2008
$m
|
2007
$m
|
|||
Synagis*
|
81
|
16
|
n/m
|
600
|
16
|
n/m
|
Merrem
|
226
|
194
|
+7
|
439
|
372
|
+9
|
FluMist*
|
-
|
-
|
n/m
|
-
|
-
|
n/m
|
Total
|
365
|
276
|
+25
|
1,152
|
528
|
+111
|
*
|
Sales
of these MedImmune products were consolidated in AstraZeneca accounts from
1 June 2007. As a result, the prior period reflects one month’s
sales.
|
·
|
Synagis sales, which
have a pronounced seasonal pattern, were only $81 million in the quarter,
with modest sales in the second and third quarters of the
year.
|
Second
Quarter
|
CER
%
|
Half
Year
|
CER
%
|
|||
2008
$m
|
2007
$m
|
2008
$m
|
2007
$m
|
|||
North
America
|
3,463
|
3,542
|
-3
|
7,186
|
7,030
|
+1
|
US
|
3,126
|
3,268
|
-4
|
6,527
|
6,502
|
-
|
Established
ROW*
|
3,340
|
2,842
|
+2
|
6,313
|
5,506
|
+2
|
Emerging
ROW
|
1,153
|
889
|
+20
|
2,134
|
1,703
|
+16
|
*
|
Established
ROW comprises Western Europe (including France, UK, Germany, Italy,
Sweden, and others), Japan, Australia and New
Zealand.
|
·
|
In the US,
sales were down 4 percent in the second quarter resulting from the loss of
$268 million of Toprol-XL sales to
generic competition. Excluding Toprol-XL, sales
increased by 4 percent in the US. Second quarter sales include
approximately $100 million of inventory build in the quarter.
|
·
|
Sales in the
Established Rest of World segment were up 2 percent in the second
quarter. Sales in Western Europe were up 1 percent, as growth
in Crestor, Seroquel and the
inclusion of Synagis sales more than
offset declines in Losec, Casodex and
Pulmicort. Sales in Japan were up 10 percent, a rebound
from the soft first quarter result that preceded the implementation of the
biennial price reductions in April.
|
·
|
Sales in
Emerging Markets were up 20 percent in the second quarter. This
marks the first time sales in Emerging Markets exceeded $1 billion in a
quarter. The key contributors to sales growth were
Cardiovascular products, Nexium and the
Respiratory portfolio. Sales in China were up 29
percent.
|
Reported
2008
|
Restructuring
and
Synergy Costs
|
MedImmune
Amortisation
|
Ethyol
Impairment
|
Merck
Amortisation
|
Core
2008
|
Core
2007
|
Actual
%
|
CER
%
|
|
Sales
|
7,956
|
-
|
-
|
-
|
-
|
7,956
|
7,273
|
9
|
2
|
Cost of
Sales
|
(1,455)
|
24
|
-
|
-
|
-
|
(1,431)
|
(1,469)
|
||
Gross
Margin
|
6,501
|
24
|
-
|
-
|
-
|
6,525
|
5,804
|
13
|
4
|
%
sales
|
81.7%
|
82.0%
|
79.8%
|
+2.2
|
+1.7
|
||||
Distribution
|
(75)
|
-
|
-
|
-
|
-
|
(75)
|
(61)
|
22
|
14
|
%
sales
|
0.9%
|
0.9%
|
0.8%
|
-0.1
|
-0.1
|
||||
R&D
|
(1,297)
|
32
|
-
|
-
|
-
|
(1,265)
|
(1,196)
|
6
|
-
|
%
sales
|
16.3%
|
15.9%
|
16.5%
|
+0.6
|
+0.3
|
||||
SG&A
|
(2,834)
|
75
|
77
|
-
|
26
|
(2,656)
|
(2,397)
|
11
|
5
|
%
sales
|
35.6%
|
33.4%
|
33.0%
|
-0.4
|
-0.9
|
||||
Other
Income
|
178
|
-
|
30
|
-
|
-
|
208
|
259
|
(20)
|
(19)
|
%
sales
|
2.2%
|
2.6%
|
3.6%
|
-1.0
|
-0.7
|
||||
Operating
Profit
|
2,473
|
131
|
107
|
-
|
26
|
2,737
|
2,409
|
14
|
3
|
%
sales
|
31.1%
|
34.4%
|
33.1%
|
+1.3
|
+0.3
|
||||
Net
Finance
(Expense)/Income
|
(194)
|
-
|
-
|
-
|
-
|
(194)
|
18
|
||
Profit
before Tax
|
2,279
|
131
|
107
|
-
|
26
|
2,543
|
2,427
|
5
|
(6)
|
Taxation
|
(651)
|
(37)
|
(31)
|
-
|
-
|
(719)
|
(669)
|
||
Profit
after Tax
|
1,628
|
94
|
76
|
-
|
26
|
1,824
|
1,758
|
4
|
(7)
|
Minority
Interests
|
(8)
|
-
|
-
|
-
|
-
|
(8)
|
(11)
|
||
Net
Profit
|
1,620
|
94
|
76
|
-
|
26
|
1,816
|
1,747
|
4
|
(7)
|
Weighted
Average Shares
|
1,456
|
1,456
|
1,456
|
-
|
1,456
|
1,456
|
1,503
|
||
Earnings
per Share
|
1.11
|
0.06
|
0.06
|
-
|
0.02
|
1.25
|
1.17
|
7
|
(4)
|
Reported
2008
|
Restructuring
and
Synergy Costs
|
MedImmune
Amortisation
|
Ethyol
Impairment
|
Merck
Amortisation
|
Core
2008
|
Core
2007
|
Actual
%
|
CER
%
|
|
Sales
|
15,633
|
-
|
-
|
-
|
-
|
15,633
|
14,239
|
10
|
3
|
Cost of
Sales
|
(2,957)
|
56
|
-
|
-
|
-
|
(2,901)
|
(2,873)
|
||
Gross
Margin
|
12,676
|
56
|
-
|
-
|
-
|
12,732
|
11,366
|
12
|
5
|
%
sales
|
81.1%
|
81.5%
|
79.8%
|
+1.7
|
+1.2
|
||||
Distribution
|
(141)
|
-
|
-
|
-
|
-
|
(141)
|
(122)
|
15
|
8
|
%
sales
|
0.9%
|
0.9%
|
0.9%
|
-
|
-
|
||||
R&D
|
(2,533)
|
86
|
-
|
-
|
-
|
(2,447)
|
(2,366)
|
3
|
(1)
|
%
sales
|
16.2%
|
15.7%
|
16.6%
|
+0.9
|
+0.7
|
||||
SG&A
|
(5,571)
|
106
|
156
|
257
|
51
|
(5,001)
|
(4,592)
|
9
|
3
|
%
sales
|
35.6%
|
32.0%
|
32.2%
|
+0.2
|
-0.1
|
||||
Other
Income
|
299
|
-
|
60
|
-
|
-
|
359
|
397
|
(10)
|
(10)
|
%
sales
|
1.9%
|
2.3%
|
2.8%
|
-0.5
|
-0.4
|
||||
Operating
Profit
|
4,730
|
248
|
216
|
257
|
51
|
5,502
|
4,683
|
17
|
7
|
%
sales
|
30.3%
|
35.2%
|
32.9%
|
+2.3
|
+1.4
|
||||
Net Finance
(Expense)/Income
|
(308)
|
-
|
-
|
-
|
-
|
(308)
|
115
|
||
Profit
before Tax
|
4,422
|
248
|
216
|
257
|
51
|
5,194
|
4,798
|
8
|
(2)
|
Taxation
|
(1,289)
|
(72)
|
(63)
|
(77)
|
-
|
(1,501)
|
(1,397)
|
||
Profit
after Tax
|
3,133
|
176
|
153
|
180
|
51
|
3,693
|
3,401
|
9
|
(1)
|
Minority
Interests
|
(10)
|
-
|
-
|
-
|
-
|
(10)
|
(15)
|
||
Net
Profit
|
3,123
|
176
|
153
|
180
|
51
|
3,683
|
3,386
|
9
|
(1)
|
Weighted
Average Shares
|
1,456
|
1,456
|
1,456
|
1,456
|
1,456
|
1,456
|
1,515
|
||
Earnings
per Share
|
2.14
|
0.12
|
0.11
|
0.12
|
0.04
|
2.53
|
2.24
|
13
|
3
|
30 October
2008
|
Announcement
of third quarter and nine months 2008 results
|
29 January
2009
|
Announcement
of fourth quarter and full year 2008
results
|
Media
Enquiries:
|
Steve
Brown/Chris Sampson (London)
|
(020) 7304
5033/5130
|
Earl Whipple
(Wilmington)
|
(302) 885
8197
|
|
Per Lorentz
(Södertälje)
|
(8) 553
26020
|
|
Analyst/Investor
Enquiries
|
Mina
Blair/Karl Hard (London)
|
(020) 7304
5084/5322
|
Jonathan Hunt
(London)
|
(020) 7304
5087
|
|
Peter Vozzo
(MedImmune)
|
(301) 398
4358
|
|
Ed
Seage/Jörgen Winroth (US)
|
(302) 886
4065/(212) 579 0506
|
·
|
the condensed
set of financial statements has been prepared in accordance with IAS 34
Interim Financial
Reporting as adopted by the European
Union;
|
·
|
the
half-yearly management report includes a fair review of the information
required by:
|
(a)
|
DTR 4.2.7R of
the Disclosure and Transparency Rules, being an indication of important
events that have occurred during the first six months of the financial
year and their impact on the condensed set of financial statements; and a
description of the principal risks and uncertainties for the remaining six
months of the year; and
|
(b)
|
DTR 4.2.8R of
the Disclosure and Transparency Rules, being related party transactions
that have taken place in the first six months of the current financial
year and that have materially affected the financial position or
performance of the entity during that period; and any changes in the
related party transactions described in the last annual report that could
do so.
|
For the six months ended 30
June
|
2008
$m
|
2007
$m
|
||
Sales
|
15,633
|
14,239
|
||
Cost of
sales
|
(2,957)
|
(3,154)
|
||
Distribution
costs
|
(141)
|
(122)
|
||
Research and
development
|
(2,533)
|
(2,395)
|
||
Selling,
general and administrative costs
|
(5,571)
|
(4,822)
|
||
Other
operating income and expense
|
299
|
397
|
||
Operating
profit
|
4,730
|
4,143
|
||
Finance
income
|
402
|
486
|
||
Finance
expense
|
(710)
|
(371)
|
||
Profit
before tax
|
4,422
|
4,258
|
||
Taxation
|
(1,289)
|
(1,257)
|
||
Profit
for the period
|
3,133
|
3,001
|
||
Attributable
to:
|
||||
Equity holders
of the Company
|
3,123
|
2,986
|
||
Minority
interests
|
10
|
15
|
||
3,133
|
3,001
|
|||
Basic earnings
per $0.25 Ordinary Share
|
$2.14
|
$1.97
|
||
Diluted
earnings per $0.25 Ordinary Share
|
$2.14
|
$1.97
|
||
Weighted
average number of Ordinary Shares in issue (millions)
|
1,456
|
1,515
|
||
Diluted
average number of Ordinary Shares in issue (millions)
|
1,457
|
1,518
|
||
Dividends
declared and paid in the period
|
1,967
|
1,885
|
For the quarter ended 30
June
|
2008
$m
|
2007
$m
|
||
Sales
|
7,956
|
7,273
|
||
Cost of
sales
|
(1,455)
|
(1,668)
|
||
Distribution
costs
|
(75)
|
(61)
|
||
Research and
development
|
(1,297)
|
(1,225)
|
||
Selling,
general and administrative costs
|
(2,834)
|
(2,605)
|
||
Other
operating income and expense
|
178
|
259
|
||
Operating
profit
|
2,473
|
1,973
|
||
Finance
income
|
144
|
239
|
||
Finance
expense
|
(338)
|
(221)
|
||
Profit
before tax
|
2,279
|
1,991
|
||
Taxation
|
(651)
|
(554)
|
||
Profit
for the period
|
1,628
|
1,437
|
||
Attributable
to:
|
||||
Equity holders
of the Company
|
1,620
|
1,426
|
||
Minority
interests
|
8
|
11
|
||
1,628
|
1,437
|
|||
Basic earnings
per $0.25 Ordinary Share
|
$1.11
|
$0.95
|
||
Diluted
earnings per $0.25 Ordinary Share
|
$1.11
|
$0.95
|
||
Weighted
average number of Ordinary Shares in issue (millions)
|
1,456
|
1,503
|
||
Diluted
average number of Ordinary Shares in issue (millions)
|
1,457
|
1,506
|
As
at 30 Jun
2008
$m
|
As
at 31 Dec
2007
$m
|
As
at 30 Jun
2007
$m
|
||||
ASSETS
Non-current
assets
|
||||||
Property,
plant and equipment
|
8,479
|
8,298
|
8,161
|
|||
Goodwill
|
9,903
|
9,884
|
9,698
|
|||
Intangible
assets
|
13,638
|
11,467
|
11,723
|
|||
Other
investments
|
199
|
182
|
604
|
|||
Deferred tax
assets
|
1,391
|
1,044
|
1,336
|
|||
33,610
|
30,875
|
31,522
|
||||
Current
assets
|
||||||
Inventories
|
2,269
|
2,119
|
2,563
|
|||
Trade and
other receivables
|
7,335
|
6,668
|
6,260
|
|||
Other
investments
|
174
|
177
|
360
|
|||
Income tax
receivable
|
2,474
|
2,251
|
1,944
|
|||
Cash and cash
equivalents
|
4,340
|
5,867
|
4,951
|
|||
16,592
|
17,082
|
16,078
|
||||
Total
assets
|
50,202
|
47,957
|
47,600
|
|||
LIABILITIES
Current
liabilities
|
||||||
Interest
bearing loans and borrowings
|
(3,841)
|
(4,280)
|
(14,342)
|
|||
Trade and
other payables
|
(7,409)
|
(6,968)
|
(7,025)
|
|||
Provisions
|
(484)
|
(387)
|
(154)
|
|||
Income tax
payable
|
(4,257)
|
(3,552)
|
(3,412)
|
|||
(15,991)
|
(15,187)
|
(24,933)
|
||||
Non-current
liabilities
|
||||||
Interest
bearing loans and borrowings
|
(11,032)
|
(10,876)
|
(1,057)
|
|||
Deferred tax
liabilities
|
(4,172)
|
(4,119)
|
(4,235)
|
|||
Retirement
benefit obligations
|
(2,117)
|
(1,998)
|
(1,541)
|
|||
Provisions
|
(579)
|
(633)
|
(633)
|
|||
Other
payables
|
(216)
|
(229)
|
(234)
|
|||
(18,116)
|
(17,855)
|
(7,700)
|
||||
Total
liabilities
|
(34,107)
|
(33,042)
|
(32,633)
|
|||
Net
assets
|
16,095
|
14,915
|
14,967
|
|||
EQUITY
|
||||||
Capital
and reserves attributable to equity holders of the Company
|
||||||
Share
capital
|
363
|
364
|
374
|
|||
Share premium
account
|
1,923
|
1,888
|
1,799
|
|||
Other
reserves
|
1,887
|
1,902
|
1,911
|
|||
Retained
earnings
|
11,801
|
10,624
|
10,763
|
|||
15,974
|
14,778
|
14,847
|
||||
Minority
equity interests
|
121
|
137
|
120
|
|||
Total
equity
|
16,095
|
14,915
|
14,967
|
For the six months ended 30
June
|
2008
$m
|
2007
$m
|
||
Cash
flows from operating activities
|
||||
Profit before
taxation
|
4,422
|
4,258
|
||
Finance income
and expense
|
308
|
(115)
|
||
Depreciation,
amortisation and impairment
|
1,163
|
739
|
||
Increase in
working capital
|
(445)
|
(589)
|
||
Other non-cash
movements
|
276
|
427
|
||
Cash generated
from operations
|
5,724
|
4,720
|
||
Interest
paid
|
(324)
|
(61)
|
||
Tax
paid
|
(1,108)
|
(1,475)
|
||
Net
cash inflow from operating activities
|
4,292
|
3,184
|
||
Cash
flows from investing activities
|
||||
Acquisition of
business operations
|
-
|
(14,543)
|
||
Movement in
short term investments and fixed deposits
|
2
|
572
|
||
Purchase of
property, plant and equipment
|
(504)
|
(487)
|
||
Disposal of
property, plant and equipment
|
22
|
27
|
||
Purchase of
intangible assets
|
(2,741)
|
(268)
|
||
Purchase of
non-current asset investments
|
(32)
|
(6)
|
||
Interest
received
|
91
|
221
|
||
Dividends paid
by subsidiaries to minority interest
|
(37)
|
(9)
|
||
Net
cash outflow from investing activities
|
(3,199)
|
(14,493)
|
||
Net
cash inflow/(outflow) before financing activities
|
1,093
|
(11,309)
|
||
Cash
flows from financing activities
|
||||
Proceeds from
issue of share capital
|
35
|
128
|
||
Repurchase of
shares
|
(208)
|
(2,160)
|
||
Dividends
paid
|
(2,007)
|
(1,878)
|
||
Repayment of
loans
|
-
|
(838)
|
||
Movement in
short term borrowings
|
(374)
|
13,913
|
||
Net
cash (outflow)/inflow from financing activities
|
(2,554)
|
9,165
|
||
Net
decrease in cash and cash equivalents in the period
|
(1,461)
|
(2,144)
|
||
Cash and cash
equivalents at the beginning of the period
|
5,727
|
6,989
|
||
Exchange rate
effects
|
1
|
26
|
||
Cash
and cash equivalents at the end of the period
|
4,267
|
4,871
|
||
Cash
and cash equivalents consists of:
|
||||
Cash and cash
equivalents
|
4,340
|
4,951
|
||
Overdrafts
|
(73)
|
(80)
|
||
4,267
|
4,871
|
For the six months ended 30
June
|
2008
$m
|
2007
$m
|
||
Profit for the
period
|
3,133
|
3,001
|
||
Foreign
exchange and other adjustments on consolidation
|
92
|
149
|
||
Available for
sale losses taken to equity
|
(4)
|
(14)
|
||
Actuarial
(loss)/gain for the period
|
(37)
|
352
|
||
Tax on items
taken directly to reserves
|
80
|
(90)
|
||
131
|
397
|
|||
Total
recognised income and expense for the period
|
3,264
|
3,398
|
||
Attributable
to:
|
||||
Equity holders
of the Company
|
3,249
|
3,390
|
||
Minority
interests
|
15
|
8
|
||
3,264
|
3,398
|
At
1 Jan
2008
$m
|
Cash
flow
$m
|
Non-cash
movements
$m
|
Exchange
movements
$m
|
At
30 Jun
2008
$m
|
||||||
Loans due
after 1 year
|
(10,876)
|
-
|
5
|
(161)
|
(11,032)
|
|||||
Current
instalments of loans
|
-
|
-
|
-
|
-
|
-
|
|||||
Total
loans
|
(10,876)
|
-
|
5
|
(161)
|
(11,032)
|
|||||
Other
investments - current
|
177
|
(2)
|
(4)
|
3
|
174
|
|||||
Cash and cash
equivalents
|
5,867
|
(1,529)
|
-
|
2
|
4,340
|
|||||
Overdrafts
|
(140)
|
68
|
-
|
(1)
|
(73)
|
|||||
Short term
borrowings
|
(4,140)
|
374
|
-
|
(2)
|
(3,768)
|
|||||
1,764
|
(1,089)
|
(4)
|
2
|
673
|
||||||
Net
debt
|
(9,112)
|
(1,089)
|
1
|
(159)
|
(10,359)
|
2nd
Quarter 2008
$m
|
2nd
Quarter 2007
$m
|
Half
Year
2008
$m
|
Half
Year
2007
$m
|
|||||
Cost of
Sales
|
24
|
199
|
56
|
281
|
||||
R&D
|
32
|
29
|
86
|
29
|
||||
SG&A
|
75
|
148
|
106
|
148
|
||||
Total
|
131
|
376
|
248
|
458
|
|
·
|
Annual
contingent payments.
|
|
·
|
A payment to
Merck in the event of a business combination between Astra and a third
party in order for Merck to relinquish certain claims to that third
party’s products.
|
|
·
|
Termination
arrangements which, if and when triggered, cause Merck to relinquish its
interests in AstraZeneca’s products and
activities.
|
%
Growth
|
||||||||
1st
Half
2008
$m
|
1st
Half
2007
$m
|
Actual
|
Constant
Currency
|
|||||
US
|
6,527
|
6,502
|
-
|
-
|
||||
Canada
|
659
|
528
|
25
|
10
|
||||
North
America
|
7,186
|
7,030
|
2
|
1
|
||||
Western
Europe**
|
5,011
|
4,462
|
12
|
-
|
||||
Japan
|
896
|
734
|
22
|
7
|
||||
Other
Established ROW
|
406
|
310
|
31
|
15
|
||||
Established
ROW*
|
6,313
|
5,506
|
15
|
2
|
||||
Emerging
Europe
|
609
|
494
|
23
|
8
|
||||
China
|
288
|
201
|
43
|
32
|
||||
Emerging Asia
Pacific
|
414
|
356
|
16
|
13
|
||||
Other Emerging
ROW
|
823
|
652
|
26
|
18
|
||||
Emerging
ROW
|
2,134
|
1,703
|
25
|
16
|
||||
Total
Sales
|
15,633
|
14,239
|
10
|
3
|
*
|
Established
ROW comprises Western Europe (including France, UK, Germany, Italy, Sweden
and others), Japan, Australia and New Zealand.
|
**
|
For
the half year, Western Europe sales growth excluding Synagis would be 10
percent on an actual basis and -2 percent on a constant currency
basis.
|
%
Growth
|
||||||||
2nd
Quarter
2008
$m
|
2nd
Quarter
2007
$m
|
Actual
|
Constant
Currency
|
|||||
US
|
3,126
|
3,268
|
(4)
|
(4)
|
||||
Canada
|
337
|
274
|
23
|
10
|
||||
North
America
|
3,463
|
3,542
|
(2)
|
(3)
|
||||
Western
Europe**
|
2,606
|
2,262
|
15
|
1
|
||||
Japan
|
518
|
403
|
29
|
10
|
||||
Other
Established ROW
|
216
|
177
|
22
|
7
|
||||
Established
ROW*
|
3,340
|
2,842
|
18
|
2
|
||||
Emerging
Europe
|
322
|
248
|
30
|
13
|
||||
China
|
155
|
109
|
42
|
29
|
||||
Emerging Asia
Pacific
|
210
|
187
|
12
|
11
|
||||
Other Emerging
ROW
|
466
|
345
|
35
|
26
|
||||
Emerging
ROW
|
1,153
|
889
|
30
|
20
|
||||
Total
Sales
|
7,956
|
7,273
|
9
|
2
|
*
|
Established
ROW comprises Western Europe (including France, UK, Germany, Italy, Sweden
and others), Japan, Australia and New Zealand.
|
**
|
For
the second quarter, Western Europe sales growth excluding Synagis would be
14 percent on an actual basis and -1 percent on a constant currency
basis.
|
World
|
US
|
|||||||||||
1st
Half
2008
$m
|
1st
Half
2007
$m
|
Actual
Growth
%
|
Constant
Currency
Growth
%
|
1st
Half
2008
$m
|
Actual
Growth
%
|
|||||||
Gastrointestinal:
|
||||||||||||
Nexium
|
2,561
|
2,620
|
(2)
|
(7)
|
1,490
|
(13)
|
||||||
Losec/Prilosec
|
542
|
577
|
(6)
|
(15)
|
99
|
(14)
|
||||||
Others
|
41
|
40
|
3
|
(5)
|
12
|
(8)
|
||||||
Total
Gastrointestinal
|
3,144
|
3,237
|
(3)
|
(8)
|
1,601
|
(13)
|
||||||
Cardiovascular:
|
||||||||||||
Crestor
|
1,688
|
1,306
|
29
|
22
|
768
|
10
|
||||||
Seloken/Toprol-XL
|
396
|
901
|
(56)
|
(59)
|
135
|
(80)
|
||||||
Atacand
|
734
|
614
|
20
|
9
|
131
|
2
|
||||||
Tenormin
|
157
|
151
|
4
|
(6)
|
9
|
(10)
|
||||||
Zestril
|
124
|
156
|
(21)
|
(28)
|
8
|
(38)
|
||||||
Plendil
|
136
|
139
|
(2)
|
(10)
|
11
|
(45)
|
||||||
Others
|
143
|
141
|
1
|
(9)
|
1
|
-
|
||||||
Total
Cardiovascular
|
3,378
|
3,408
|
(1)
|
(8)
|
1,063
|
(31)
|
||||||
Respiratory:
|
||||||||||||
Symbicort
|
989
|
768
|
29
|
16
|
101
|
237
|
||||||
Pulmicort
|
794
|
721
|
10
|
6
|
526
|
11
|
||||||
Rhinocort
|
172
|
187
|
(8)
|
(12)
|
100
|
(20)
|
||||||
Oxis
|
38
|
46
|
(17)
|
(28)
|
-
|
-
|
||||||
Accolate
|
37
|
38
|
(3)
|
(5)
|
26
|
(7)
|
||||||
Others
|
88
|
82
|
6
|
(4)
|
-
|
-
|
||||||
Total
Respiratory
|
2,118
|
1,842
|
15
|
7
|
753
|
15
|
||||||
Oncology:
|
||||||||||||
Arimidex
|
920
|
831
|
11
|
4
|
384
|
13
|
||||||
Casodex
|
674
|
641
|
5
|
(4)
|
144
|
(3)
|
||||||
Zoladex
|
565
|
524
|
8
|
(2)
|
35
|
(22)
|
||||||
Iressa
|
125
|
113
|
11
|
2
|
3
|
(40)
|
||||||
Ethyol
|
20
|
8
|
n/m
|
n/m
|
20
|
n/m
|
||||||
Others
|
199
|
174
|
14
|
6
|
83
|
4
|
||||||
Total
Oncology
|
2,503
|
2,291
|
9
|
1
|
669
|
7
|
||||||
Neuroscience:
|
||||||||||||
Seroquel
|
2,162
|
1,886
|
15
|
10
|
1,435
|
8
|
||||||
Local
anaesthetics
|
309
|
269
|
15
|
3
|
20
|
(9)
|
||||||
Zomig
|
221
|
213
|
4
|
(4)
|
90
|
1
|
||||||
Diprivan
|
144
|
125
|
15
|
5
|
20
|
5
|
||||||
Others
|
30
|
27
|
11
|
4
|
6
|
-
|
||||||
Total
Neuroscience
|
2,866
|
2,520
|
14
|
8
|
1,571
|
7
|
||||||
Infection and
Other:
|
||||||||||||
Synagis
|
600
|
16
|
n/m
|
n/m
|
488
|
n/m
|
||||||
Merrem
|
439
|
372
|
18
|
9
|
90
|
29
|
||||||
FluMist
|
-
|
-
|
n/m
|
n/m
|
-
|
n/m
|
||||||
Other
Products
|
113
|
140
|
(19)
|
(23)
|
56
|
(20)
|
||||||
Total
Infection and Other
|
1,152
|
528
|
119
|
111
|
634
|
346
|
||||||
Aptium
Oncology
|
196
|
200
|
(2)
|
(2)
|
196
|
(2)
|
||||||
Astra
Tech
|
276
|
213
|
30
|
17
|
40
|
48
|
||||||
Total
|
15,633
|
14,239
|
10
|
3
|
6,527
|
-
|
World
|
US
|
|||||||||||
2nd
Quarter
2008
$m
|
2nd
Quarter
2007
$m
|
Actual
Growth
%
|
Constant
Currency
Growth
%
|
2nd
Quarter
2008
$m
|
Actual
Growth
%
|
|||||||
Gastrointestinal:
|
||||||||||||
Nexium
|
1,323
|
1,312
|
1
|
(4)
|
754
|
(12)
|
||||||
Losec/Prilosec
|
290
|
298
|
(3)
|
(13)
|
52
|
(15)
|
||||||
Others
|
21
|
20
|
5
|
(5)
|
6
|
-
|
||||||
Total
Gastrointestinal
|
1,634
|
1,630
|
-
|
(6)
|
812
|
(12)
|
||||||
Cardiovascular:
|
||||||||||||
Crestor
|
916
|
678
|
35
|
27
|
415
|
18
|
||||||
Seloken/Toprol-XL
|
206
|
457
|
(55)
|
(58)
|
71
|
(79)
|
||||||
Atacand
|
388
|
318
|
22
|
10
|
69
|
10
|
||||||
Tenormin
|
87
|
80
|
9
|
(3)
|
4
|
(20)
|
||||||
Zestril
|
65
|
76
|
(14)
|
(24)
|
4
|
(20)
|
||||||
Plendil
|
70
|
74
|
(5)
|
(14)
|
5
|
(62)
|
||||||
Others
|
75
|
72
|
4
|
(8)
|
-
|
-
|
||||||
Total
Cardiovascular
|
1,807
|
1,755
|
3
|
(5)
|
568
|
(27)
|
||||||
Respiratory:
|
||||||||||||
Symbicort
|
518
|
414
|
25
|
12
|
57
|
90
|
||||||
Pulmicort
|
383
|
320
|
20
|
14
|
251
|
24
|
||||||
Rhinocort
|
92
|
95
|
(3)
|
(8)
|
51
|
(18)
|
||||||
Oxis
|
21
|
23
|
(9)
|
(22)
|
-
|
-
|
||||||
Accolate
|
19
|
19
|
-
|
(5)
|
14
|
-
|
||||||
Others
|
45
|
40
|
10
|
-
|
-
|
-
|
||||||
Total
Respiratory
|
1,078
|
911
|
18
|
9
|
373
|
21
|
||||||
Oncology:
|
||||||||||||
Arimidex
|
490
|
430
|
14
|
6
|
201
|
13
|
||||||
Casodex
|
358
|
331
|
8
|
(2)
|
78
|
4
|
||||||
Zoladex
|
310
|
275
|
13
|
1
|
19
|
(17)
|
||||||
Iressa
|
67
|
61
|
10
|
-
|
1
|
(50)
|
||||||
Ethyol
|
6
|
8
|
n/m
|
n/m
|
6
|
n/m
|
||||||
Others
|
107
|
90
|
19
|
8
|
43
|
5
|
||||||
Total
Oncology
|
1,338
|
1,195
|
12
|
2
|
348
|
6
|
||||||
Neuroscience:
|
||||||||||||
Seroquel
|
1,112
|
963
|
15
|
11
|
733
|
8
|
||||||
Local
anaesthetics
|
171
|
143
|
20
|
6
|
12
|
(14)
|
||||||
Zomig
|
114
|
106
|
8
|
(1)
|
46
|
10
|
||||||
Diprivan
|
76
|
66
|
15
|
3
|
9
|
(10)
|
||||||
Others
|
15
|
15
|
-
|
(7)
|
3
|
(25)
|
||||||
Total
Neuroscience
|
1,488
|
1,293
|
15
|
9
|
803
|
7
|
||||||
Infection and
Other:
|
||||||||||||
Synagis
|
81
|
16
|
n/m
|
n/m
|
32
|
n/m
|
||||||
Merrem
|
226
|
194
|
16
|
7
|
44
|
26
|
||||||
FluMist
|
-
|
-
|
n/m
|
n/m
|
-
|
n/m
|
||||||
Other
Products
|
58
|
66
|
(12)
|
(17)
|
27
|
(16)
|
||||||
Total
Infection and Other
|
365
|
276
|
33
|
25
|
103
|
49
|
||||||
Aptium
Oncology
|
98
|
102
|
(4)
|
(4)
|
98
|
(4)
|
||||||
Astra
Tech
|
148
|
111
|
33
|
19
|
21
|
50
|
||||||
Total
|
7,956
|
7,273
|
9
|
2
|
3,126
|
(4)
|
Announcement
of third quarter and nine months 2008 results
|
30 October
2008
|
Announcement
of fourth quarter and full year 2008 results
|
29 January
2009
|
First
interim
|
Announced in
July and paid in September
|
Second
interim
|
Announced in
January and paid in March
|
Registrar
and
Transfer
Office
The
AstraZeneca Registrar
Equiniti
Limited
Aspect
House
Spencer
Road
Lancing
West
Sussex
BN99
6DA
UK
Tel (freephone
in UK):
0800 389
1580
Tel (outside
UK):
+44 (0)121 415
7033
|
Depositary
for
ADRs
JPMorgan Chase
Bank
JPMorgan
Service Center
PO Box
3408
South
Hackensack
NJ
07606-3408
US
Tel (toll free
in US):
888 697
8018
Tel: +1 (201)
680 6630
|
Registered
Office
15 Stanhope
Gate
London
W1K
1LN
UK
Tel: +44 (0)20
7304 5000
|
Swedish
Securities Registration Centre
VPC
AB
PO Box
7822
SE-103 97
Stockholm
Sweden
Tel: +46 (0)8
402 9000
|